Sequoia Inks Deal to Buy $3.8B Minnesota Advisory Practice 

Sequoia Financial Group, LLC, an Akron-OH-based wealth manager with $22.6 billion in assets under management, has acquired Carlson Capital Management, LLC (CCM), a Northfield, MN-based investment advisory practice with $3.8 billion in client assets. Financial terms of the deal, which is expected to close on March 31, were not disclosed. 

The acquisition represents Sequoia Financial’s largest by number of employees and wealth advisors, with CCM bringing 80 team members, including 30 advisors. The deal will expand its national footprint with the addition of internal tax planning and preparation services. 

CCM co-founders Gregory Carlson and Jeffrey Carlson will become senior strategic advisors, and CEO Justin Stets will be EVP of integrated wealth services for Sequoia Financial, reporting to CEO Tom Haught. The firm provides investment, retirement, tax, estate, risk management and philanthropic planning to approximately 1,300 clients, primarily in the greater Minneapolis-St. Paul area. 

“CCM expands our growing national presence, has a deep bench of innovative advisors, and adds a highly regarded tax planning and tax compliance capability to our practice,” said Haught. 

With CCM’s four Minnesota locations, Sequoia Financial will have 34 offices in 19 states. The firm has grown organically and through acquisitions. Since 2023, the RIA has made seven acquisitions, including Karpas Strategies, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, M Capital Advisors, and AltruVista.  

In December of last year, Sequoia Financial and Eide Bailly LLP closed on their previously announced strategic partnership. As part of the agreement, Sequoia Financial acquired Eide Bailly’s wealth management practice, adding 22 employees and $1.6 billion in assets. 

Faegre Drinker Biddle & Reath LLP served as legal counsel and Turkey Hill Management LLC served as financial advisor to CCM. Benesch, Friedlander, Coplan & Aronoff LLP served as legal advisor to Sequoia Financial. 

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