In a Nutshell: Investing can be overwhelming to the uninitiated. Even seasoned investors lose money from time to time. Diversified engages with investors to develop financial plans and investing strategies that help them reach their goals. The firm works closely with its clients to form lasting relationships built on trust. The result is lifelong comprehensive financial planning focused on achieving what brings investors happiness.
Newcomers to the world of investing may find it intimidating. While the concept of investing — buying an asset with the expectation of earning a profit — is straightforward enough, the details can be confusing.
Investors can contribute to numerous investment vehicles, from stocks and bonds to real estate investment trusts and exchange-traded funds. Some types of investments are more suitable for long-term goals. Some assets are more profitable when held for shorter periods.
Investors who have settled on an investment that best suits their needs must figure out how to execute the transaction to secure the desired asset. Fortunately, financial advisors can help people of all levels of expertise, from relative neophytes to more savvy investors, align their investment goals with appropriate financial instruments.
Diversified is a full-service financial firm that has helped clients achieve their financial goals since the 1980s. We spoke with Diversified’s President, Andrew Rosen, to learn more about how the firm works to help clients realize their financial objectives.
Rosen began his tenure with Diversified in 2010. In 2013, he joined with a group of colleagues to purchase the firm. Rosen said Diversified has experienced astronomical growth in the last decade.
“In 2010, our assets under management were less than $100 million,” Rosen said. “That figure has grown to $1.6 billion, and we expect to reach $2 billion within a year.”
Rosen said he attributes the firm’s success to various factors. Diversified has grown through mergers and acquisitions and has grown organically.
“We think we have a good story to tell and a strong value to offer our clients,” Rosen said. “The bigger you get, the more referrals that come in the door. It’s the snowball effect.”
Many of Diversified’s clients have been with the firm for years. Rosen said Diversified emphasizes creating value for its clients and delivering exceptional service.
“When people reach out to us, we get back to them within the same day,” Rosen explained. “It’s unacceptable to make people wait for answers to their emails. We really prioritize the client experience and being transparent.”
A Team Approach to Financial Management
Diversified works with clients to help them reach their financial goals. The firm engages with corporate executives at Fortune 500 companies to assist them in coordinating stock options and deferred compensation plans.
Rosen said Diversified also frequently works with professionals such as accountants, attorneys, and engineers to develop their financial plans. Diversified helps individuals of all professions who are planning to retire soon. Rosen said the firm works with those approaching retirement to formulate income strategies that will help them reach their post-career goals.
“A big focus of ours is assisting people so they can retire gracefully,” Rosen said. “We’re transparent with them so they understand what their options are and how we can help them develop a lasting financial plan.”
Diversified has added several executives to its team during Rosen’s tenure, including a CEO, COO, and CIO (Chief Investment Officer).
“We have a lot of wonderful people here,” Rosen said. “Every last one of them is equally important and brings tremendous value to the firm. Our employees are integral to the value we provide our clients and our ability to grow.”
Diversified offers clients a plethora of financial services. Rosen said investments, insurance, and taxes are intertwined, and it’s convenient for clients to receive guidance on disparate financial subjects from one company.
“When services are segregated, the client has to quarterback and coordinate many different financial strategies themselves,” Rosen detailed.
Diversified’s team is passionate about putting itself in its clients’ shoes to understand better how to provide value to them. Rosen said the firm seeks to constantly improve its services to enhance a client’s experience.
Understanding Clients’ Goals is Paramount to Success
Diversified uses a measured approach to onboard clients. The firm holds introductory calls with new clients to understand what they’d like to accomplish through their relationship with Diversified. Introductory calls also help the firm learn a client’s short and long-term goals. Rosen said introductory calls are informal and offer the client and Diversified’s team an opportunity to get to know one another.
After an introductory call, clients provide Diversified with their financial information so the firm can analyze the client’s overall financial situation, Rosen said. Diversified then schedules a discovery meeting with the client.
“We aim to know our clients beyond just their finances,” Rosen said. “We’ve worked with leading psychiatrists, and they’ve trained us to really dig deep with our clients so we can know who they are on a personal level. That enables us to have a customized partnership with them.”
Once Diversified has had the opportunity to get to know a client and assess their financial needs, the firm suggests strategies to the client. When Diversified and the client have agreed on the best path forward, the firm implements its recommended strategies.
Diversified holds semiannual review meetings with clients to assess their portfolios and determine whether any changes are required to keep them on track to meet their objectives.
Rosen said Diversified is dedicated to maintaining open channels of communication with its clients. The firm regularly emails clients, conducts webinars, and hosts gatherings to inform clients of timely financial topics and new resources the firm can provide.
Diversified encourages clients who’ve experienced a significant financial event, such as receiving an inheritance, to reach out to the firm and notify them of the event as soon as possible.
“If something happens to a client, and we’re not scheduled to meet for a couple of months, we don’t want clients to have to wait,” Rosen said. “We’re there for our clients with our bench and resources to continually guide them and meet them where they are.”
A Collaborative Approach Instills Trust
Diversified assesses the performance of its investments by comparing its investment returns against industry benchmarks. Rosen said the firm reframes the value it offers clients by evaluating whether a client’s investment portfolio is on course to help them meet their goals.
“The percentage of returns a client’s investments earn in a given year isn’t as relevant to them as reaching their goals is,” Rosen detailed. “Clients rely on us to help them form a solid financial foundation that will position them to put their children through college, buy a beach house, or retire at the age they’d like to retire.”
Diversified works with clients from various socioeconomic backgrounds and different levels of investment experience. Rosen said the firm doesn’t seek to only work with clients with a specific net worth, but it prefers when clients are willing and able to be honest about their finances and work collaboratively with the firm’s financial advisors.
“The relationship works best when clients are open to having honest conversations about money with us,” Rosen said. “Some people aren’t ready to face the music.”
Diversified is accepting new clients. Interested parties can visit the firm’s website to schedule an introductory call.
Rosen said he believes Diversified’s team differentiates it from its competitors, and it’s essential that clients can trust their financial advisor.
“In investing, there are good times and bad times,” Rosen said. “Your financial advisor should be someone you can trust. Most people stand to gain from working with a financial advisor. Generally speaking, the benefits outweigh the costs.”