Sequoia Adds $1.6B Wealth, Plan Advisory Arm

Sequoia Financial Group LLC on Wednesday announced a strategic partnership with accounting and wealth management firm Eide Bailly LLC in which that firm’s wealth division will move to Sequoia, and Eide Bailly will gain an equity stake in Sequoia. The deal is expected to close in the fourth quarter.

Sequoia will be adding an advisory team with about $1.6 billion in client assets that services both individuals and businesses, including pension and profit-sharing plans. That team will become part of Akron, Ohio-based Sequoia, raising its total assets under management to $19.3 billion as of June 30.

Eide Bailly will continue to operate as an accounting firm headquartered in Fargo, North Dakota; the firm booked annual revenue of $700 million last year, with more than 3,500 employees and 40 U.S. offices. Of that group, 30 employees from Eide Bailly Advisors will move to Sequoia, according to a spokesperson.

The wealth management leader for Eide Bailly Advisors, Brad Kelley, will be one of the people making the transition. He will become an executive vice president of corporate development for Sequoia Financial, responsible for leading joint initiatives between the two firms.

“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, in a statement.

Sequoia Financial’s service areas include asset management, tax management, wealth transfer, asset transactions and charitable planning. The firm has 15 offices in nine states, mostly east of the Mississippi. Since the beginning of 2023, Sequoia Financial has made six acquisitions, including AltruVista, Cirrus Wealth Management, M Capital Advisors and Zeke Capital Advisors.