Al­lan Boomer

Manag­ing part­ner, Mo­men­tum Ad­vi­sors

Financial Planning - - LEAD GENERATION: SPECIAL REPORT -

Now 40, Al­lan Boomer got his first taste of the fi­nan­cial plan­ning busi­ness when he was just 18, dur­ing an in­tern­ship at a Mer­rill Lynch’s fa­cil­ity where client state­ments were printed. “Re­ally, it was the mail­room,” Boomer says, laugh­ing. But the in­tern­ship pro­gram, which was de­signed to give young mi­nori­ties an en­try­way into the cor­po­rate world, was what en­ticed Boomer into the wealth man­age­ment pro­fes­sion, While study­ing at Mor­gan State Univer­sity in Bal­ti­more, he con­tin­ued to in­tern with Mer­rill Lynch, and took a job as a su­per­vi­sor with the com­pany upon grad­u­a­tion. He landed his first po­si­tion as an ad­vi­sor at Gold­man Sachs in 2004. For some new­com­ers, it can be daunt­ing to choose a ca­reer where you’re sur­rounded by wealthy peo­ple, says Boomer, who also has an MBA from the NYU Stern School of Busi­ness. “I per­son­ally did not come from a wealthy back­ground,” he says. “I didn’t have friends who did ei­ther.” “But that’s what in­trigued me about it. I wanted to know what the se­crets were to build­ing wealth, and I wanted to share those with other peo­ple,” Boomer says. He started an in­de­pen­dent ad­vi­sory firm, Mo­men­tum Ad­vi­sors, in 2012, and now his nine-mem­ber team ad­vises on more than $300 mil­lion in as­sets. Mo­men­tum has of­fices in Man­hat­tan and Som­er­set, New Jersey, near the site of Boomer’s orig­i­nal in­tern­ship with Mer­rill Lynch. “Now I own my com­pany and I could throw a stone to my own old build­ing,” he says. Boomer urges new plan­ners join­ing the pro­fes­sion to keep im­prov­ing and learn­ing. “You can­not rest on your lau­rels in this busi­ness,” he says. Most im­por­tant, he adds, don’t limit your­self or let your­self be lim­ited by oth­ers. “I think a lot of times, black ad­vi­sors tend to think that they need to go af­ter black clients. We have a very di­verse book of clients: black, white, women, old and young.” “Early on,” he re­counts, “I had in­ter­viewed to be­come an FA with a white ad­vi­sor. He told me, ‘I’ll take the white clients; you take the black clients.’ What sense does that make? Why pi­geon­hole me that I can only work with a cer­tain class of clients?” “My big­gest ad­vice is don’t look at your­self like a black ad­vi­sor,” Boomer says. “You’re an ad­vi­sor. It should not mat­ter to you that you are black. It might mat­ter to some­one else, but it should not mat­ter to you.”

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