The Diamond Podcast for Financial Advisors Diversity as a Superpower: An Ex-Goldman Advisor on Building a Firm From Zero to $400mm and Beyond
Nov 14, 2024
Allan Boomer, Chief Investment Officer and partner at Momentum Advisors, shares his inspiring journey from a working-class background to leading a firm that grew from $26M to nearly $400M in AUM. He reveals how diversity serves as a strategic advantage, enhancing talent and client connections. Allan discusses the importance of operating as a fiduciary and his commitment to building a 100-year business. He also emphasizes attracting diverse talent through inclusivity and offers practical advice for aspiring RIA founders.
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Unexpected Path To Finance
- Allan landed his first financial internship through a high-school Inroads program after working minimum-wage jobs.
- He stumbled into a Merrill Lynch internship and never left the industry.
Organic Growth Powered By Diverse Team
- Momentum grew organically from $26M to nearly $400M without acquisitions or large lateral hires.
- Allan credits a young, diverse team and a client-first advisory process for that growth.
Leaving Goldman Over Fiduciary Conviction
- Allan left Goldman after hearing the CEO deny a fiduciary duty on national TV and realized he couldn't fully align with the firm's stance.
- He quit soon after and ultimately started Momentum to sit on the same side of the table as clients.