Diversify Advisor Network, a $7 billion Utah-based wealth management firm encompassing two corporate RIAs and a broker/dealer with alternatives expertise, has added the fourth firm to its acquisitive employee model, Diversify Wealth Management.
Key Advisors Wealth Management, a 10-person team with two Delaware offices overseeing $645 million in client assets, had been affiliated with Diversify Advisory Services since leaving 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 that join Diversify under the hybrid DWM RIA model are purchased with a mix of cash and equity, while leadership and staff are brought on as partners and employees.
Diversify rolled out a new organizational model and branding to expand affiliation options late last year. Formerly DFPG Investments, a name retained by its flagship broker/dealer, Diversify now includes a platform for affiliated RIAs called Diversify Advisory Services and Diversify Wealth Management, which launched with three other firms that made the move from DAS.
"I am thrilled with this expanded partnership in Diversify and the opportunity to take a seat alongside the other advisor-founders in helping guide the firm into the future,” Ghabour said in a statement, noting that deeper integration into the Diversify network will enable his team to “take advantage of the synergies and scale.”
“Part of the design for our Partner Platform was to allow our independent advisors an affiliation 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 it had expanded investment management capabilities on its platform, which now includes more than a dozen fee-based alternative strategies, a comparable number of globally diversified passive strategies, five internal separately managed accounts, 23 third-party SMAs that are traded in-house, and nine unified managed accounts built from the various SMAs.