Sequoia Financial Group to Acquire Cleveland-based Cirrus Wealth Management

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Jul 19, 2023, 09:28 ET

AKRON, Ohio, July 19, 2023 /PRNewswire/ -- Sequoia Financial Group, LLC (Sequoia), a leading SEC-registered wealth manager with nearly $16 billion in assets under management, today announced it has entered into an agreement to acquire Cirrus Wealth Management (Cirrus), an SEC-registered wealth management firm. The transaction is expected to close on July 31. Financial terms were not disclosed.

Founded in 1991, Akron, Ohio-based Sequoia provides asset management and wealth planning services across the wealth continuum—from individuals to family offices—with locations throughout the United States.

Cirrus, based in Cleveland, has $387 million in assets under management as of June 30, 2023. The firm's clients include individuals, families, and small businesses. Cirrus was founded in 2015 by Joe Heider, an industry veteran with more than 30 years of experience in the financial services industry.

Cirrus employs 12 professionals across advisory and support teams. Heider will serve as a strategic advisor to Sequoia. His son, Ryan Heider, will join Sequoia as vice president and wealth advisor and will continue to support Cirrus clients as well as take on additional responsibilities.

"As part of our growth plans, we want to provide a way for firms like Cirrus to secure their legacies and help pass the torch from one generation to the next," said Tom Haught, founder and CEO of Sequoia. "We look forward to making Cirrus part of the Sequoia family and assisting Joe in executing the firm's succession plan."

"It's reassuring to know that our team and clients will be in extremely capable hands—right in our own backyard—when we join Sequoia, a like-minded firm that has the technology and resources to support our growing business," said Joe Heider, president of Cirrus. "Sequoia is working thoughtfully to build a custom transition plan and is providing growth opportunities for the Cirrus team."

Sequoia has grown organically and through acquisitions to expand its services and its geographic footprint. Sequoia was named by Barron's as one of the top RIA firms in the U.S. in 2022 for the fourth consecutive year. The firm now employs more than 200 people.

Benesch, Friedlander, Coplan & Aronoff LLP served as legal advisor to Sequoia. Hahn, Loeser & Parks served as legal advisor to Cirrus.

About Cirrus

Cirrus Wealth Management, founded in 2015, is an independent wealth management firm offering comprehensive retirement, estate, tax and business planning solutions. Cirrus works with individuals, families, and small businesses to provide sophisticated strategies and solutions for all aspects of their financial lives. For more information, visit https://cirruswealth.com/.

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 builds and maintains strong relationships that emphasize long-term planning to help clients reach their financial and life goals. Sequoia was named by Barron's as one of the top RIA firms in the U.S. in 2022 for the fourth consecutive year. The firm had nearly $16 billion in assets under management as of May 31, 2023. For more information, visit www.sequoia-financial,com.

SOURCE Sequoia Financial Group LLC