Sequoia Financial Group and Accounting Firm Eide Bailly Form Wealth Management Partnership

Sequoia Financial Group LLC, a wealth management firm with more than $19.3 billion in assets under management as of June 30, 2024, and Eide Bailly LLP, a national accounting firm, have announced a strategic partnership with Sequoia Financial acquiring Eide Bailly’s wealth management practice and both firms collaborating to deliver expanded services to each other’s clients.

Eide Bailly Advisors LLC, which had approximately $1.58 billion in AUM as of April 30, will become part of Sequoia Financial Group as part of the agreement, and Eide Bailly will have an equity investment in Sequoia. The firms expect the transaction to close in the fourth quarter of 2024.

“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 chief executive officer.

Headquartered in Fargo, N.D., Eide Bailly has over $700 million in annual revenue and more than 3,500 employees in 40 U.S. offices, particularly in the western United States. Its wealth management practice serves individuals, trusts, estates, pension and profit-sharing plans, businesses, and charitable organizations.

“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,” said Jeremy Hauk, Eide Bailly’s chief executive officer and managing partner.

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.

“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,” added Hauk.

“Equally important, both firms measure success by client success. Together, we will help more businesses and families achieve their financial goals,” concluded Haught.

Akron, Ohio-based Sequoia Financial offers services to clients across the wealth continuum. Having served 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. Sequoia Financial has 15 offices in nine states.

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