Sequoia Financial Group, an Akron, Ohio-based wealth manager serving clients in the South and Midwest, announced that it is acquiring LJPR Financial Advisors, a fee-only advisor in Troy, Mich.
LJPR has assets under of management of about $776 million, which will bring Sequoia's total AUM, now at $4.1 billion, to just under $5 billion, according to company officials.
“LJPR aligns perfectly with our strategy and culture, and complements our existing business exceptionally well," said Tom Haught, president of Sequoia Financial Group. "This merger provides greater growth and innovative services to our clients, employees and partners, thus building a sustainable firm that can outlast any individual leader.”
One of the focuses of LJPR is delivering financial literacy to the mass affluent, utilizing seminars, YouTube videos, white papers and other proprietary content for a client base that includes a sizeable blue-collar segment, including fire fighters and law enforcement officers.
In an interview, Haught and LJPR CEO and managing partner Leon LaBrecque said that, as a result of the merger, LJPR will be able to use its vast educational library on one of Sequoia's client segments: business owners.
"We've always had a tilt toward the idea of helping all people with money in some shape or form," LaBrecque told Financial Advisor. "We've been educating everyone from CPAs to state troopers."
Sequoia Financial Group’s staff will grow from 66 to 91 employees as a result of the merger, the company states in a press release.
The deal is scheduled to close on Dec. 31, company officials said. Financial terms of the sale were not released.
LaBrecque will become chief growth officer of Sequoia Financial Group. "In this new role, Leon will be responsible for expanding the footprint and impact Sequoia has in the Midwest," the company said in a press release.
LJPR will remain at its Troy location under the Sequoia name upon completion of the deal, officials said.