Sequoia Financial Group plans to acquire the wealth management practice of Fargo, N.D.-based Eide Bailly (FY24 net revenue of $705 million), and both firms plan to collaborate to serve each other’s clients.
Akron, Ohio-based Sequoia Financial Group has more than $19.3 billion in assets under management, while Eide Bailly Advisors has about $1.58 billion in assets under management. Eide Bailly Advisors will become part of Sequoia Financial Group, and Eide Bailly will have an equity investment in Sequoia. The firms expect the transaction to close in the fourth quarter.
Through this partnership, Eide Bailly’s wealth management team will join Sequoia Financial, which includes Sequoia Sentinel, a multi-family office focused on high-net-worth clients with more than $25 million in assets. 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.
“We have found a true partner with a strong cultural alignment and broad range of services and expertise to support the complex wealth planning needs of our accounting and business advisory clients,” said Jeremy Hauk, Eide Bailly’s CEO and MP. “Over many decades we have built deep relationships with our clients. With Sequoia Financial, a recognized leader in wealth management, we can significantly enhance our offerings and serve more clients.”
“This partnership is a key strategic move that will expand our wealth management footprint meaningfully, especially west of the Mississippi River, where Eide Bailly has a large presence in major wealth markets,” said Tom Haught, Sequoia Financial’s CEO.
Sequoia Financial launched Sequoia Sentinel in 2023 to expand its family office services, which include asset management, tax management, wealth transfer, asset transactions, and charitable planning. It also has expertise in executive compensation, estate planning dynamics, family governance and special-needs planning.
Sequoia Financial has 15 offices in nine states, mostly east of the Mississippi. Since the beginning of 2023, Sequoia Financial has made six acquisitions. Eide Bailly has more than 3,500 employees in 40 U.S. offices, with a major footprint in the western United States.
