Company Details
Diversified is an SEC registered RIA founded in 1982 with headquarters in Wilmington DE. It’s their goal to have everything clients need for Lifelong Wealth under one roof – from comprehensive financial planning and investment management to tax planning and insurance services, at all stages of a client’s life. While focusing on client success, they are also seeking to acquire advisory teams and businesses who are looking for scalability and leverage for their growing firms or seeking a succession plan to monetize some or all of their businesses. Through professional, hands-on management of each relationship, Diversified has a successful track record of integrating and growing businesses. Diversified has been awarded as one of the Top Places To Work for financial planning firms in their size category across the country. Diversified takes work-life balance and employee satisfaction very seriously and it was named Best Place to Work in Philadelphia per the Philadelphia Business Journal in July 2023. Diversified hopes to remove non-core business activities from advisors' plates so that they can flourish.
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Acquisition Model
Max Cash: 100%
Max Equity: Dependent on size of seller
Standard is 90% retention payment in 1 year.
Mandatory Points of Alignment
To scale the business effectively, Diversified asks all partners to adopt their technology and systems.
As long as the client's needs are met, partners have full autonomy over their calendars.
P&L management is centralized, so partners have no responsibility regarding financial decisions and can focus on client-facing activities.
Diversified has a branded client experience called Life Long Planning Process. The firm would like advisors to adopt this client experience process but do not require it.
Diversified offers practice management expertise that advisors are encouraged to tap into.
Diversified has built its IM Platform to provide advisors with in-house solutions. These are strongly encouraged to adopt, but not required.
Advisor Value Proposition
Knowing that psychology plays a huge role in financial decisions, Diversified has chosen to use Oechsli Consulting to train advisers and coach them through client scenarios and follow-up activities. This training is optional for new partners, but it is encouraged. The coaching spans client service as well as business development scenarios.
At Diversified, there is a designated individual responsible for creating and constructing financial plans for the planners. This expert in financial planning aids in managing time-consuming tasks and delivers the completed financial plan to the planner, fully prepared for client meetings.
Diversified centralizes everything so that advisors can spend the time doing what they love, meeting, growing, and spending time with clients. This includes operations, compliance, technology, investment management, financial planning, office management, vendor management, HR, and Marketing.
Diversified owns an LLC in Diversified Tax, LLC, which has 1,400 tax clients and integrates the details from financial planning, investment management, and tax prep, further emphasizing Diversified's desire to be a one-stop-shop. The tax team is fully integrated and can be apprised of client tax planning and strategies part of clients' overall financial health. This integration aims to make life easier for clients and, thus, makes the client experience attractive.
Diversified was named by Citywire as one of the fastest-growing RIAs in the US in 2023 and are committed to helping advisors grow. They have enlisted the support of senior advisors who understand marketing strengths and share best practices across the firm. This sharing fosters an environment of continuous improvement. Diversified is working on an internal Lead Gen system and also purchases lead generation for the partner office to help growth. The leadership sends out two weekly value-add emails to clients and prospects. There are monthly newsletters, local events, and Zoom educational videos available. Diversified also has an active social media presence to drive additional business. Diversified handles all of the office marketing efforts on behalf of advisors, including daily-, weekly-, and monthly social posts, email, local events, etc. All of these are lifted off of the advisor. The firm also utilizes Dave Ramsey's network for additional leads.
Diversified offers practice management expertise to help partners define staff roles and responsibilities for the local office. In addition, leadership works to help partners with employee review/performance management and recommends a workweek structure model for the local office. Additionally, Diversified assists partners in identifying and implementing strategic growth initiatives and helps define/manage the local offices toward specific KPIs.
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