Sequoia Financial Group and WEALTHSTONE ADVISORS are merging to form a combined Akron, Ohio-based firm managing more than $7 billion in assets with about 110 employees. The merger, expected to close in Q2 2021, ranks among the larger recent wealth management M&A deals and continues a period of active consolidation in the sector. WEALTHSTONE principals Jim Wyland, Norm Cook, Brian Stertzer, and Jack Zhang will become shareholders of Sequoia.
The enlarged firm will provide financial planning, wealth management, asset management, and business consulting services to clients and families. As of March 31, 2021, Sequoia had $5.75 billion in assets under management, while WEALTHSTONE managed roughly $1.4 billion. According to ECHELON Partners and DeVoe & Company, North American wealth management M&A activity remains strong, with 58 transactions in Q1 2021, reflecting the sector’s post-COVID normalization and ongoing consolidation trends…