Nearly 40 years after its founding, Golden Valley-based Erpelding Wealth Management has made its first change in ownership.

On June 1, the firm transitioned ownership from founder Michael Erpelding to partners Cole Lunde, Bob Evrard, and Eric Benson. Lunde now has a slight majority ownership stake and has been with Erpelding Wealth Management since 2018, starting off as an associate wealth management advisor. Evrard joined in 2013, and Benson started at the firm in 2005.

The firm says it does not expect Erpelding’s clients to experience changes. That’s because many have already worked with the current leadership team for years.

Erpelding has stepped back from day-to-day responsibilities after nearly 40 years at the helm. He intends to remain connected to the firm, supporting introductions and serving the team as a resource.

When he founded the firm in 1987, the business was a solo practice serving roughly 50 clients. It has since grown to 500 clients, employing 12 people, including its three partners.

Erpelding tells Twin Cities Business that building a team-based model has been one of the cornerstones of his tenure.

Last month, the firm reached a significant milestone: $2 billion in assets under management. Approximately 70% of those assets are from individuals, families, and business owners, while the other 30% are employer-sponsored retirement plans.

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The business of managing clients’ assets has changed significantly over the past four decades, the firm tells TCB, most notably in increasingly complex fee structures, investment options, and tax strategies.

“These developments have expanded the range of solutions available to clients but also increased complexity,” the firm says. “Advisors’ roles increasingly focus on simplifying that complexity, customizing plans, and helping clients stay disciplined through market and life changes.”

The transition in ownership reflects a long-term succession plan for Erpelding Wealth Management.

“Many advisors in the industry are nearing retirement age, often at the same time as their clients, without clear continuity in place,” the firm explains. “Over more than two decades, Eric, Bob, and Cole became closely involved in client relationships and planning, helping position the firm for a smooth and natural transition.”