Many of the most successful advisors start off in a place unlike the world they practice in.
For Allan Boomer, discussing the stock market at dinner or reading The Wall Street Journal wasn’t a part of his upbringing. However, hard work and strong family values were the major factors that influenced his formative years.
In high school, Allan joined a corporate internship program that offered him a summer position at Merrill, which changed the trajectory of his life.
After graduating from NYU’s Stern School of Business, he landed at Goldman Sachs and dug into his strong work ethic and determination to build his experience and book.
He recalls how his colleagues had family or friends they could call on to help them build their businesses, but he didn’t have that same reach as a young Black man in a working-class community.
Allan took several leaps of faith over the years, ultimately leaving Goldman—and much of his book on the table—to become a true fiduciary. Today, Momentum Advisors manages $400 million in assets with 10 employees.
In this episode, Allan shares how that vision drives him with host Louis Diamond and offers a unique perspective on growth, including:
- The factors that led him to leave Goldman—and why he chose independence.
- Being a true fiduciary to his clients—and why he could not accomplish that at the brokerage firm.
- The role of diversity in wealth management—and why he sees it as his “superpower.”
- The value of youth—and how he and his team use it to their advantage.
- Building a “100-year business”—and what that means to him, his team, and his clients.
Allan’s story is relevant and relatable for advisors at all levels, with a point of view on building for the long term from which all advisors can learn.
Download a transcript of this episode…
