Sequoia to Acquire $1.7B Wealth Mgmt Firm

view original post

Sequoia Financial Group says it’s reached an agreement to acquire a wealth management practice that will bring its client assets to around $10 billion.

Founded three decades ago, Mayfield Heights, Ohio-based NCA Financial Planners has 27 employees, all of whom are joining Sequoia, overseeing around $1.7 billion in client assets, according to the firm. The combined firm will have around 145 employees and will operate under the Sequoia brand, the company says.

As part of the deal, NCA CEO Kevin Myeroff will become principal and senior strategic advisor as well as a shareholder of Sequoia.

Myeroff said in a statement that NCA opted to partner with Sequoia as part of its “long-term succession plan.”

The companies didn’t disclose the financial terms of the deal, which is expected to close before the end of the year.

In April, Sequoia acquired Wealthstone Advisors, adding 17 employees and $1.4 billion in client assets, according to the firm.

Founded in 1991, Sequoia currently oversees $8 billion in client assets, offering asset management, estate and retirement planning, fiduciary consulting and family wealth planning services, the company says.

Do you have a news tip you’d like to share with FA-IQ? Email us at editorial@financialadvisoriq.com.

Related Posts