Sequoia Financial Group has acquired Ohio-based wealth manager Wealthstone Advisors for an undisclosed sum.
The deal, which is expected to close in the second quarter of the year, brings Sequoia’s AuM to over $7bn and employee headcount to 110.
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The combined entity will offer wealth management, asset management, financial planning, and business consulting services under the Sequoia brand.
As part of the deal, Wealthstone principals Jim Wyland, Norm Cook, Brian Stertzer, and Jack Zhang will become shareholders of Sequoia.
Sequoia president and CEO Thomas Haught said: “We have long admired Wealthstone as a client-focused firm with a similar culture and passion for providing excellent and comprehensive financial advisory, wealth management and consulting services.
“We’re delighted to join forces, adding talent, resources and investment expertise to our combined client base.”
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By GlobalDataWealthstone founder and chairman Wyland noted that the company’s clients and employees will benefit immediately from the enhanced scale and increased durability of the combined firm.
Established in 1991, Sequoia managed approximately $5.75bn in assets as of 31 March 2021. The company secured a strategic investment from Kudu Investment Management July last year.
In 2019, Sequoia acquired financial advice dealer group Libertas Financial Planning.
