Top 20 accounting firm Eide Bailly has struck a deal with Akron, OH-based registered investment advisor Sequoia Financial Group, in which Sequoia Financial acquires Eide Bailly’s wealth management practice and Eide Bailly takes an equity stake in Sequoia.
The firms expect the transaction to close in the fourth quarter. The collaboration will enable both firms to deliver expanded services to each other’s clients.
Eide Bailly’s wealth management arm, Eide Bailly Advisors, had approximately $1.58 billion in assets under management as of April 30, 2024. One of the top-ranked RIAs in the U.S., Sequoia Financial had more than $19.3 billion in assets under management as of June 30, 2024. Since 2020, Sequoia Financial has received private equity backing from Kudu Investment Management and Valeas Capital Partners.
Through this partnership, Eide Bailly’s wealth management team will join Sequoia Financial, which includes Sequoia Sentinel, a multifamily 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.
Eide Bailly Advisors serves individuals, trusts, estates, pension and profit-sharing plans, businesses, and charitable organizations.
“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,” Jeremy Hauk, Eide Bailly’s CEO and managing partner, said in a statement. “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.”
Sequoia Financial has been serving individuals and families since 1991. The firm launched Sequoia Sentinel in 2023 to expand its family office services. The firm’s tailored services include asset management, tax management, wealth transfer, asset transactions, and charitable planning to meet the challenges inherent to generational wealth. It also has expertise in executive compensation, estate planning dynamics, family governance, and special-needs planning.
The RIA has 15 offices in nine states, mostly east of the Mississippi.
“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, CEO of Sequoia Financial. “Equally important, both firms measure success by client success. Together, we will help more businesses and families achieve their financial goals.”
Eide Bailly, the 18th largest public accounting firm in the U.S. by revenue, has more than 40 offices in the U.S. and India and over 3,500 employees.
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