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Sequoia Financial Group and Eide Bailly Finalize Strategic Partnership, Expanding Wealth Management Reach
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Subscribe04 DEC 2024 / SERVICES UPDATES
Sequoia Financial Group has acquired Eide Bailly's wealth management division in a strategic partnership, adding $1.6 billion in assets under management and expanding their footprint in the US's western region. The partnership intends to enhance the delivery of accounting and wealth management services and plans towards aggressive employee and asset acquisition in forthcoming years.
Akron, Ohio-based Sequoia Financial Group and Fargo, N.D.-based firm Eide Bailly (FY24 net revenue of $705 million) have successfully completed their much-anticipated strategic partnership.
Under the terms of the agreement, Sequoia Financial has acquired Eide Bailly’s wealth management division, integrating 22 new employees and adding $1.6 billion in assets under management. This move marks a significant milestone for Sequoia Financial as it seeks to bolster its presence in the western United States, a region where Eide Bailly holds a strong foothold.
Sequoia Financial operates 16 offices across nine states, primarily in the Midwest, East, and Southeast. Meanwhile, Eide Bailly boasts 40 offices nationwide, with a significant concentration in western markets.
As part of the integration, Sequoia Financial plans to launch its branded wealth management operations in key Eide Bailly offices, including Los Angeles, Phoenix, and Salt Lake City. The firm also has ambitious plans to hire up to 40 additional advisors in 2025, further cementing its presence west of the Mississippi River. Additionally, Sequoia intends to accelerate acquisition efforts in strategic wealth management markets in the region.
“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.
This partnership represents a powerful combination of Sequoia’s wealth management expertise and Eide Bailly’s extensive accounting capabilities, enabling both firms to deliver enhanced services and build on their shared commitment to client success.
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