Sequoia Financial Group, LLC and WEALTHSTONE ADVISORS have entered into a definitive agreement to merge their businesses.
The combined firm will be based in Akron, Ohio, and operate under the Sequoia brand. Together, they will offer financial planning, wealth management, asset management and business consulting services to clients and their families. The merger is expected to close in the second quarter and financial terms were not disclosed.
WEALTHSTONE principals Jim Wyland, Norm Cook, Brian Stertzer, and Jack Zhang will become shareholders of Sequoia. Upon completion of the merger, Sequoia Financial Group will employ approximately 110 people and have more than $7 billion in assets. As a result of this merger, both firms will benefit with expanded resources, a larger investment team, and more expertise across asset classes.
“We have long admired WEALTHSTONE as a client-focused firm with a similar culture and passion for providing excellent and comprehensive financial advisory, wealth management and consulting services,” said Thomas Haught, Sequoia’s president and CEO. “We’re delighted to join forces, adding talent, resources and investment expertise to our combined client base.”
Akron, Ohio-based Sequoia was formed in 1991 and had approximately $5.75 billion in assets under management as of March 31, 2021. Columbus, Ohio-based WEALTHSTONE, founded in 1977 by Jim Wyland, managed approximately $1.4 billion in assets as of March 31, 2021.
“The merger is marvelously synergistic for all parties, especially for our clients and employees who will benefit immediately from the enhanced scale and increased durability of the combined firm,” said Wyland, WEALTHSTONE’s founder and chairman. “Our goal has always been to walk through life with our clients and deliver excellence related to the WEALTHSTONE client experience. With our merger with Sequoia, I am personally very thankful and gratified we will assure our ability to continue to be able to deliver excellent service for generations to come.”
“During the course of our conversations with Sequoia, we got to know Tom and members of the team better as a company and as individuals,” said Norm Cook, WEALTHSTONE’s CEO. “Each interaction has reinforced that we share a common vision and values. It became clear they were the right partner and that now was the right time. That’s why we decided to join Sequoia.”