Sequoia Financial to Expand National Reach with Carlson Capital Management Acquisition of $3.8 Billion

Sequoia Financial Group's Strategic Acquisition

In a significant move poised to reshape the wealth management landscape, Sequoia Financial Group, based in Akron, Ohio, has reached an agreement to acquire Carlson Capital Management (CCM), a Northfield, Minnesota-based firm with a solid portfolio of $3.8 billion in client assets. This transaction, expected to conclude on March 31, 2025, emphasizes Sequoia's commitment to expanding its influence in the financial advisory sector.

Sequoia Financial already boasts an impressive $22.6 billion in assets under management as of the end of 2024. With this acquisition, not only does it strengthen its existing services, but it also adds valuable internal tax planning and preparation services, which are increasingly important in a complex financial landscape.

Founded in 1987, CCM has been a stalwart in the wealth management industry, catering primarily to clients in the greater Minneapolis-St. Paul area. With a dedicated team of 80 professionals, including 30 wealth advisors, CCM has built a reputation for integrated wealth management services encompassing investment, retirement, tax, estate, risk management, and philanthropic planning.

Upon completion of the deal, CCM's co-founders, Gregory and Jeffrey Carlson, are set to transition into senior strategic advisory roles. Meanwhile, CCM's CEO, Justin Stets, will step into the position of executive vice president of integrated wealth services at Sequoia Financial, reporting directly to CEO Tom Haught. This leadership structure aims to ensure continuity and leverage the strengths of both firms, ultimately enhancing client experiences.

Both companies share common values centered on integrity, teamwork, and exceptional service. Justin Stets articulated this sentiment, stating, "In Sequoia Financial, we have found a partner that embodies our values... By joining forces, we are stronger together and will ensure continuity for our clients for generations to come."

Tom Haught echoed this enthusiasm, highlighting the robust legacy developed by CCM over the past forty years. He expressed confidence that the partnership would not only expand Sequoia's national footprint but also enrich the services available to clients, especially with the addition of CCM's extensive advisory talent and expertise in tax compliance.

This acquisition marks a notable milestone for Sequoia Financial, being its largest in terms of added personnel and wealth advisors. With CCM's four Minnesota locations, Sequoia will now operate 34 offices across 19 states, significantly enhancing its market penetration.

Sequoia has been on a trajectory of growth through both organic means and strategic acquisitions, reflecting a proactive approach to meeting the diverse needs of high-net-worth individuals and families. In late 2024, the firm solidified a partnership with Eide Bailly LLP, further bolstering its wealth management practice.

The ongoing expansion strategy has seen Sequoia Financial completing several acquisitions since 2023, including notable firms like Family Asset Management and Karpas Strategies. By continuously enhancing its service offerings, Sequoia aims to cater to the complexities of generational wealth—providing specialized assistance in areas such as asset management, tax advisory, wealth transfer strategies, and charitable planning.

Legal representation for the acquisition includes Faegre Drinker Biddle & Reath LLP for Sequoia and Turkey Hill Management, LLC serving as financial advisor for CCM.

For over three decades, CCM has excelled as a fiduciary, prioritizing client interests and offering tailored wealth management strategies. The firm prides itself on integrating investment, retirement, tax, estate, risk management, and philanthropic planning.

In contrast, Sequoia Financial has earned accolades as one of the top Registered Investment Advisory (RIA) firms in the U.S. for several consecutive years, as noted by Barron’s, which commends the firm’s commitment to long-term planning and relationship-building with clients.

As this acquisition unfolds, it will undoubtedly set a precedent within the wealth management industry, reflecting a growing trend toward consolidation aimed at enhancing client service and expanding geographic reach. The united entities of Sequoia Financial and CCM are poised to deliver a more comprehensive suite of services, ensuring their clients not only navigate but thrive in their financial journeys.