Stevens Capital Partners, a registered investment advisor based in Omaha, Nebraska, has acquired a Dallas-based tax practice, a move that pushes the firm's assets under management past $800 million and positions it for continued growth toward the $1 billion threshold. The deal, announced this month, adds more than 300 tax clients, including over 100 businesses across 15 states, and extends the firm's reach to more than 40 states nationwide.
The acquired practice belongs to Joe DePetris, a certified public accountant who spent more than three decades serving individual and business clients. At 80 years old, DePetris sought a succession plan, and the transaction provides a structured transition. Under the agreement, DePetris and his team will remain involved for a three-year period, during which they will brief Stevens Capital on client histories and relationships. The arrangement includes a revenue-sharing component tied to legacy clients, ensuring continuity for both the clients and the departing founder.
David Stevens, founder and CEO of Stevens Capital Partners, emphasized the importance of a seamless transition. Rather than relying on a letter or website notice, the firm reached out directly to each family. "We emphasized Joe's history and the legacy of those relationships and explained that our goal was to create a seamless transition while adding capacity, resources, and access to services beyond tax," Stevens said. The firm plans to layer in tax planning and strategy for the newly acquired clients, moving beyond the compliance and representation work that had been the focus of DePetris's practice.
The acquisition comes as Stevens Capital has experienced rapid growth. The firm has added roughly $50 million in new business in the past week alone, according to Stevens. It has also made the Inc. 5000 list of fastest-growing private companies for the second consecutive year. Stevens, who spent more than two decades at TD Ameritrade before founding the firm in November 2020, noted that Omaha is a "thriving" market for advisors chasing wealth transfer opportunities. The metro population has grown by more than 35,000 in the past five years, with families moving in from Western Nebraska and Eastern Iowa.
Omaha's concentration of legacy wealth tied to corporations such as Union Pacific, Mutual of Omaha, and Berkshire Hathaway presents a significant opportunity. Warren Buffett, Berkshire's founder, stepped back last year in a planned succession to Greg Abel, and the ongoing transfer of wealth to second- and third-generation heirs is a key focus for Stevens Capital. The firm derives 70% of its business from outside Nebraska, and Stevens sees a competitive advantage in being a fee-only, SEC-registered RIA. "There are plenty of registered investment advisors, but far fewer fee-only, SEC-registered RIAs," he said. "That has created an opportunity for us to differentiate ourselves."
According to the Investment Advisor Association, Nebraska is home to just 200 SEC-registered RIAs managing $251 billion, a small fraction of the 16,544 firms overseeing $176.8 trillion nationally as of 2025. Stevens Capital serves high-net-worth and ultra-high-net-worth clients, including entrepreneurs, executives, business owners, and multigenerational families, coordinating investment management with tax, estate, exit, and philanthropic planning. The firm reports a 99% client retention rate and directs 10% of its profit to community causes through its "10% Mission," including support for pediatric eye-disease research, a cause personal to Stevens and his family.
The deal reflects a broader trend of RIAs acquiring tax practices to meet client demand for integrated services. As the CPA profession becomes less popular with younger generations, Stevens noted that working with a fast-growing firm that offers experience in both tax and wealth has been attractive to his team. The acquisition also aligns with recent moves in the industry, such as MAI Capital's California expansion and Carlyle's investment in Prime Capital, underscoring the consolidation and integration happening across the RIA landscape.
Stevens Capital's growth strategy includes incorporating technology and efficiency to handle more at scale with a smaller team. The firm's acquisition of DePetris's practice is expected to add capacity and resources, allowing it to offer a broader range of services to its expanding client base. With the addition of the Dallas tax clients, Stevens Capital now serves clients in more than 40 states, with its heaviest concentrations in Nebraska and New York.
