SEC-registered independent wealth management RIA
Nepsis, Inc.
As of its Form ADV filed February 4, 2026, Nepsis, Inc., an SEC-registered independent wealth management RIA in Minneapolis, Minnesota, reported $344.5 million in regulatory assets under management across 1,267 accounts, ranking #94 among independent RIAs in Minnesota by assets.
Registration
- Main office
- Minneapolis, MN
- Registration
- SEC-registered, Approved
- CRD number
- 141203
- SEC file number
- 801-67023
- Registered since
- July 17, 2006
- Latest Form ADV filing
- February 4, 2026
- Organized as
- Corporation
- Fiscal year ends
- December
- Other offices
- 3
Key figures
- Regulatory assets under management
- $344.5 million
- Discretionary
- $344.5 million (100.0%)
- Non-discretionary
- $0
- Accounts
- 1,267 (1,267 discretionary)
- Clients
- 591, approximate as reported
- Employees
- 37
- Advisory staff
- 18 performing investment advisory functions
- Average account
- $271,909
- Asset growth, 1 year
- -30.8% (from $497.8 million a year earlier)
- Asset growth, 3-year annual rate
- 5.0% (from $297.9 million three years earlier)
- Asset growth, 5-year annual rate
- -1.4% (from $370.0 million five years earlier)
- Client growth, 1 year
- -31.3% (from 860)
Independent wealth management RIA: individual and high net worth clients hold at least half of its regulatory assets, it offers financial planning or portfolio management for individuals, and it is not a broker-dealer, a bank or part of one by the directory's rules. How firms are classed.
Growth rates come from the SEC's yearly snapshots and are left blank when the years are not comparable.
Rankings
Among independent wealth management RIAs.
| Ranking | Nationally | In Minnesota | Value |
|---|---|---|---|
| Largest independent RIAs by assets under management | #3,586 | #94 | $344.5 million |
| Fastest-growing independent RIAs over one year | #6,735 | #153 | -30.8%from $497.8 million |
| Fastest-growing independent RIAs over three years | #4,957 | #107 | 5.0%from $297.9 million |
| Fastest-growing independent RIAs over five years | #4,479 | #105 | -1.4%from $370.0 million |
| Independent RIAs with the most clients | #1,832 | #48 | 591 |
| Independent RIAs with the fastest client growth over one year | #5,639 | #131 | -31.3%from 860 |
| Independent RIAs with the most accounts | #2,010 | #63 | 1,267 |
| Independent RIAs with the most advisory staff | #528 | #14 | 18 |
| Independent RIAs with the most high net worth clients | #3,251 | #83 | 96 |
| Independent RIAs with the most CFP professionals | #1,937 | #64 | 2 |
Assets over time
Data table
| As of | RAUM |
|---|---|
| October 1, 2010 | $60.0 million |
| October 3, 2011 | $130.0 million |
| October 1, 2012 | $160.0 million |
| October 1, 2013 | $185.0 million |
| October 1, 2014 | $214.0 million |
| October 1, 2015 | $252.0 million |
| October 3, 2016 | $262.4 million |
| October 2, 2017 | $286.2 million |
| October 1, 2018 | $262.8 million |
| October 1, 2019 | $226.6 million |
| October 1, 2020 | $208.9 million |
| October 4, 2021 | $370.0 million |
| October 3, 2022 | $350.4 million |
| October 5, 2023 | $297.9 million |
| October 1, 2024 | $350.8 million |
| September 2, 2025 | $497.8 million |
| October 2, 2026 | $344.5 million |
Clients and services
Client mix
| Measure | Bar | RAUM |
|---|---|---|
| High net worth individuals 96 clients | $222.5 million | |
| Individuals (other than high net worth) 494 clients | $120.7 million | |
| Pension and profit sharing plans fewer than 5 clients | $1.3 million |
How the firm is paid
- A percentage of assets under management
- Hourly charges
- Subscription fees
- Fixed fees
- Other
Advisory services
- Financial planning
- Portfolio management for individuals or small businesses
- Portfolio management for businesses or institutional clients
- Educational seminars or workshops
Financial planning clients (Item 5.H): 1-10.
Wrap fee program sponsor or portfolio manager: yes.
Other business, affiliations and custody
Other business activities (Item 6.A)
- Insurance broker or agent
- Other financial products
Financial industry affiliations (Item 7.A)
- Other investment adviser
- Accountant or accounting firm
- Insurance company or agency
Custody (Item 9)
The firm reported no custody of client cash or securities.
Investment adviser representatives
- IARs registered with the firm
- 12
- Also registered through a broker-dealer
- 0
- Employees who are IARs (Form ADV 5.B(3))
- 18
Designations held by the firm's IARs: CFP 2.
Between 10 and 11 of the firm's 12 IARs are registered in jurisdictions that require IAR CE. The source counts registrations by jurisdiction, and many IARs are registered in more than one, so the exact number is not knowable from it. IAR CE requirements by state.
Counts only. AdvisorIQ does not list individual people.
Disclosures
On Form ADV Item 11 the firm answered yes to 0 disclosure questions. See the detail on IAPD.
Succession and acquired firms
On Form ADV Item 4 the firm did not report succeeding to another adviser's business.
Similar-sized firms in Minnesota
| Firm | City | RAUM |
|---|---|---|
| Fpnavigators | Maple Grove | $355.1 million |
| Fortress Financial Group, LLC | Rochester | $352.3 million |
| Lfa | St. Cloud | $351.5 million |
| Petros Family Wealth, LLC | Bloomington | $341.6 million |
| Gen Financial Management Inc. | Plymouth | $331.8 million |
The five independent RIAs nearest in regulatory assets with a main office in the same state.
Elsewhere
- Nepsis, Inc. on IAPD: Form ADV, brochures and disclosure detail.
- Firm website: nepsis.com
- Independent RIAs in Minnesota
Firm data as of October 2, 2026, from ia100226.zip. Figures are as the firm reported them; corrections are made on Form ADV and appear after the next monthly reload.
Data as of October 2, 2026, from Form ADV. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.