Top 75 accounting firm Sax said Wednesday it has acquired Scheidel, Sullivan & Lanni CPA, a Ramsey, NJ-based accounting and advisory firm, while its subsidiary, Sax Wealth Advisors, acquired Sierra Financial Advisors, SSL’s wealth management arm, effective Jan. 4.
Financial terms of the deal weren’t disclosed.
This transaction brings Parsippany, NJ-based Sax to 73 partners and close to 400 team members, including a national and international presence, with offices all along the East Coast and India, supported by a remote workforce spanning 27 states.
The move also represents the third transaction since Sax’s recent minority investment from private equity firm Cobepa, intended to accelerate the accounting firm’s strategic expansion, capabilities, and innovation.
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Sax said the SSL/Sierra deal strengthen its integrated tax, accounting, advisory, and wealth management platform.
“This acquisition reflects our commitment to strategic growth while upholding our values of respect, integrity, commitment, excellence, and stewardship,” Sax CEO Joseph Damiano said in a statement. “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.”
Founded by two CPAs—David Scheidel and Timothy Sullivan—who have more than 50 years of combined experience in tax planning, accounting, and financial services, SSL is a full-service accounting and advisory firm. Michael Lanni joined the firm in 2015.
Sierra Financial Advisors brings to Sax a strong wealth management platform built on fiduciary guidance and long-standing client relationships.
Through the acquisition of Sierra, Sax Wealth Advisors expands its national wealth management footprint, with approximately 20 wealth advisors and more than $4.5 billion in assets under management, including approximately $1 billion in retirement plan assets.
Sax Wealth Advisors said the addition of Sierra further enhances its ability to deliver comprehensive financial planning, investment management, and fiduciary advisory services to individuals, families, business owners, and retirement plan sponsors.
In a joint statement, Scheidel, Sullivan, and Lanni 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.”
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