By Logan Wells, News Director | Logan@kymnradio.net
Sequoia Financial Group, announced it had reached an agreement to acquire the Northfield-based firm, Carlson Capital Management. Founded in 1987 Carlson Capital provides integrated wealth management services, including investment, retirement, tax, estate, risk management, and philanthropic planning to approximately 1,300 clients, primarily in the greater Minneapolis-St. Paul area. Carlson Capital has 80 team members, including 30 wealth advisors. Carlson manages $3.8 billion in client assets. Upon completion of the acquisition, co-founders Gregory Carlson and Jeffrey Carlson will become senior strategic advisors, and CEO Justin Stets will be executive vice president of integrated wealth services for 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,” said Justin Stets, CEO of CCM. “This strategic partnership is driven by our shared goal of enhancing value for our clients and enriching their lives through an impactful wealth management experience. By joining forces with Sequoia Financial, we are stronger together and will ensure continuity for our clients for generations to come.”
The acquisition represents Sequoia Financial’s largest by number of employees and wealth advisors and will expand its national footprint with the addition of internal tax planning and preparation services
“Under the leadership of Greg and Jeff, the CCM team has built an enduring firm over the past four decades. 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,” said Tom Haught, CEO of Sequoia Financial. “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.”
With CCM’s four Minnesota locations, Sequoia Financial will have 34 offices in 19 states. Sequoia Financial has grown organically and through acquisitions to expand its services and geographic footprint.
The firms expect to complete the transaction on March 31. Financial terms were not disclosed.
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