Diversify Advisor Network, a $7 billion Utah-based wealth management firm comprised of two corporate RIAs, a broker/dealer and an alternative-focused asset management division, has launched a new program targeting services retirement plan advisors.
The program leverages the expertise of Todd Nuttall and David Gardner, who merged their Caliber Wealth Management firm into Diversify earlier this year. According to a company statement, Diversify's advisors aim to help their business owner clients who are responsible for 401(k) and other qualified plans. Advisors can then help plan participants with more than just their 401(k).
“Our advisors serve the wealth management needs of high net worth clients, including business owners who are responsible for their company's retirement plan,” said Stuart Matheson, Diversify's chief strategy officer, in a statement. “When Caliber joined Diversify earlier this year, we were very excited about the platform they had built for retirement services and saw tremendous potential benefits for all of our advisors, many of whom already have plans on the books theirs that aren't serving them the way they want, or have moved on to become a retirement plan advisor along the way.”
Nuttall added that he was looking forward to sharing Caliber's knowledge with the rest of the network.
After a reorganization last year, Diversify now includes a new division W-2 which sits alongside Diversify's legacy broker/dealer—still DFPG Investments—and an independent registered investment advisory affiliate platform called Diversify Advisory Services. The reorganization was intended to provide more membership options and a clear succession path for independent advisers who may be conflicted about joining a large buyer or selling to a private equity firm. according to Diversify Advisor Network CEO Ryan Smith.
“At Diversify, we have successfully built a multi-chassis affiliate model with a boutique culture and institutional-quality resources to help our advisors scale their businesses,” said Matheson. “Diversify's Retirement Plan Advisory Services is just the latest in our expanded suite of value-added offerings for our advisors. We are committed to continually investing in our capabilities to ensure our advisors have everything they need to serve the sophisticated needs of their high net worth clients.”
Included in the retirement plan advisory program are services for plan design and governance, fiduciary services, participant education and personal financial planning, investment policy statement creation and review, vendor research and monitoring, audit support and reporting of performance.
In March, Diversify also expanded it investment management skills include more than a dozen alternative fee-based strategies, including structured notes, mutual funds and private placements. It offers a comparable number of globally diversified passive strategies and five separately managed internal accounts – three equity and two fixed income strategies. There are also 23 third-party, house-traded SMAs and nine unified managed accounts built by different SMAs.