Sequoia has made a number of M&A deals in addition to chalking up organic growth. Since 2023, it has made a total of nine acquisitions in different parts of the US.

Sequoia Financial Group, an RIA with $22.6 billion in AuM as of December 31, 2024, has agreed to buy Carlson Capital Management, a firm based in Northfield, Minnesota, with $3.8 billion of client assets.

This acquisition is Sequoia’s largest by number of staff and wealth advisors. The firms expect to complete the transaction – the financial terms of which were not disclosed – on March 31. Faegre Drinker Biddle & Reath served as legal counsel and Turkey Hill Management, served as financial advisor to CCM. Benesch, Friedlander, Coplan & Aronoff served as legal advisor to Sequoia Financial.

CCM is a business founded in 1987 with approximately 1,300 clients. It is an integrated wealth manager and fiduciary advisor offering financial planning. Its services cover investment, retirement, tax, estate, risk management, and philanthropic planning. It has 80 team members, including 30 wealth advisors.

When the acquisition is completed, CCM 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.

With CCM's four Minnesota locations, Sequoia Financial will have 34 offices in 19 states. 

There have been other moves: In December 2024, Sequoia Financial and Eide Bailly, a national accounting firm, completed their previously-announced strategic partnership. As part of the agreement, Sequoia Financial acquired Eide Bailly's wealth management practice, adding 22 employees and $1.6 billion in assets. 

Since 2023, Sequoia Financial has made nine acquisitions, including Family Asset Management, Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors.