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Financial Planning

Allan Boomer of Momentum Advisors has joined the ranks of experienced advisors who are mentoring new planners as they join a demanding but rewarding profession. BY ANDREW WELSCH

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Allan Boomer of Momentum Advisors has joined the ranks of experienced advisors who are mentoring new planners as they join a demanding but rewarding profession. Boomer and five other wealth managers tell how they countered challenges and built their businesses.

GENERATION

Allan Boomer (center), who founded Momentum Advisors in 2012, stresses the importance of mentoring newcomers. His team (l. to r.): Kyle Pitts, Tiffany McGhee, Boomer, Tiffany Hawkins, Timothy Platt and Earl Carr.

Vol. 47/No.10

Financial-Planning.com

36 Financial Planning October 2017

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July 2017

AWAY FROM HOME

INVESTED IN ADVISERS /JULY 2017

AWAY FROM HOME

There’s a lot more to real estate investing than thinking locally

W BY CHARLES PAIKERT

Financial Planning

hen it comes to discussing real estate with clients, adviser Michael Martin is able to draw on his own hardearned experience. In 2001, Martin, principal and founder of Marius Wealth Management in New York, left a career at Smith Barney to spend what became a decade as a real estate investor, buying, rehabbing and selling prop-

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There’s a lot more to real estate investing than thinking locally

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erties in New York and Florida. “I learned some valuable lessons, I can tell you that,” Martin says. Fortunately for his clients, they are lessons he is now able to impart to them. The native New Yorker had some home runs renting, buying and selling properties in the Hamptons, the fashionable beach towns on Long Island. “I knew what renters and buyers wanted in a Hamptons house, and where they wanted to be,” he says. “I knew how far a house could be from the train track, for example. And after seeing a house for the first time during the day and being initially sold on it, I would always go back at night or weekends to uncover any negative surprises, such as crazy neighbors, loud noises or unpleasant odors from, say, a nearby duck farm.” But Martin didn’t fare as well in Florida. In 2005, he overpaid for what appeared to be desirable vacant lots fronting

Being caught at the wrong end of an economic cycle is a major risk in real estate, says Derek Newcomer, director of investment research at Beacon Pointe Advisors.

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Vol. 47/No.7

26 Financial Planning July 2017

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THE $600 MILLION MOVE A rare, inside look into how breakaway advisers navigate the herculean task of transitioning hundreds of clients to a new firm.

BY ANDREW WELSCH

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he day adviser Beth Sweeney switched firms, she bid a tearful goodbye to Wells Fargo colleagues she’d known for a decade or more. Though she didn’t have to travel very far to switch firms — her new office was actually in the same building complex — she still had something of a long journey ahead of her. Sweeney’s mission: call over 150 clients within 48 hours to explain why she had left to join the independent firm Steward Partners Global Advisory. “These were not quick phone calls,” Sweeney says. “Some of these clients have been with me for 15, 20 years.” Over the course of a few days, Sweeney and two other teams in Boston opened Steward Partners’ 10th office. The advisers, who left Wells Fargo and UBS, oversaw more than $600 million in combined client assets, according to their new firm. Their first hours were marked by a frenzy of activity. While advisers worked the phones, a transition team composed of more than a half-dozen transition specialists

Advisers Stephen Spector, Ali Mandalinci, Beth Sweeney and Peter Frisch (l. to r.) broke away from Wells Fargo and UBS and stepped into a frenzy of activity in their first days at Steward Partners.

26 Financial Planning August 2017

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JOSH ANDRUS

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