Sequoia is enhancing its geographic reach and tax planning capabilities with a new strategic acquisition.
On Wednesday, Sequoia Financial Group announced it is acquiring Carlson Capital Management, a Minnesota-based RIA overseeing $3.8 billion in client assets, as part of its ongoing expansion. The deal, expected to close on March 31, will add 80 employees, including 30 wealth advisors, to Sequoia Financial’s growing national footprint.
Founded in 1987, Carlson Capital Management serves approximately 1,300 clients, primarily in the Minneapolis-St. Paul area, with a range of services including investment, retirement, tax, estate, and philanthropic planning.
Following the acquisition, CCM co-founders Gregory Carlson and Jeffrey Carlson will transition into senior strategic advisor roles, while CEO Justin Stets will become executive vice president of integrated wealth services at Sequoia Financial, reporting to CEO Tom Haught.
“In Sequoia Financial, we have found a partner that embodies our values of integrity, teamwork, and extraordinary service,” Stets said Tuesday. “By joining forces with Sequoia Financial, we are stronger together and will ensure continuity for our clients for generations to come.”
The transaction marks Sequoia Financial’s largest acquisition in terms of employee count and enhances its service offerings with internal tax planning and preparation capabilities. The firm, which managed $22.6 billion in assets as of Dec. 31, 2024, has expanded through both organic growth and acquisitions in recent years.
“Under the leadership of Greg and Jeff, the CCM team has built an enduring firm over the past four decades,” Haught said. “We are thrilled that they have put their trust in Sequoia Financial to work together to carry on their legacy of integrity and client-first service.”
With the addition of Carlson Capital Management’s four Minnesota offices, Sequoia Financial will operate 34 locations across 19 states.
The deal with CCM follows its acquisition of Eide Bailly’s wealth management practice; that partnership, which was announced in August and completed in December, brought in $1.6 billion in assets. Sequoia Financial has completed nine acquisitions as part of its ongoing expansion strategy since 2023, including last July when it snapped up Karpas Strategies to mark its first Connecticut location.
It's a showdown for the ages as wealth managers assess its impact on client portfolios.
CEO Ritik Malhotra is leveraging Savvy Wealth's Fidelity partnership in offers to Commonwealth advisors, alongside “Acquisition Relief Boxes” filled with cookies, brownies, and aspirin.
Fraud losses among Americans 60 and older surged 43 percent in 2024, led by investment schemes involving crypto and social manipulation.
The alternatives giant's new unit, led by a 17-year veteran, will tap into four areas worth an estimated $60 trillion.
"It's like a soap opera," says one senior industry executive.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
