Sequoia Financial Group Acquires Charleston-based Family Asset Management

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Oct 31, 2024, 13:12 ET

AKRON, Ohio, and CHARLESTON, S.C., Oct. 31, 2024 /PRNewswire/ -- Sequoia Financial Group, LLC (Sequoia Financial), an SEC-registered wealth manager with $21.5 billion in assets under management as of Sept. 30, 2024, and Family Asset Management (FAM), a Charleston, South Carolina-based investment advisory firm, today announced that Sequoia Financial has acquired FAM. Financial terms were not disclosed.

Founded in 2004, FAM is an SEC-registered investment advisor with more than $300 million in assets under management as of Sept. 30, 2024. FAM provides financial planning and investment management services to high net worth clients, multigenerational families, corporations and foundations.

FAM expands Sequoia Financial's footprint in the Southeast, an important and growing market for the firm. FAM is led by Andrew Barrett, chief operating officer and partner, and Dan Russler, chief investment officer and a founding partner.

"Becoming part of Sequoia Financial is the culmination of a thoughtful, strategic search for the right partner that will allow us to continue our service-first approach to wealth management that we've had for two decades," said Russler.

"With Sequoia Financial, and the specialized services of the Sequoia Sentinel family office, we will have a broader and deeper set of resources and investment offerings that will benefit our clients, many of whom are multigenerational," said Barrett.

"Family Asset Management just celebrated 20 years in business, which speaks to the enduring quality of the team, its offerings, and dedication to client service," said Tom Haught, CEO of Sequoia Financial. "We look forward to having Dan, Andrew, and their team join forces with us to continue the legacy they've built."

With the new Charleston location, Sequoia Financial now has 16 offices in 10 states. Sequoia Financial has grown organically and through acquisitions to expand its services and geographic footprint. Since 2023, Sequoia Financial has made seven acquisitions, including Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors. In August 2024, Sequoia Financial also announced a strategic partnership with Eide Bailly, including the pending acquisition of its wealth management practice.

Akron, Ohio-based Sequoia Financial offers services to clients across the wealth continuum. Sequoia Financial has been serving high net worth individuals and families since 1991 and launched Sequoia Sentinel in 2023 to expand its family office services. These tailored services include asset management, tax management, wealth transfer, asset transactions, and charitable planning to meet the challenges inherent to generational wealth.

Sequoia Financial was named by Barron's as one of the top RIA firms in the U.S. in 2024 for the sixth consecutive year. The ranking is based on assets managed, technology spending, staff diversity, succession planning, and other metrics.

Benesch, Friedlander, Coplan & Aronoff LLP served as legal advisor to Sequoia Financial. Burr & Forman served as legal advisor to FAM.

About Family Asset Management
Established in 2004, Charleston, South Carolina-based Family Asset Management is an SEC-registered investment manager providing financial planning and investment management services to high net worth clients, multigenerational families, corporations and foundations. For more information, visit www.familyasset.us

About Sequoia Financial Group
Sequoia Financial Group, LLC, founded in 1991, takes a client-centered approach to providing wealth management services, including asset management, estate and retirement planning, fiduciary consulting, and family wealth. Sequoia Financial builds and maintains strong relationships that emphasize long-term planning to help clients reach their financial and life goals. The firm was named by Barron's as one of the top RIA firms in the U.S. in 2024 for the sixth consecutive year. Sequoia Financial had $21.5 billion in assets under management as of Sept. 30, 2024. For more information, visit www.sequoia-financial.com.

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.

The tax and estate planning information offered by the advisor is general in nature. It is provided for informational purposes only and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax preparation is done by a 3rd party and not Sequoia Financial Group.

On September 18, 2024 Sequoia placed 28th on the Barron's list for the year 2024 (41st in 2023, 48th in 2022, 66th in 2021, 64th in 2020 and 47th in 2019). Barron's weighs dozens of qualitative and quantitative components, including assets managed, the size and experience of teams, regulatory record of the advisors and firms, succession planning, technology spending, and staff diversity based off a 102-question survey. Investment performance isn't an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients' risk tolerance than by an advisor's investment-picking abilities. No fees in any years awarded were paid or incurred to receive this recognition. $18,950 was spent in 2023, $6,940 was spent in 2022, $8,500 was spent in 2021, $0 in 2020, and $17,240 in 2019 for marketing collateral associated with the award to be used on social media, our website, and email signatures. To view the full Barron's rankings, click here

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SOURCE Sequoia Financial Group, LLC