Jun 10, 2020

InvestmentNews Article: How to profitably serve mass affluent clients

Allworth Financial was founded in 1993 by serving the mass affluent – mostly individuals from the telephone and utility sectors.

So, when we began to grow, and attract wealthier clients, it would have been possible (as more than one industry consultant recommended that we do) to turn our attention to pursuing only those more-profitable high net worth individuals.

But we stayed true to our roots, while finding a way to do both.

From the article:

I’ve proudly built a highly profitable financial advisory firm serving the mass affluent.

Two weeks ago, I wrote here about why it’s a mistake for advisors to ignore this segment. But it takes efficient systems, technology and people to make it work.

For some background, my partner and I started our firm 27 years ago by targeting retirees from the telecommunications industry. At the time, telephone companies were going through a massive restructuring and offering many of their workers lump sum pension buyouts and early retirements. 

We began working with the hourly employees, but as we became experts with their pension plans, we began getting referrals to senior managers and executives. Obviously, upper management had more assets to work with and it would have been easy for us to change course and simply target them. 

Scott Hanson, Co-Founder, Allworth Financial

Read the full article at investmentnews.com