Sequoia Financial Acquires $1.58B Wealth Division of Eide Bailly 

Sequoia Financial Group, LLC has acquired the wealth management arm of national accounting firm Eide Bailly, LLP, adding approximately $1.58 billion in assets. 

Eide Bailly Advisors, a Fargo, ND-based company founded in 1917 that provides services to individuals, trusts, estates, corporations, pension and profit-sharing plans, and charitable organizations, will join Sequoia and receive an equity investment. The firm has over $700 million in annual revenue and more than 3,500 employees in 40 U.S. offices, with a major footprint in the western U.S. 

Brad Kelley, principal and wealth leader for Eide Bailly Advisors, will become a EVP of corporate development for Sequoia Financial, responsible for leading joint initiatives between the two firms. 

According to Sequoia, the acquisition is part of a strategic collaboration that will allow them to cross-market their services. The acquisition is likely to be completed in the fourth quarter of this year. 

“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 CEO. 

Akron, OH–based Sequoia Financial has 15 offices in nine states, mostly east of the Mississippi. The firm has grown organically and through acquisitions to expand its services and geographic footprint.  

Since the beginning of 2023, Sequoia Financial has made six acquisitions, including Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors, and has grown its assets under management to $19.3 billion as of June 30.