Bell Financial Group Ltd (ASX:BFG) is a diversified provider of financial products and software solutions within, and increasingly outside, its traditional full-service stockbroking business. BFG reported FY23 NPAT of $24.3m, 5% below FY22 and 10% below RaaS estimates. A H2 FY23 miss in Technology & Platforms (down 8% against a H1 result +100%) was the major difference to RaaS estimates, with all other divisions trading in-line with generally challenging but improving trading conditions. The ex-traditional broking divisions represented 83% of group NPAT in FY23, up from 35% in FY21, demonstrating earnings resilience relative to peers. BFG starts FY24 in a strong position, cycling weak ECM and equity trading with improving conditions, a record margin lending book ($545m), a record PAS/Super balance ($5.1b), higher average interest rates than FY23 and a strong net cash position ($114m). An increased focus on selling existing products (margin lending and PAS) to both current internal clients and new external clients, together with new product development (International as an example) suggests likely revenue and earnings growth in the Technology & Platform and Products & Services divisions. Our Sum of The Parts (SoTP) valuation increases to $2.25/share from $2.15/share as we move from FY23 to FY24 peer assumptions.