Nepsis, a Minneapolis-based financial advisory and investment management firm, has acquired Sevenich, Butler, Gerlach, & Brazil, a tax, accounting and consulting firm in Saint Paul, Minnesota.
The acquisition will enable Nepsis to expand its wealth management offerings for its owned clients along with the high-net-worth families and business owners served by SBGB, which was founded in the early 1950s.
It’s the latest example of a registered investment advisory firm partnering with or acquiring at least the wealth management practice of a CPA firm. Other recent examples include Creative Planning’s acquisition of BerganKDV, Choreo’s acquisition of the wealth practices of BDO USA and Cherry Bekaert, Warren Averett Asset Management’s deal with Wealth Partners Capital Group and HGCC, and Savant Wealth Management’s acquisition of Raymond F. Book & Associates and its affiliated Wealth Management Group.
SBGB has been fully absorbed into Nepsis Tax Solutions with former SBGB partners Thomas Schramer, James Urban and Darcy Rasmussen now working as tax strategists and CPAs. They are joined by Gaolie Xiong, who is now tax office manager at Nepsis. They will work alongside four new hires, joining Nate Diericks, who was hired by Nepsis earlier this year, for a total of nine full-time employees dedicated to Nepsis Tax Solutions.
Nepsis has an additional 22 employees focused on investments, wealth management, insurance solutions and administration.
Nepsis is solely owned by CEO Mark Pearson and the Pearson family. “With Sevenich, Butler, Gerlach & Brazil, Ltd., we found a partner that will significantly help our firm level up our ability to provide personalized, comprehensive financial guidance to our clients,” Pearson said in a statement Thursday. “As the advisory industry evolves to embrace a service model replete with wealth, tax and accounting expertise, advisors must be equipped to provide a holistic view of clients’ financial lives.”
The leadership team that will oversee various aspects of the Nepsis Family Office Framework include Bryan Eberle, who has been appointed president of Nepsis Tax Solutions. Derrick J. Doerr, who was most recently a senior manager of tax at Wipfli, as well as former adjunct professor of the financial planning certificate program at Minnesota State University, has been named as the vice president of tax and advanced markets. Richard Moore has joined Nepsis as vice president of accounting and advisory services and previously practiced law for nearly 20 years. Jordan Riley has been appointed vice president of tax operations. She previously held a leadership role at a multifamily office.
“I’m energized by the opportunity to be part of such a client-focused and forward-looking team here at Nepsis,” said Eberle, in a statement. “The acquisition of SBGB expands our capabilities, allowing us to enhance our service offerings to clients and to make more substantial investments in technology, marketing and tools. Additionally, it enables us to unlock efficiency throughout the tax solutions division and the entire Family Office Framework.”
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