Simply Money: A Successful Acquisition Story
Seeking answers to complex problems that are all-too-familiar to principals who run mature advisory firms, Cincinnati’s Simply Money Advisors found a partnership with Allworth Financial.
The Backstory of a Partnership
Respected Cincinnati-area RIA, Simply Money Advisors, whose long-successful marketing model had slowed in recent years, sought to both jump-start its growth and provide one of the firm’s two partners with a path to retirement. Additionally, they sought to accomplish all of this while maintaining a high-standard of client and staff member retention, loyalty and care.
A Common Advisory Dilemma
Simply Money’s (SMA) once enviable growth had hit a wall. Due to an older client demographic, any new AUM was offset by client mortality and retiree distributions and was no longer keeping pace with prior years or with expectations. Additionally, one co-founder was preparing to retire, while the other, Nathan Bachrach, was seeking to continue working, but hoped to change his role and scale back. The long-time business partners needed an option that re-invigorated their marketing, provided a viable exit strategy, and enabled well-known, brand-asset-and-marketing-engine Nathan Bachrach to continue to be identified as a key element of the firm.
The principles at SMA knew about Allworth Financial’s (formerly Hanson McClain) reputation in the industry (Hanson McClain’s principals had been named to Barron’s list of the top 100 independent investment advisors in America a total of 11 times), while the principles at Allworth were familiar with the strong reputation of SMA. Through an industry source, word reached Allworth that SMA was interested in finding solutions to their complex marketing and principle-transition problems.
After an initial “feeling out” period, interest between the two firms quickly piqued. Simply Money was somewhat flexible about how they wanted to solve their issues, and Allworth was extremely motivated to work with Simply Money to establish a mutually-beneficial partnership.
Quite frankly, our partnership with Allworth has either met or greatly exceeded all of our expectations. Our team members are more engaged than ever, have received additional-but-supportive training with almost zero turnover, and genuinely feel they are part of a great team. The merger not only enabled my long-time business partner to “cash out” and retire, but for me to transition into a media and part-time advising role that are more in line with my goals.Nathan Bachrach, Co-Founder, Simply Money Advisors