Diversify Advisor Network bolstered its platform last month with two new partner teams, including an Arizona-based veteran and an advisory group with a two-location operation in the East.
Diversiy announced that it had added two advisor teams in October, bringing an estimated $215 million in assets under management to its platform.
The latest additions, Michael McHugh and Griffin Wealth Partners, have joined from Robert W. Baird and B. Riley, respectively, and add to Diversify’s national network of financial advisors.
Michael McHugh, based in Cave Creek, Arizona, brings 26 years of experience and manages over $115 million in assets. Prior to Baird, he had overlapping tenures as an investment advisor and broker at Charles Schwab, according to BrokerCheck.
"I've been in this business a long time. I wanted to make sure this would be my final destination, and I couldn't be more excited about this partnership with Diversify," McHugh said in a statement.
Meanwhile, Griffin Wealth Partners, led by Nick Tarulli, Joe Finnerty, and Pat King, operates in both Florida and New York and manages over $100 million in client assets.
The team's departure from B. Riley comes at a tumultous time for the embattled financial services firm. It has been facing intense scrutiny from both investors and regulators alike over its dealings with Brian Kahn, whose failed bet to acquire Franchise Group has sunk much of the empire Bryant Riley had built up over a decades-long career.
Tarulli emphasized Diversify’s independence and scale as key factors in their decision, explaining, "We chose to join Diversify because we wanted a partner that values autonomy, provides the scale necessary for growth, and operates independently of private equity influence."
Diversify’s vice president of business development, Jina Horton, expressed enthusiasm for the additions,
"The addition of these teams reflects Diversify's ongoing commitment to fostering its unique culture through a selective recruiting process," Horton said.
Since its launch in December last year, Diversify has grown to oversee $8.5 billion in assets through a multi-affiliation model that includes both W-2 and 1099 advisor platforms, along with DFPG Investments, its independent broker-dealer.
A drop in interest rates and easier access to capital has reignited appetite among private equity-backed consolidators, who accounted for 53% of RIA deals so far this year- their highest share since 2021 according to DeVoe & Company.
Also, Advisor CRM announces a new data integration partnership to ease the pain of client onboarding.
Meanwhile, Merrill Lynch intends to continue building its alternative investment platform for wealthy clients.
The co-founder of IFG discussed with InvestmentNews the unique opportunity that remaining independent offers to build a successful firm.
Three industry leaders will join the hybrid RIA's president and LPL alum, Andy Kalbaugh, to help guide its organic and merger-based growth strategy.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
