Sequoia Financial Acquires Eide Bailly’s $1.6B Wealth Business

Akron, OH-based RIA Sequoia Financial Group has closed its acquisition of Eide Bailly’s wealth management unit, integrating 22 employees and adding $1.6B in client assets to its $21.5B total AUM as of September 30.

The deal significantly expands Sequoia’s domestic footprint, which prior to the deal consisted of 16 offices across nine states, as it adds Eide Bailly’s network of 40 offices, predominantly in the western region including the Los Angeles, Phoenix, and Salt Lake City markets. Brad Kelley and Brett Meyer, who previously served as principal and investment strategy director for Eide Bailly Advisors, respectively, have been appointed to Sequoia’s leadership team following the acquisition. Kelley joins as executive vice president of corporate development and Meyer as head of investor relations.

With its expansion, Sequoia said it will seek to add 40 more advisors in 2025 and aims to drive more wealth management acquisitions west of the Mississippi River.

Source: https://www.prnewswire.com/news-releases/sequoia-financial-group-plots-western-expansion-following-completion-of-wealth-management-partnership-with-eide-bailly-302319878.html