Sequoia Financial Group, LLC, a SEC-registered wealth manager with nearly $16 billion in assets under management, announced it has entered into an agreement to acquire Cirrus Wealth Management, 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," says 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," says 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.
