New W-2 Employee-Affiliation ‘Partnership Model’ provides Advisors the Ability to Monetize their Practice and Take Direct Equity in the Diversify Advisor Network
SANDY, Utah, Jan. 9, 2024 /PRNewswire/ — On the heels of the recent announcement of DFPG Investments’ launch of the Diversify Advisor Network, the advisor-founded and advisor-led wealth management firm announces the launch of Diversify Wealth Management as part of its long-term growth strategy to offer advisors expanded affiliation options.
Diversify Wealth Management will serve as an employee-affiliation RIA, also known as the Partner Platform, for advisors looking to monetize their practices and take equity alongside the founders. Diversify Wealth Management’s first acquisitions include three Utah-based wealth management firms: Caliber Wealth Management, FirstPurpose Wealth and Diversify, Inc., which collectively oversee approximately $2.1 billion in assets.
With the launch of Diversify Wealth Management, Diversify Advisor Network now oversees more than $7 billion in assets across the following platforms:
DFPG Investments– A full-service independent broker-dealer providing broker-dealer-based solutions for advisors in the Diversify Advisor Network.
Diversify Advisory Services– An independent RIA platform that provides institutional quality services and resources to independent investment advisors.
Diversify Wealth Management – A W-2 employee-affiliation-model RIA for advisors looking to monetize their practice and take a direct equity partnership in the broader Diversify Advisor Network.
“With the launch of Diversify Wealth Management and the acquisition of these three great practices, we’ve wasted no time executing our strategy of developing a multi-platform affiliation model – and there are more coming,” said Ryan Smith, Co-Founder and Chief Executive Officer of Diversify Advisor Network. “We are focused on giving advisors choice and flexibility, in a boutique environment with institutional-quality resources. We strive to be the forever home for highly successful advisors, whether they want to retain their independence or monetize their practices through a more aligned channel.”
Successful Acquisitions
Caliber Wealth Management, founded in 2013 by David Gardner and Todd Nuttal, is an RIA built by and for entrepreneurs and business leaders. They currently oversee $443 million in assets and over the past decade have helped drive innovations in 401(k) management for growth companies. Nuttal will serve on the Board of the Diversify Advisor Network.
FirstPurpose Wealth, founded in 2007 and led by Tim Whipple and Ken Bown, is an RIA that currently oversees $928 million in assets. The FirstPurpose partnership will expand the firm’s expertise in advanced tax strategies. FirstPurpose has an in-house team of tax professionals through FirstPurpose Tax, LLC. Whipple will serve on the Board of the Diversify Advisor Network.
Diversify, Inc. was founded in 2004 by DFPG founders Ryan Smith and Dan Luke. Their team of advisors currently oversees $750 million in assets and provides comprehensive wealth management strategies, including a robust insurance and risk management division. Luke will serve on the Board of the Diversify Advisor Network.
Stuart Matheson, Chief Strategy Officer of the Diversify Advisor Network, added, “We are excited to welcome the talented teams from Caliber, FirstPurpose and Diversify. These acquisitions were very strategic. They each bring a unique expertise that will allow us to provide expanded services in a single framework. While Diversify Wealth Management advisors are technically W-2 employees, they aren’t assets to us in some roll-up strategy. They are partners with significant equity stakes who are truly aligned and carefully selected. They want to capitalize on the value creation and improved client experience that the Diversify Advisor Network will provide.”
About Diversify Advisor Network
Diversify Advisor Network is a privately held, full-service wealth management firm founded by seasoned advisors and industry leaders. The firm has developed institutional-grade resources, complemented by the personal attention and support that defines a true partnership. Investment advisory services are offered through Diversify Advisory Services, LLC and Diversify Wealth Management, LLC, both SEC-registered investment advisors. Securities are offered through DFPG Investments, LLC, member FINRA/SIPC. For more information, visit joindiversify.com.
Media Contact Brandon Blackwell
Haven Tower
[email protected]
424 317 4868
SOURCE Diversify Advisor Network
