Sequoia Financial Group announced Monday it has agreed to acquire Affinia Financial Group, a wealth manager dedicated to special needs financial planning. The firms expect the deal to close by the end of August. Financial terms were not disclosed.
Akron, Ohio-based Sequoia provides asset management and wealth planning services and has more than 200 employees at locations throughout the U.S. The firm had nearly $16 billion in assets under management as of July 31.
Burlington, Massachusetts-based Affinia employs a team of 10 professionals and had $418 million in assets under management as of last Thursday.
The firm's co-founders, John Nadworny and Cynthia Haddad, co-authored "The Special Needs Planning Guide: How to Prepare for Every Stage of Your Child's Life." More than half of the households Affinia works with are served by the firm's special needs practice group.
"We look for partners that are making a meaningful impact within specific communities and share our passion for client service, philosophy, and values," Tom Haught, founder and CEO of Sequoia, said in a statement. "Affinia's work with families who have members with special needs is an important addition to our firm. It supports Sequoia's 'built for you' strategy, which equips our advisors with the resources they need to have a deep and personal effect on our clients' lives."
"We are thrilled to become part of the Sequoia team," Nadworny, Affinia's CEO, said in the statement. "Affinia clients and employees will benefit from Sequoia's operational expertise, technology leadership, and network of advisors to help us expand our service and special needs planning mission from coast to coast."
Benesch Friedlander Coplan & Aronoff served as legal advisor to Sequoia, while Republic Capital Group and Meltzer Purtill & Stelle served as financial and legal advisors, respectively, to Affinia, according to the companies.
Last month, Sequoia acquired Cleveland-based Cirrus Wealth Management, which had $387 million in assets and a team of 12.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
