Nepsis, a money manager-turned-investment advisor-turned-family office and CPA acquirer created by Mark Pearson, stepped into the M&A arena last year when it established a tax division and debuted a wealth advisory model predicated on relationship management and centralized expertise.
On Tuesday, the firm announced it recruited Ed Stober from Choreo to serve as a senior wealth advisor on the Nepsis executive team. Stober will work to build relationships within the various components of the family office framework, including CPAs, legal counsel and wealth advisors acting as client service facilitators.
Before joining Choreo in early 2022, where he was most recently a senior director, Stober spent 8 1/2 years with RSM US Wealth Management, two as a Schwab financial consultant and almost three with Thrivent, where he oversaw talent development and training.
"Nepsis’ commitment to innovation and client-centric solutions really aligns with my view of how things should be done,” he said in a statement.
“His ability and experience in fostering professional connections will elevate our client relationships and contribute significantly to the continued growth of our family office framework,” according to Pearson.
The Nepsis model is centered on three pillars: accounting and bookkeeping; tax planning and preparation; and wealth management, supported by the tax business, proprietary investment and planning strategies, in-house expertise and strategic relationships.
While Nepsis is open to acquiring independent wealth managers, the firm’s inorganic growth strategy is primarily aimed at buying CPA firms. Recruited financial advisors are brought in on a W-2 basis. They are generally expected to act as relationship managers serving up a menu of centralized services via a "cutting-edge," Salesforce-based technology platform leveraging AI, a stable of specialized service providers and a set of preordained processes.
Pearson told WealthManagement.com last fall that Nepsis advisors spend “100% of their time in front of clients.”
“That’s the technology,” he said. "None of my advisors do paperwork."
Based in Minneapolis, Nepsis announced several key hires last year in addition to its inaugural acquisition—CPA firm Sevenich, Butler, Gerlach & Brazil.
“We’re going to start bringing in more tax talent, attorneys and additional support staff,” Pearson said. Emphasizing quality and cultural fit over quantity and pace, he said the last several years have been devoted to building out the service model in preparation for this moment. In addition to expanding staff and establishing the tax division, Nepsis has stepped up marketing efforts and engaged a public relations firm to support the next growth phase.
The RIA reported almost $300 million in regulated advisory assets in January.