As part of the deal, which is expected to close in the fourth quarter, Eide Bailly Advisors will become part of Sequoia Financial, while Eide Bailly will get an equity investment in Sequoia.
The two firms plan to collaborate on delivering expanded services to each other’s clients, and the deal is expected to particularly help Sequoia Financial expand in the West, where Fargo, N.D.-based Eide Bailly is particularly strong.
“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 Sequoia Financial CEO Tom Haught, in a statement. “Equally important, both firms measure success by client success. Together, we will help more businesses and families achieve their financial goals.”
Financial terms of the deal were not disclosed. Eide Bailly’s wealth management team will join Sequoia Financial, while Brad Kelley, a principal and wealth leader for Eide Bailly Advisors, will become executive vice president of corporate development for Sequoia, with responsibility 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,” said Eide Bailly CEO and managing partner Jeremy Hauk, in a statement. “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.”
Akron, Ohio-based Sequoia Financial has roughly $19 billion in assets under management and took on private equity backing in 2020, while Eide Bailly Advisors has roughly $1.6 billion and serves individuals, trusts, estates, pension and profit-sharing plans, businesses, and charitable organizations.
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