Parsippany, N.J.-based IPA 100 firm SAX (FY24 net revenue of $110.89 million) has announced its acquisition of Scheidel Sullivan & Lanni CPA LLC (SSL), along with Sierra Financial Advisors LLC, effective January 4.
As part of the transaction, Sierra Financial Advisors, the firm’s wealth management arm, has been acquired by SAX Wealth Advisors, a wholly owned subsidiary of SAX. The transaction strengthens SAX’s integrated tax, accounting, advisory and wealth management platform and reflects the firm’s continued investment in long-term, client-focused growth.
SSL brings decades of experience and a reputation for partner-led client service, while Sierra Financial Advisors adds a wealth management platform built on fiduciary guidance and long-standing client relationships. Together, the firms unite nearly 120 years of combined experience and reinforce a shared focus on serving clients while creating growth opportunities for clients, people and the firm.
“This acquisition reflects our commitment to strategic growth while upholding our values of respect, integrity, commitment, excellence, and stewardship,” said Joseph Damiano, CEO of SAX. “Both SSL and Sierra have built strong legacies rooted in trusted relationships and professional excellence. Their cultures align beautifully with ours, and we are excited to welcome their teams to the SAX family.”
In a joint statement, leaders of SSL and Sierra, Timothy J. Sullivan, David F. Scheidel and Michael J. Lanni Jr. said, “This transaction ensures alignment with a firm that shares our culture, values, and dedication to clients. By joining SAX, we are providing our clients and team members with access to greater resources, expanded expertise, and increased opportunities—while maintaining continuity and the personalized service our clients rely on.”
The transaction brings SAX to 73 partners and close to 400 team members, with a national and international presence that includes offices along the East Coast and in India, supported by a remote workforce spanning 27 states. It also represents the third transaction since SAX’s recent minority investment from Cobepa, an independent investment company supporting the firm’s strategic expansion, capabilities and innovation.
Through the acquisition of Sierra Financial Advisors, SAX Wealth Advisors expands its national wealth management footprint, bringing its total as of December 30 to approximately 20 wealth advisors and more than $4.5 billion in assets under management, including approximately $1 billion in retirement plan assets. The addition of Sierra further enhances the firm’s ability to deliver financial planning, investment management and fiduciary advisory services to individuals, families, business owners and retirement plan sponsors.
