Diversify Advisor Network, a $7 billion Utah-based wealth management firm that includes two corporate RIAs and a broker/dealer with alternative expertise, has added its fourth firm. the acquisitive employee modelDiversify Wealth Management.
Key Advisors Wealth Management, a 10-person team with two offices in Delaware overseeing $645 million in client assets, had been affiliated with Diversify Advisory Services since it left the Kestra Advisory Services platform in 2022.
Founded in 2000, Key Advisors was solely owned by Eddie Ghabour after his co-founding partner retired in 2021. Firms joining Diversify under the hybrid DWM RIA model are acquired with a mix of cash and equity, while management and staff are created as partners and employees.
Diversify rolled out a new organizational model and brand to expand membership options late last year. Formerly DFPG Investments, a name retained by its prime broker/dealer, Diversify now includes a platform for affiliated RIAs called Diversify Advisory Services and Diversify Wealth Management, which started with three other firms that made the move from DAS.
“I am excited about this expanded partnership at Diversify and the opportunity to take a seat alongside the other founding advisors to help lead the firm into the future,” Ghabour said in a statement, noting that the integration of deep into the Diversify network will enable him. team to “take advantage of synergies and scale.”
“Part of the design for our Partner Platform was to allow our independent advisors a membership model in which they could monetize their practice, plan for clear succession and take an equity position alongside our founders ,” said Diversify co-founder and CEO Ryan Smith. “Eddie and his team at Key represent the exact type of practice we envisioned benefiting from this flexibility.”
Last month, Diversify announced that it had expanding investment management skills on its platform, which now includes more than a dozen alternative fee-based strategies, a comparable number of globally diversified passive strategies, five separately managed internal accounts, 23 internally traded third-party SMAs and nine unified managed accounts built by the various SMAs.