Sequoia Financial Group Acquires Karpas Strategies; Wealth Manager Will Become Part of the Sequoia Sentinel Family Office

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Jul 31, 2024, 09:00 ET

AKRON, Ohio, July 31, 2024 /PRNewswire/ -- Sequoia Financial Group, LLC (Sequoia Financial), a top SEC-registered wealth manager with more than $19.3 billion in assets under management as of June 30, 2024, today announced that it has acquired Karpas Strategies, LLC (Karpas Strategies), an independent investment manager serving ultra-high-net-worth families, foundations and trusts for more than 30 years. Karpas Strategies will become part of Sequoia Financial's Sequoia Sentinel Family Office. The transaction closed July 31, 2024. Financial terms were not disclosed.

Founded in 1994 by Matthew Karpas, Litchfield, Connecticut-based Karpas Strategies is an SEC-registered investment advisor managing more than $420 million for its clients as of July 2024. More than 75% of the firm's assets under management come from multigenerational relationships, and two-thirds of its assets under management are female-owned.

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.

"We're pleased to join forces with Sequoia Financial, continuing our tradition of exceptional, highly personalized service for our clients," Karpas said. "And we are especially excited for our clients to benefit from the broad and deep resources Sequoia Financial has built and the specialized services available within the Sequoia Sentinel Family Office."

The three-person Karpas Strategies team, including Karpas, Zachary Chernus, and Liz Faraj, bring their combined experience and expertise to Sequoia Sentinel to serve the complex planning needs of clients.

"We are thrilled to welcome Karpas Strategies to the Sequoia Financial team," said Tom Haught, CEO and president. "With its 30-year history of excellence in client service and multi-generational relationships, Karpas Strategies embodies our shared values. Together, we look forward to continuing its legacy of outstanding service and strengthening the bonds nurtured over generations."

"We welcome our new colleagues and Karpas Strategies clients to the Sequoia Sentinel family," said Gee Smith, head of the Sequoia Financial ultra-high-net-worth business. "We share a similar outlook and desire to support the unique needs of families with substantial and multigenerational wealth. And we look forward to leveraging Sequoia Financial's deep technology, operational and planning resources in the service of our combined client base."

With the new Connecticut location, Sequoia Financial's second in New England, the firm now has 15 offices in nine states. Sequoia Financial has grown organically and through acquisitions to expand its services and geographic footprint. Since the beginning of 2023, Sequoia Financial has made six acquisitions, including Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors.

Sequoia was named by Barron's as one of the top RIA firms in the U.S. in 2023 for the fifth 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. Bell, Nunnally & Martin, LLP served as legal advisor to Karpas Strategies. DeVoe & Company, a leading consulting firm and investment bank to RIAs, served as Karpas Strategies' financial advisor.

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 2023 for the fifth consecutive year. Sequoia Financial had more than $19.3 billion in assets under management as of June 30, 2024. For more information, visit www.sequoia-financial.com.

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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, 2023, Sequoia placed 41st on this list for the year 2023. 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 on 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. $0 was spent in 2023, $6,940 in 2022 and $8,500 was spent in 2021 for marketing collateral associated with the award to be used on social media, our website, and email signatures.

SOURCE Sequoia Financial Group, LLC