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Biden Calls for Crackdown on Wealthy Who Hide Bulk of Income From Tax
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The combined firm will be based in Akron, Ohio, and operate under the Sequoia brand.
It will offer financial planning, wealth management, asset management and business consulting services to clients and their families.
The merger is expected to close in the second quarter and financial terms were not disclosed.
Wealthstone principals Jim Wyland, Norm Cook, Brian Stertzer, and Jack Zhang will become shareholders of Sequoia.
Upon completion of the merger, Sequoia Financial Group will employ approximately 110 people and have more than $7bn (£5.02bn, €5.78bn) in assets.
Sun Life Financial
The insurance firm has agreed to acquire Pinnacle Care International, a US medical intelligence and health-care navigation provider, for $85m.
The move marks the single largest addition in the history of the index
December 18, 2020 3 MINS
The historic addition on Friday of electric vehicle maker Tesla (TSLA) to the S&P 500 Index can and will be analyzed in several ways, but for anyone currently invested in any fund tracking the popular benchmark it effectively amounts to buying high.
Beyond the unprecedented significance of the index reconstitution that represents the single largest addition in the history of the S&P 500, and among the largest equity trades in the history of the stock market, there is the reality that the barely profitable technology company is trading at a price-to-earnings ratio of 1,273 after a 2020 stock price gain of nearly 700%.