Akron, Ohio-based Sequoia Financial Group and Fargo, N.D.-based IPA 100 firm Eide Bailly (FY24 net revenue of $705 million) have completed their previously announced strategic partnership.
As part of the agreement, Sequoia Financial has acquired Eide Bailly’s wealth management practice, adding 22 employees and $1.6 billion in assets as it plans to expand in the western United States, where Eide Bailly has a significant presence.
Sequoia Financial has 16 offices in nine states, primarily in the Midwest, East and Southeast, while Eide Bailly has 40 U.S. offices, with a major footprint in the West.
Sequoia Financial plans to roll out its branded wealth management operations in Eide Bailly offices in markets including Los Angeles, Phoenix and Salt Lake City. The firm also aims to hire as many as 40 advisors in 2025 as it expands its presence west of the Mississippi River and intends to boost its acquisition efforts in key wealth management markets there.
“We expect our partnership with Eide Bailly to reap significant benefits as we deliver expanded accounting and wealth management services to each other’s clients throughout the country,” said Tom Haught, CEO of Sequoia Financial.
