Sequoia Financial Group (Sequoia Financial), an SEC-registered wealth manager has acquired Family Asset Management (FAM), an investment advisory firm based in Charleston, South Carolina. There was no disclosure of the financial terms.
FAM, established in 2004, is an SEC-registered investment adviser with over $300m in assets under administration as of 30 September 2024. FAM offers financial planning and investment management services to wealthy individuals, multigenerational families, corporations, and foundations.
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Additionally, FAM broadens Sequoia Financials’ presence in the Southeast, a key and expanding region for the company. FAM is directed by Andrew Barrett, the chief operations officer and partner, and Dan Russler, the chief investment officer and founding partner.
Sequoia Financial has grown to 16 offices throughout 10 states, including the new Charleston site. It has expanded its services and global coverage through both organic growth and acquisitions.
Since 2023, Sequoia Financial has acquired seven businesses, including Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors.
Sequoia Financial also revealed a joint venture with Eide Bailly in August 2024, which includes the planned acquisition of the latter’s wealth management practice.
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By GlobalDataMoreover, Sequoia Financial, situated in Akron, Ohio, provides services to clients at all stages of their wealth. It has been servicing high-net-worth individuals and families since 1991, and it launched Sequoia Sentinel in 2023 to enhance its family office services.
Asset management, tax management, wealth transfer, asset transactions, and charitable planning are among the specific services offered to address the issues associated with generational wealth.
Russler stated: “Becoming part of Sequoia Financial is the culmination of a thoughtful, strategic search for the right partner that will allow us to continue our service-first approach to wealth management that we’ve had for two decades.”
Barret shared: “With Sequoia Financial, and the specialized services of the Sequoia Sentinel family office, we will have a broader and deeper set of resources and investment offerings that will benefit our clients, many of whom are multigenerational.”
Tom Haught, CEO of Sequoia Financial added: “Family Asset Management just celebrated 20 years in business, which speaks to the enduring quality of the team, its offerings, and dedication to client service. We look forward to having Dan, Andrew, and their team join forces with us to continue the legacy they’ve built.”
Sequoia Financial’s legal adviser was Benesch, Friedlander, Coplan & Aronoff while Burr & Forman advised FAM on legal matters.
