Sequoia Financial Group LLC, an SEC-registered wealth manager with nearly $16 billion in assets under management, has agreed to buy Cirrus Wealth Management, an SEC-registered wealth management firm.
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, who has more than 30 years of experience in the financial services industry. Cirrus employs 12 professionals across advisory and support teams.
“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,” comments Tom Haught, founder and CEO of Sequoia.
Benesch, Friedlander, Coplan & Aronoff LLP served as legal advisor to Sequoia. Hahn, Loeser & Parks served as legal advisor to Cirrus.