Sequoia Financial Group, LLC (Sequoia) and WEALTHSTONE ADVISORS (WEALTHSTONE) today announced they 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.”
Sequoia will be adding WEALTHSTONE’s team, including founder, Jim Wyland, who will continue his lifelong work primarily in business & family wealth consulting and focus on his relationships with his current clients in Sequoia’s Family Wealth segment. Norm Cook will become the Executive Vice President of Corporate Development, focused on enterprise-wide business development and recruiting. Brian Stertzer will continue to focus his attention on the Wealth Management segment, working with existing clients and developing new relationships.
Jack Zhang will continue to focus his abilities with the combined Investment Management team.
About Sequoia Financial Group
Sequoia Financial Group, LLC, founded in 1991, takes a client-centered approach to providing comprehensive financial planning and wealth management services, including asset management, estate and retirement planning, fiduciary consulting and family wealth. Sequoia builds and maintains strong relationships that emphasize long-term planning to help clients reach their financial and life goals. Sequoia was named one of America’s Top RIAs by Barron’s in 2020 and received the Schwab Advisor Services 2019 Best-In-Business IMPACT Award. For more information, please visit https://www.sequoia-financial.com/.
WEALTHSTONE ADVISORS is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. For more information please visit: https://adviserinfo.sec.gov/ and search for our firm name.
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.