Sequoia Financial Group, LLC (Sequoia Financial), an SEC-registered wealth manager with $22.6 billion in assets under management as of Dec. 31, 2024, and Carlson Capital Management, LLC (CCM), a Northfield, Minnesota-based investment advisory firm with $3.8 billion in client assets as of Dec. 31, 2024, today announced they have reached an agreement for Sequoia Financial to acquire CCM. The firms expect to complete the transaction on March 31. Financial terms were not disclosed.
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Founded in 1987, CCM provides integrated wealth management services including investment, retirement, tax, estate, risk management, and philanthropic planning to approximately 1,300 clients, primarily in the greater Minneapolis-St. Paul area. CCM has 80 team members, including 30 wealth advisors. Upon completion of the acquisition, co-founders Gregory Carlson and Jeffrey Carlson will become senior strategic advisors, and CEO Justin Stets will be executive vice president of integrated wealth services for Sequoia Financial, reporting to CEO Tom Haught.
The acquisition represents Sequoia Financial's largest by number of employees and wealth advisors and will expand its national footprint with the addition of internal tax planning and preparation services.
“In Sequoia Financial, we have found a partner that embodies our values of integrity, teamwork, and extraordinary service,” said Justin Stets, CEO of CCM. “This strategic partnership is driven by our shared goal of enhancing value for our clients and enriching their lives through an impactful wealth management experience. By joining forces with Sequoia Financial, we are stronger together and will ensure continuity for our clients for generations to come.”
“Under the leadership of Greg and Jeff, the CCM team has built an enduring firm over the past four decades. Weare thrilled that they have put their trust in Sequoia Financial to work together to carry on their legacy of integrity and client-first service,” said Tom Haught, CEO of Sequoia Financial. “CCM expands our growing national presence, has a deep bench of innovative advisors, and adds a highly regarded tax planning and tax compliance capability to our practice.”
With CCM's four Minnesota locations, Sequoia Financial will have 34 offices in 19 states. Sequoia Financial has grown organically and through acquisitions to expand its services and geographic footprint.
In December, Sequoia Financial and Eide Bailly LLP, a top 20 national accounting firm, completed their previously announcedstrategic partnership. As part of the agreement, Sequoia Financial acquired Eide Bailly's wealth management practice, adding 22 employees and $1.6 billion in assets. Since 2023, Sequoia Financial has made nine acquisitions, including Family Asset Management, Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors.
Sequoia Financial offers services to clients across the wealth continuum. Sequoia Financial has been serving high net worth individuals and families since 1991 and launched Sequoia Sentinel in 2023 to expand its family office services. These tailored services include asset management, tax management, wealth transfer, asset transactions, and charitable planning to meet the challenges inherent to generational wealth.
Faegre Drinker Biddle & Reath LLP served as legal counsel and Turkey Hill Management, LLC served as financial advisor to CCM. Benesch, Friedlander, Coplan & Aronoff LLP served as legal advisor to Sequoia Financial.
About Carlson Capital ManagementEstablished in 1987, Carlson Capital Management is a comprehensive investment advisory and integrated wealth management firm with Minnesota offices in the Twin Cities, Hastings, Northfield, and Rochester. As a fiduciary, CCM serves its clients as a trusted partner, integrating all of the key disciplines of investment, retirement, tax, estate, risk management, and philanthropic planning. For more information, visit www.carlsoncap.com.
About Sequoia Financial GroupSequoia Financial Group, LLC, founded in 1991, takes a client-centered approach to providing wealth management services, including asset management, estate and retirement planning, fiduciary consulting, and family wealth. Sequoia Financial builds and maintains strong relationships that emphasize long-term planning to help clients reach their financial and life goals. The firm was named by Barron's as one of the top RIA firms in the U.S. in 2024 for the seventh consecutive year. Sequoia Financial had more than $22.6 billion in assets under management as of Dec. 31, 2024. For more information, visit www.sequoia-financial.com.
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Investment advisory services offered through Sequoia Financial Advisors, LLC, an SEC Registered Investment Advisor. Registration as an investment advisor does not imply a certain level of skill or training.
The tax and estate planning information offered by the advisor is general in nature. It is provided for informational purposes only and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax preparation is done by a 3rd party and not Sequoia Financial Group.
On September 16, 2024 Sequoia placed 28th on the Barron's list for the year 2024 (41st in 2023, 48th in 2022, 66th in 2021, 64th in 2020 and 47th in 2019). Barron's weighs dozens of qualitative and quantitative components, including assets managed, the size and experience of teams, regulatory record of the advisors and firms, succession planning, technology spending, and staff diversity based off a 102-question survey. Investment performance isn't an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients' risk tolerance than by an advisor's investment-picking abilities. No fees in any years awarded were paid or incurred to receive this recognition. $18,950 was spent in 2023, $6,940 was spent in 2022, $8,500 was spent in 2021, $0 in 2020, and $17,240 in 2019 for marketing collateral associated with the award to be used on social media, our website, and email signatures. To view the full Barron's rankings, click here.
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SOURCE Sequoia Financial Group, LLC
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