Sapers & Wallack
History
In February of 1970, Bill Sapers (left) and partner Norm Wallack (right) were featured in an article entitled Agents in Partnership in the Pilot’s Log.
In 2010, Sapers & Wallack celebrated its 78th Anniversary as a leading benefit and asset management firm in Massachusetts1. Founded in 1932, Sapers & Wallack serves hundreds of clients across New England, including Fortune 1000 corporations, non-profits, closely-held firms, public, private, family businesses, venture-backed start-ups and individuals.
The firm was established in 1932 by Abraham “Abe” Sapers, who originally started his career in insurance as a Sun Life Agent. Abe, who wanted to become independent, was extremely family-oriented and persuaded his son Bill to help with the business. The two established a firm where Bill worked as a sub-agent until he was discharged from service during the Korean War.
During his Officer Candidate School training, the executive staff saw that Bill had special skills and a Masters Degree in Business and Finance. He was assigned to Army Finance Headquarters at Fort Benjamin Harrison in Indianapolis. At Fort Benjamin Harrison, Bill was asked to rewrite the government’s official booklet on National Service Life Insurance (NSLI) and even helped the Post Commander develop his own life insurance and financial plan. Bill realized there was a great need and opportunity to provide services for every officer and honed his skills as an insurance and financial planner. He proposed this idea to the Post Commander and was soon providing estate and life insurance plans, teaching officers auditing classes, and creating the foundation for his long term career in insurance.
The founders of Sapers & Wallack (from L-R): Norm Wallack, Abe Sapers and Bill Sapers.
After his military service, Bill opened his own agency so that he could represent multiple insurance companies. Bill’s production quickly increased and he suggested joining forces again with his father. The father-son duo formed Sapers Insurance Agency in 1958. Through his affiliation with New England Mutual, Bill developed a friendship with Norman Wallack. Their friendship evolved and eventually led to a recognized, successful and respected partnerships in the industry, paving the way for future generations to lead2, with Norman joining the team in 1963 to form Sapers & Wallack.
When Abe retired in 1975, the next generation took their first steps toward leadership. Ed Wallack joined the company in 1982, while Aviva Sapers joined in 1987. Bill and Norman required both children to work outside the company first in order to build their credibility and develop industry expertise. Today, Aviva represents the third generation of leadership, serving as the CEO and President, while Ed is President. Both share equal ownership in the company. Many other family members have also had roles in the business, including Bill’s son Michael and Norman’s step-daughter Allison, as well as the fourth generation in Norman’s grandson Zachary.
Today, the company is run by second and third generation leaders. Top (L-R) Aviva Sapers, CEO and Ed Wallack, President. Bottom (L-R) Bill Sapers, Chairman and Norm Wallack, retired.
Today, Sapers & Wallack employs 32 financial service professionals who have helped hundreds of Massachusetts businesses and families. Initially the company focused on selling life and health insurance, doing estate planning and helping business owners with business continuation planning, but as the markets and economy changed, the firm continued to add services. In the 1960-1970’s, the business added a retirement plan department. In the 1980’s, Sapers & Wallack significantly grew its employee benefits practice with special emphasis on executive benefits. In 2000, the professionals at Sapers & Wallack added advisory service offering individuals and companies comprehensive financial advice and benefits planning.
1 The 2008 Boston Business Journal Book of Lists recognized Sapers & Wallack as one of the area’s largest employee benefits firms ranked by employee benefit consultants in Massachusetts.
2 In 2008 and 2009, Sapers & Wallack was a recognized as a finalist for the Massachusetts Family Business of the Year Award. In 2009, the firm was recognized with the Certification of Generational Achievement, recognizing that Sapers & Wallack is one of the three percent of family businesses that survives into a fourth generation.