Following the deal, Affinia clients will receive support from the Sequoia specialised wealth planning team and access to a wider range of investment alternatives, including private market investments.
Established in Akron, Ohio, and with offices across the country, Sequoia offers asset management and wealth planning solutions for clients at all stages of the wealth spectrum, from individuals to family offices.
Affinia, an SEC-registered firm headquartered in Burlington, Massachusetts, managed $418m in assets as of August 10 2023, with clients including high-net-worth individuals, families, trusts, and estates.
Furthermore, Affinia was founded in 2019 and has a staff of ten specialists.
The firm’s customised practice group serves more than half of the households with which it works.
Tom Haught, founder and CEO of Sequoia, said: “We look for partners that are making a meaningful impact within specific communities and share our passion for client service, philosophy, and values. Affinia’s work with families who have members with special needs is an important addition to our firm. It supports Sequoia’s ‘built for you’ strategy, which equips our advisors with the resources they need to have a deep and personal effect on our clients’ lives.”
John Nadworny, Affinia’s CEO, added: “We are thrilled to become part of the Sequoia team. Affinia clients and employees will benefit from Sequoia’s operational expertise, technology leadership, and network of advisors to help us expand our service and special needs planning mission from coast to coast.”
Sequoia has grown its services and global reach through organic development and acquisitions, and the company now employs more than 200 people.
Benesch, Friedlander, Coplan & Aronoff LLP advised Sequoia on legal matters.
Affinia received advice from Republic Capital Group and Meltzer, Purtill & Stelle, LLC on financial and legal matters.
The firms anticipate that the deal will be completed this month, though financial details were not disclosed.