Sequoia Financial to acquire Carlson Capital Management, adding $3.8bn in client assets

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, LLC is set to acquire , LLC in a landmark deal that will add $3.8 billion in client assets and strengthen Sequoia Financial’s tax planning and wealth management services. The acquisition, expected to close on March 31, 2025, is one of the firm’s most significant moves to date as it expands its national footprint and enhances its integrated financial planning offerings.

How Will Sequoia Financial’s Acquisition of Carlson Capital Management Impact the Wealth Management Industry?

The acquisition marks a key moment in Sequoia Financial’s expansion strategy, reinforcing its position as a leading provider of investment management solutions and integrated wealth management services. As of December 31, 2024, Sequoia Financial managed $22.6 billion in assets, and the addition of Carlson Capital Management’s expertise will further solidify its influence in the wealth advisory sector.

Founded in 1987, Carlson Capital Management has built a reputation for its fiduciary approach to integrated wealth management, offering investment, retirement, tax, estate, risk management, and philanthropic planning services. Headquartered in Northfield, Minnesota, the firm serves approximately 1,300 clients, primarily in the greater Minneapolis- area, and operates four office locations across the state.

Following the acquisition, Carlson Capital Management co-founders Gregory Carlson and Jeffrey Carlson will transition into senior strategic advisory roles. Meanwhile, CEO Justin Stets will join Sequoia Financial as executive vice president of integrated wealth services, reporting directly to Sequoia Financial CEO Tom Haught.

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Why Is Sequoia Financial Expanding Its National Wealth Management Footprint?

Sequoia Financial has pursued a dual growth strategy of organic expansion and strategic acquisitions, positioning itself as a comprehensive wealth management firm catering to high-net-worth individuals, families, and institutions. With the integration of Carlson Capital Management, Sequoia Financial will now operate 34 offices across 19 states, enhancing its ability to provide investment management solutions tailored to clients’ evolving financial needs.

“The Carlson Capital Management team has built an exceptional firm over the past four decades, and we are honored to carry forward their legacy,” said Tom Haught, CEO of Sequoia Financial. “This acquisition is a natural extension of our commitment to providing client-centered wealth advisory services, and we look forward to integrating their expertise into our firm.”

How Will Carlson Capital Management’s Expertise Strengthen Sequoia Financial’s Service Offerings?

One of the most strategic aspects of the acquisition is the addition of Carlson Capital Management’s tax planning and preparation services, which will enhance Sequoia Financial’s existing suite of investment management solutions. By incorporating internal tax planning, Sequoia Financial aims to offer a more holistic approach to integrated wealth management, addressing key financial challenges such as tax-efficient investment strategies, wealth transfer planning, and retirement distribution optimization.

“In Sequoia Financial, we have found a partner that shares our values of integrity, collaboration, and exceptional client service,” said Justin Stets, CEO of Carlson Capital Management. “This partnership allows us to expand our impact and continue providing tailored wealth management strategies that empower our clients to navigate their financial futures with confidence.”

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The acquisition underscores the increasing demand for comprehensive financial planning solutions that integrate investment management, tax advisory, and estate planning. As wealth management firms compete to offer differentiated services, Sequoia Financial’s expansion highlights its strategic focus on delivering customized financial solutions that align with clients’ long-term objectives.

What Does This Acquisition Mean for Sequoia Financial’s Broader Growth Strategy?

Sequoia Financial has actively expanded through acquisitions, solidifying its market presence and enhancing its ability to serve clients across the wealth spectrum. Since 2023, the firm has completed nine acquisitions, including Family , Karpas Strategies, Zeke Capital Advisors, Affinia Financial Group, and M Capital Advisors.

In December 2024, Sequoia Financial finalized its strategic partnership with Eide Bailly LLP, a top 20 national accounting firm, acquiring its wealth management division and adding $1.6 billion in assets. This transaction, along with the Carlson Capital Management acquisition, signals Sequoia Financial’s ongoing commitment to building a national advisory firm with deep expertise in retirement planning strategies and tax-efficient wealth management.

The firm’s growth strategy also includes the expansion of its specialized wealth management services. In 2023, Sequoia Financial launched Sequoia Sentinel, a dedicated platform offering advanced family office services, including investment management solutions, estate planning, tax strategy development, and philanthropic advisory. This initiative reflects the firm’s broader goal of delivering tailored financial solutions that cater to the complexities of generational wealth management.

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Who Advised on the Transaction?

Legal and financial advisory firms played a critical role in facilitating the acquisition. Faegre Drinker Biddle & Reath LLP provided legal counsel to Carlson Capital Management, while Turkey Hill Management, LLC served as its financial advisor. Sequoia Financial received legal counsel from Benesch, Friedlander, Coplan & Aronoff LLP.

What’s Next for Sequoia Financial Following This Acquisition?

With the completion of the Carlson Capital Management deal, Sequoia Financial is poised to further solidify its presence in the national wealth management sector. The firm’s expansion strategy suggests that additional acquisitions may be on the horizon as it continues to enhance its capabilities in investment management solutions, retirement planning strategies, and tax advisory services.

As wealth management firms navigate an increasingly complex financial landscape, Sequoia Financial’s approach to integrated wealth management highlights the growing importance of holistic financial planning. By combining cutting-edge investment strategies with tax-efficient planning and estate advisory, the firm is positioning itself as a trusted partner for clients seeking long-term financial security.


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