Name: Nick Deidiker
Firm: UBS Private Wealth Management
Location: Nashville, Tennessee
Team Custodied Assets: $942 million
Background: Nick Deidiker liked the problem-solving involved in estate law, but it took only two years in private practice for him to realize he did not want the long hours, repetitive work or years-long climb to partnership. Deidiker had studied anthropology and political science at Vanderbilt University before earning his law degree from the University of Memphis in 2012. Then in 2014, on the advice of a friend, Deidiker applied to a two-year UBS program that trained lawyers and other professionals to become wealth advisors.
Competitive Edge: Deidiker says his legal background still shapes nearly every client conversation. Wealthy families may hire an advisor to manage investments, but he says their biggest concerns are often taxes, trusts and passing wealth to their children. “Investments are down at number six or seven,” he says. His team generally targets families worth at least $5 million, though clients can pay a flat fee of about $25,000 for planning advice without transferring assets. Deidiker says the arrangement is particularly useful for business owners whose wealth remains tied up in a company or real estate but need tax and estate advice before a sale.
Investment Philosophy And Strategy: Deidiker says alternative investments have become a much larger part of his clients’ portfolios. When he started, they made up about 3% of a typical client portfolio. Today, the target is closer to 26% for many clients, spread across private equity, private credit, structured products, infrastructure and real estate. His team generally favors diversified funds run by large managers over narrow bets on areas such as artificial intelligence, sports or entertainment. The broader goal, he says, is to build portfolios that can hold up during market declines and keep clients from panicking when stocks fall.
Building Relationships: When the 11-year-old son of one of Deidiker’s clients, Thomas, asked for a Lamborghini for Christmas, his parents told him he would have to work, save and invest for it. The dream car became an entry point into financial education and led to a new account for Deidiker. Relationships start early, and his nine-person team now advises as many as four generations of the same family. He has also built a team of different ages and genders so younger heirs can work with someone they relate to. “Our team name is Family Wealth Advisors, and that’s not just because it sounds good,” he says. Younger advisors need the credibility of an established team, he argues, while older advisors need younger partners who can build relationships with the next generation.
Best Advice: Deidiker encourages young people to consider wealth management even if they are more attracted to “sexy” areas of finance like investment banking. “When I started, our office was all a bunch of old white guys and two of them were asleep,” he says. “There’s a ton of opportunities for young people.”
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