Sandy, Utah-based DFPG Investments announced the launch of Diversify Advisor Network (Diversify), which aims to offer advisors expanded affiliation options along with services such as digital technology, product access and succession planning support. Diversify has approximately $5.8 billion in client assets.
“As private equity-backed aggregation continues to dominate the industry, it can create long-term uncertainty for advisors,” said Ryan Smith, Co-Founder and CEO of Diversify. He founded the wealth management firm Diversify, Inc. in 2004. “At Diversify, we believe there is an alternative solution, and today’s announcement is the first step.”
DFPG Investments, which launched in 2011, is an independent broker-dealer that supports advisors of Diversify. It also has alternative investment solutions, which may include real estate, private equity, private credit, structured notes and other products.
Diversify Advisory Services is an RIA platform that seeks to provide institutional quality services and resources to advisors. And Diversify Wealth Management is scheduled to launch this month as an affiliation model for independent advisors to monetize their practice and obtain a direct equity partnership in Diversify.
“We are proud of our long-standing reputation as a full-service wealth management platform with a distinct competitive advantage in the alternative investment space,” said Stuart Matheson, Chief Strategy Officer of Diversify. “Our expanding affiliation structure will build on our history while enhancing our value proposition in the marketplace, where we are big enough to innovate but agile enough to actually execute, whether it’s alternative investments, technology or business-building solutions.”
During the past few weeks, Diversify recruited three practices representing approximately $566 million in client assets. Honolulu-based INPAC Wealth Solutions, which has $325 million in assets, formerly was affiliated with Osaic. Los Angeles-based KLK Capital Management is an independent RIA with $141 million in assets. And Laguna Niguel, California-based advisor Michael Collins, who oversees $100 million in assets, joined Diversify from Wells Fargo.
“We approach recruiting with a selective mindset that ensures the advisors and practices we bring onboard will be a good cultural fit,” said Jina Horton, Vice President of Business Development for Diversify. “We are excited to welcome these three terrific practices to our independent platform. They each have unique business models but share a common goal of personalized client service that sets them apart.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
