Sequoia Financial Group, an Akron, Ohio-headquartered registered investment advisor with $22.6 billion in assets under management, has acquired Carlson Capital Management, a Northfield, Minn.-based RIA with $3.8 billion in client assets.
This is Sequoia’s largest deal to date by number of employees and wealth advisors, with CCM bringing 80 team members, including 30 advisors. It will also allow the RIA to offer internal tax planning and preparation services.
Terms of the deal, expected to close on March 31, were not disclosed.
CCM was co-founded in 1987 by brothers Gregory and Jeffrey Carlson, who will become senior strategic advisors at Sequoia upon the deal close. CCM CEO Justin Stets will become executive vice president of integrated wealth services, reporting to Sequoia CEO Tom Haught.
The firm provides investment, retirement, tax, estate, risk management and philanthropic planning to approximately 1,300 clients.
“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,” Haught said in a statement.
This deal adds four Minnesota locations, bringing Sequoia’s total footprint to 34 offices in 19 states. The RIA has completed nine acquisitions since 2023.
In December, Sequoia closed on its acquisition of the wealth management business of Eide Bailly, an accounting firm in Fargo, N.D., which encompasses about $1.6 billion in client assets. In October, it added Family Asset Management, a Charleston, S.C.-based RIA with more than $300 million in client assets.
