Due Diligence
Think MarshBerry. Think Forward.
Financial Due Diligence for Insurance Brokers & Wealth Advisory Firms
Providing buyers with unique due diligence insights to make informed investment decisions.
With over 565 diagnostic and confirmatory due diligence projects since 2004, MarshBerry’s history of working with insurance and financial services firms provides clients with a unique perspective on the complexities of these markets. Serving as an extension of your acquisition team, MarshBerry advisors ensure your acquisition targets align with your business goals. This approach provides confidence and helps guide buyers through successful transactions.
MarshBerry’s financial due diligence framework expands beyond the verification of financial information, to the identification of risks, and issues to be addressed in the definitive agreements.
Quality of Earnings
A ground up approach to assess the sustainability of the acquired firm.
Revenue Testing
A custom testing strategy with results that are more comprehensive than other due diligence providers.
Revenue Analysis
Details analysis of recurring revenue and organic growth to understand books of business and create projections.
Working Capital
An analysis and presentation of working capital for the proposed deal structure as well as the identification of potential undisclosed liabilities.
Insurance & Risk Assessment Due Diligence Checklist
- Establish timeline and push to preserve momentum
- Coordinate responsibilities of due diligence players
- “Walk-through” of information request list
- Set up virtual data room and coordinate access and data assimilation
- Gather requisite information
- Coordinate timing, location and agendas for on-site work
- Details financial statements and general ledger review and reconciliations
- Review of Management’s quality of earnings analysis and support for proposed adjustments
- Preparation and analysis of the employee roster including advisor compensation structure
- Concentration Analysis: advisors and clients
- Analysis of retention rates, client demographics, advisor demographics, new/lost business, net new assets, and growth drivers
- Balance sheets and working capital analysis
- Review of material agreements: advisors, clients, referral sources, vendors, custodians
- Key risk assessment for on-site review
- Management to provide an overview of the business including firm’s competitive market position
- Detailed walk-through of income statement and balance sheet
- Quality of Earnings review
- Review of revenue analysis to understand growth drivers and explore any potential areas of risk
- Review of advisor compensation and other employee expenses
- Other deal-relevant considerations
- Follow-up on open items
- Documentation of analysis and procedures performed as part of due diligence
- Review of risk assessment
- Risk mitigation for key issues
- Definitive agreement protection
- Additional disclosures
- Warranty and indemnification
- Assess client consent requirements
- Adjust consideration, working capital peg, escrows, hold-back, and/or earn-out
- Recommendation of resolution process
- Reconcile and adjust balances
- Locate missing documentation
- Institute appropriate procedures
Custom Due Diligence Solutions for the Insurance and Financial Services Industries
MarshBerry advisors take time to understand your objectives before creating a tailored solution that fits your company’s culture and goals. MarshBerry handles the details, so you can focus on moving your business forward.
Contact The Advisory Team
MarshBerry’s team of advisors are thought leaders and experts in the insurance brokerage and financial services industries. As a client, your firm benefits from their combined hands-on experience and professional designations in finance, accounting and economics. No matter what your needs are, they have the understanding to craft a personalized solution.
A vital resource in mergers and acquisitions (M&A), John Wepler has personally advised on more than 300 M&A and Capital Markets transactions since joining MarshBerry in 1991. He is an in-demand industry speaker because of his extensive knowledge in organic growth management, valuation enhancement strategies, business planning, perpetuation, financial management and M&A. As Chairman and Chief Executive Officer of MarshBerry—and CEO of the wholly-owned FINRA registered broker/dealer MarshBerry Capital, LLC—John’s leadership and industry experience has benefited many insurance industry professionals.
As President of MarshBerry's Financial Advisory Division, Phil brings extensive knowledge in merger & acquisition (M&A) advisory and operations, specifically in the business and technology arenas and is a trusted partner for buyers and sellers who depend on his proficiency at deal negotiation, due diligence, deal execution and integration planning. His experience encompasses the full life cycle of an M&A transaction for independently-owned insurance agents & brokers, specialty distributors, wealth management advisors, retirement planning specialists, private equity firms, banks & credit unions and insurance carriers.
As a shareholder of the firm, and a Director in MarshBerry’s Financial Advisory Division, Tommy focuses his time on delivering valuable advice and counsel to his clients. In his 14+ year career, Tommy has built extensive knowledge in the insurance distribution space in areas involving merger and acquisition advisory, organic growth best practices, financial management, valuation, perpetuation and strategic planning.
Gerard Vecchio joined MarshBerry in 2017 and works specifically with the Insurance Services Division of MarshBerry. Gerard’s responsibilities include providing strategic and operational consulting services to specialty insurance distributors, insurance carriers and outsourced service providers within the insurance industry.
Focusing on specialty distribution and markets within MarshBerry’s Financial Advisory practice, George brings to MarshBerry extensive knowledge in merger & acquisition (M&A) transactions. In addition to being a trusted advisor to sellers and buyers within the specialty insurance arena, George provides valuation, succession planning, strategic planning, financial benchmarking and other financial consultative services.
Kim Kovalski joined MarshBerry in 2021 and is charged with providing strategic and operational consulting services to MarshBerry’s client base of independently-owned insurance agents & brokers, specialty distributors, wealth advisory industry, private equity firms, banks & credit unions and insurance carriers.
Eric Hallinan joined MarshBerry in 2011, bringing with him significant experience in insurance firm operations, finance, and technology. He is a trusted partner for buyers and sellers who depend on his proficiency at deal negotiation, due diligence, deal execution and integration planning. His involvement covers the full gamut of a merger & acquisition (M&A) transaction, and he works hard to provide clients with a seamless, comprehensive experience.
Christopher Darst joined MarshBerry in 1998 as a Financial Analyst responsible for the preparation of business valuation reports, perpetuation plans, and general consulting projects. In 2001, he moved to California to help launch the Dana Point office. With increased experience and responsibility, Chris expanded his responsibilities to include merger and acquisition ("M&A") work for various MarshBerry clients.
Rob Hamilton joined MarshBerry in 2002 and currently serves as a Managing Director within the Financial Advisory division of the firm. Rob is a key contributor to MarshBerry's merger and acquisition and consulting practices. He is a trusted partner for buyers and sellers who depend on his proficiency at deal negotiation, due diligence, deal execution and integration planning. His primary responsibilities include merger and acquisition valuation and analysis, due diligence, deal negotiation and integration planning.
Dan Skowronski joined MarshBerry in 1994 as a Financial Analyst. He was promoted to Consultant soon thereafter and played a major role in the preparation of appraisal reports, perpetuation plans, and general consulting projects. He helped create and improve many of the models used by MarshBerry consultants to assist clients with valuation, perpetuation planning and merger and acquisition (M&A) projects. Promotions to Senior Consultant and Vice President over the next few years coincided with increased client- facing responsibilities in M&A advisory for various clients.
Brian is a Director at MarshBerry and a member of MarshBerry’s Financial Advisory team. He has extensive experience advising insurance brokers in mergers and acquisitions (M&A), capital raising, and other financial advisory services such as valuation, compensation consulting and perpetuation planning.
James Graham joined MarshBerry in 2015 and is a member of MarshBerry’s Financial Advisory team in its Dana Point, California office. James’ expertise includes merger and acquisition advisory, capital raising, business valuation, perpetuation & succession planning, and strategic planning.
Kyle joined MarshBerry full time in 2011 after being an intern at MarshBerry in 2010, he currently serves as a Director on the Financial Advisory team. Kyle focuses on merger and acquisition (M&A) advisory, financial management consulting and valuation services.
Tina Hohman, Director of Financial Advisory at MarshBerry, brings over 30 years of comprehensive expertise in the investment and insurance industry. Renowned for her
strategic vision and operational excellence, Tina specializes in leadership, strategy, and fostering organizational growth. She has a proven ability to drive success in merger and acquisition (M&A) transactions that help organizations achieve sustainable growth and profitability.
Tina’s deep financial industry knowledge empowers her clients to navigate complex deal negotiations, due diligence, execution, and integration planning effectively. She is celebrated for her client-first philosophy that drives growth and promotes a culture of accountability, ensuring that her teams consistently perform at their highest potential.
Before joining MarshBerry, Tina served as Executive Vice President and Wealth Management Practice Leader at Alera Group, where she spearheaded significant practice expansion through both organic growth and M&A. Her previous roles at GCG Financial and Cleary Gull further honed her leadership skills, positioning her as a market leader in the industry.
A passionate advocate for women in finance, Tina has championed initiatives that empower emerging female leaders. She chaired the Women’s Leadership Steering Committee at Alera Group. She is a sought-after mentor for women and advocates for their success in financial services. Her insights and expertise make her an in-demand voice inthe media, inspiring others to break barriers.
Tina holds a Bachelor of Arts in International Business and
Spanish from Illinois State University. She also holds the
FINRA registrations Series 6, 7, 24, 26, and 63, through
MarshBerry Capital, LLC, the affiliated FINRA-registered
broker-dealer of Marsh, Berry & Co., LLC.
John Orsini joined MarshBerry as Director in 2021 for its Wealth Advisory division. In his role, he is responsible for being the client-facing lead on merger and acquisition projects, developing strategy and implementation of client deliverables and maintaining client relationships to ensure successful project execution.
Justin Starnes brings more than two decades of experience in wealth and asset management, merger & acquisition (M&A) advisory, and strategic consulting to his role as Financial Advisory Director for MarshBerry. His deep understanding of financial markets allows Justin to provide valuable guidance to clients on business planning, strategic relationship management, organic growth best practices, and other valuation enhancement strategies.
Before joining MarshBerry, he held leadership roles at two national Registered Investment Advisors (RIAs). Most recently, he was Principal and Founder at Antrim Bay & Co., where he served as a strategic advisor to RIAs, wealth management, and financial services firms.
Justin began his career at Goldman Sachs, where he held progressively senior roles within the firm’s Alternative Services Group, gaining invaluable experience in both client service and operational strategy.
Justin graduated from the University of Kansas with a Bachelor of Science in Business Administration & Accounting.
Justin is passionate about mentoring, coaching youth sports, and spending time with family outside of work.
Allison Dassani’s track record of leading teams within large investment banks makes her an invaluable asset to MarshBerry’s leadership team. Her experience at firms like Goldman Sachs and JPMorgan Chase are foundational to Allison’s ability to direct MarshBerry’s most significant revenue-generating business unit towards exceeding its goals.
Courtney Ferrara joined MarshBerry in 2014 and currently serves as a Director in the Financial Advisory division where she oversees and manages MarshBerry’s valuation and buy side advisory (due diligence) consulting practices.
Kelly Mills brings strategic insights and knowledge from her almost 20 years of Merger & Acquisition and Financial Due Diligence experience with nearly a decade of focus on transactions in the Wealth Advisory and Registered Investment Advisors sectors in her role at MarshBerry.
As part of MarshBerry’s Financial Advisory team, Casey focuses on merger and acquisition (M&A) advisory for both buy side and sell side clients. Her current responsibilities include M&A valuation and analysis, insurance agency and brokerage valuation services, compensation consulting, perpetuation planning, and other general consulting projects. Casey is also a facilitator for two Strategic Issues Group within MarshBerry’s executive peer exchange network, Connect.
