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.
Media Contact:
Rich
Chimberg
Newton Park PR, LLC
+1 617-312-4281
rich@newtonparkpr.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, 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.
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SOURCE Sequoia Financial Group, LLC