Sequoia Financial Acquires Eide Bailly Advisors

Sequoia Financial Group is set to acquire Eide Bailly Advisors, a wealth management arm of the Fargo, N.D.-based accounting firm, in a strategic partnership aimed at enhancing services for both firms' clientele. The acquisition involves approximately $1.58 billion in assets under management and is expected to close in the fourth quarter of 2024. Eide Bailly will also take an equity stake in Sequoia, estimated to be less than 10%. This collaboration will particularly strengthen Sequoia's presence in the western U.S., leveraging Eide Bailly's extensive network. Brad Kelley from Eide Bailly will become Sequoia's executive vice president of corporate development, overseeing joint initiatives. Both firms emphasize their commitment to client success through this partnership, which will benefit a diverse range of clients including individuals, trusts, and businesses.