Sequoia Financial Group, a wealth manager with $21.5bn in assets under management (AUM), has completed its acquisition of Eide Bailly’s wealth management division, signalling a major step in its western US expansion strategy.
The deal has added 22 employees and $1.6bn in assets to Sequoia’s portfolio.
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Currently operating 16 offices across nine states, Sequoia aims to leverage Eide Bailly’s significant western presence, which includes locations in Los Angeles, Phoenix, and Salt Lake City.
Sequoia plans to roll out its branded wealth management services in these markets while recruiting up to 40 new advisers in 2025 to accelerate its growth west of the Mississippi River.
Eide Bailly, headquartered in Fargo, North Dakota, is a national accounting firm with 40 offices, offering Sequoia a robust foundation for regional expansion. This acquisition marks the continuation of Sequoia’s broader strategy to strengthen its footprint in key wealth management markets through organic growth and acquisitions.
Brad Kelley, formerly the principal and wealth leader for Eide Bailly Advisors, has joined Sequoia as executive vice president of corporate development. Kelley will oversee collaboration between the two firms, reporting directly to Chris Thom, Sequoia’s executive vice president and chief strategy & partnerships officer.
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By GlobalDataAdditionally, Brett Meyer, CFA, who served as investment strategy director for Eide Bailly Advisors, becomes head of investor relations on Sequoia’s investment research team. He will focus on communications and content for Sequoia’s public and private investment platforms under the leadership of Chief Investment Officer Nick Zamparelli.
With this acquisition, Sequoia positions itself for significant growth in the western US, reinforcing its mission to deliver client-focused wealth management services across an expanding geographic footprint.
Tom Haught, CEO of Sequoia Financial stated: “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.”
Sequoia Financial has been helping individuals and families since 1991. In 2023, the firm introduced Sequoia Sentinel to broaden its family office offerings. To address the issues that come with generational wealth, the firm provides personalised services such as asset management, tax management, wealth transfer, asset transactions, and charitable planning.
It also has experience with executive remuneration, estate planning dynamics, family governance, and special needs planning.
