Sequoia Financial Buys Wealth Team From Large Accountant
The deal also includes a strategic partnership that will see both firms support the needs of shared clients.
Sequoia Financial Group, a $19 billion wealth management firm, is acquiring the wealth practice of Eide Bailly LLP, a large national accounting firm.
The deal, which brings an additional $1.6 billion in advisory assets to Sequoia, also includes the establishment of an ongoing strategic partnership that will see both firms support the needs of their shared clients.
The firms expect the transaction to close in the fourth quarter. As part of the agreement, the Securities and Exchange Commission-registered Eide Bailly Advisors LLC will become part of Sequoia Financial Group, and Eide Bailly will take an equity investment in Sequoia.
Brad Kelley, principal and wealth leader for Eide Bailly Advisors, will become an executive vice president of corporate development for Sequoia Financial, responsible for leading joint initiatives between the two firms.
Headquartered in Fargo, North Dakota, Eide Bailly has over $700 million in annual revenue and more than 3,500 employees in 40 U.S. offices, according to the announcement. Its wealth management practice serves individuals, trusts, estates, pensions, profit-sharing plans, businesses and charitable organizations.
Eide Bailly Advisors had 16 advisors as of Aug. 12.
Jeremy Hauk, Eide Bailly’s CEO and managing partner, cited Sequoia’s “strong cultural alignment and broad range of services and expertise” as key factors in the deal.
“Over many decades we have built deep relationships with our clients,” Hauk said. “With Sequoia Financial, a recognized leader in wealth management, we can significantly enhance our offerings and serve more clients.”
Tom Haught, Sequoia Financial’s CEO, said the post-deal collaboration will help both firms help more businesses and families achieve their financial goals — especially in markets in the western United States, where Eide Bailly has a strong footprint.
Currently, Sequoia Financial has 15 offices in nine states, mostly east of the Mississippi. Since the beginning of 2023, the firm has made several significant acquisitions, including the purchase of the $5 billion wealth management firm at Zeke Capital Advisors.
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