|Consortium Alumnus Boomer|
Despite the hurdles (raising new capital, navigating regulatory requirements, winning new business and mandates, and gaining trust among trading counterparties), women and minorities continue to test opportunities to do it on their own.
In recent weeks, Consortium alumnus Allan Boomer decided to step away from an apparent secure environment of a large financial institution and start his own asset-management company. Boomer has gained approval from regulatory bodies and has opened the doors to his new firm, Momentum Advisers. The firm will focus on investment advisory and financial planning.
Boomer is an MBA from NYU-Stern and was affiliated with both the Consortium and Toigo. Before he made his move, he studied his chances and the market landscape, assured himself that certain contacts and clients will follow, brought in other partners and expertise and courageously made the move. Boomer had clients, contacts, experience, pedigree, and investment knowledge, but the hardest part of the effort may have been to make the decision. After the decision, he then had to comb through a maze of registrations, compliance and regulation, and choose securities-clearing partners. At the same time, he had to convince clients to follow him and announce that Momentum was open for business.
Years ago, before the move was more a long-term dream and after NYU, Boomer worked on Wall Street into various roles, starting at Merrill Lynch. He soon departed for Goldman Sachs, where he worked for seven years and eventually became a Vice President in Private Wealth Management with clients, products, a global network, and hundreds of millions to manage.
At his new firm, Boomer will start with 15 clients (institutions and individuals who meet his current minimum requirements) and over $30 million under management. He says he hopes to reach $100 million under management in three years. Michael Glickstein, also an NYU-Stern MBA, will be a strategic partner in the new firm. Jontue Long will join him as an investment advisor. Rudy Cline-Thomas will also be a strategic partner.
At Momentum, Boomer and his partners hope to increase assets under management not only by importing old clients or contacts, but growing in other niches. For example, the partners plan to tap into money management for corporate executives, athletes, and entertainers. Boomer spoke about managing money and affairs among sports stars at a conference at Wharton last December, hosted by its African-American MBA Association. He formally announced Momentum was open for business a few weeks ago in New York City. The group still must hustle and compete in a grinding, tough business, but Boomer and partners are anxious, excited and hopeful.
To learn more about Boomer's firm, go to www.momentum-advisors.com, or contact him directly in LinkedIn.