Ipex provides portfolio management for individuals and small businesses, portfolio management for institutions, and pension consulting.
Ipex reports 44 clients. They include 22 charitable organizations, 19 corporations and other businesses, and 3 high-net-worth individuals. Of its assets, 59.3% ($1.58B across 36 accounts) are managed with discretion; $1.08B across 18 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| High-net-worth individuals | 7% | 2% |
| Charitable organizations | 50% | 78% |
| Corporations and other businesses | 43% | 20% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | Fewer than 5 | $58M | 2.2% | $19.3M |
| Charitable organizations | 22 | $2.06B | 77.7% | $93.7M |
| Corporations and other businesses | 19 | $534M | 20.1% | $28.1M |
| Total | 44 | $2.65B | 100% | — |
- Clients
- Fewer than 5
- Regulatory AUM
- $58M
- AUM share
- 2.2%
- Avg. per client
- $19.3M
- Clients
- 22
- Regulatory AUM
- $2.06B
- AUM share
- 77.7%
- Avg. per client
- $93.7M
- Clients
- 19
- Regulatory AUM
- $534M
- AUM share
- 20.1%
- Avg. per client
- $28.1M
Total
- Clients
- 44
- Regulatory AUM
- $2.65B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Ipex is paid through a percentage of assets under management and fixed fees (other than subscription fees); its fees and minimums are set out in its brochures on the SEC website.
Shale Lapping owns 75% or more of Ipex. The leadership team of Ipex includes President Steven Cupchak and Chief Compliance Officer Neha Patel. It has 3 employees, 2 of them in advisory roles.
Leadership
- Steven CupchakVice President
- Shale LappingPresident
- Neha PatelChief Compliance Officer
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
- Steven John Cupchak
- Shale Philip Lapping
- Neha K Patel
Staff
- 3 employees
- 2 in advisory functions
- 3 state-registered reps
- Owns 75% or more of Ipex, Inc.
Shale Lapping
Control person · since August 1995
Ipex’s regulatory assets grew from $1.95B (March 2021) to $2.65B (June 2026); clients rose from 40 to 44 and employees fell from 5 to 3.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| June 2026 | $2.65B | 44 | 3 | 1 |
| March 2025 | $2.24B | 43 | 3 | 1 |
| March 2024 | $2.03B | 43 | 3 | 1 |
| March 2023 | $1.81B | 40 | 5 | 1 |
| March 2022 | $2.18B | 40 | 5 | 1 |
| March 2021 | $1.95B | 40 | 5 | 1 |
Besides its headquarters, Ipex has 0 offices, with 1 listed address in Michigan.
Michigan · 1 listed address
- 156 West Liberty Street, PlymouthHQ
Contact and registration details
- Legal name
- Ipex, Inc.
- Headquarters
- 156 West Liberty Street, Plymouth, MI 48170-1315
- Website
- Not reported
- Phone
- 734-451-0777
- SEC file
- 801-71851
- Structure
- Michigan corporation
- Fiscal year end
- December
Ipex does not have custody of client assets.
At year end, Ipex’s separately managed accounts were mostly in funds (100%).
What the accounts hold
- Funds100%
How many clients does Ipex have?
Ipex has 44 clients and manages $2.65 billion for them, as of June 2026. They include 22 charitable organizations, 19 corporations and other businesses, and 3 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 17 June 2026
What services does Ipex offer?
Ipex provides portfolio management for individuals and small businesses, portfolio management for institutions, and pension consulting.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How many financial advisors does Ipex have?
Ipex has 3 investment adviser representatives registered with state securities authorities, out of 3 employees, and 2 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Ipex invest in?
At the end of its last fiscal year, Ipex’s separately managed accounts held 100% registered funds (mutual funds, ETFs, BDCs).
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Ipex?
Ipex’s direct owner is Shale Lapping (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 17 June 2026
How does Ipex get paid?
Ipex is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Ipex?
Ipex’s main office is at 156 West Liberty Street, Plymouth, MI 48170-1315. Its phone number is 734-451-0777.