This time on “Growth Leaders of Wealth Management,” we’re talking to Allworth Financial, a $23 billion RIA with 33 locations across the country. From their early days working with retirees from the phone company to acquiring 31 firms in five years, Allworth has stood out for their focus on marketing – as well as their radio show “Money Matters,” which is about to enter its third decade on the air.
Scott Hanson, Allworth’s Co-founder and Vice Chair, talks about how their patient approach to marketing was unique among the sales-hungry advisors of the early ’90s. He emphasizes the value of seeing a marketing campaign all the way through to the end, which many advisors don’t do. He also highlights the importance of trying new things – even if they may fail. Some years ago, after taking out ads in papers to promote a series of workshops on a new tax law, Scott is able to look back and laugh at the fact that only four people turned up – total! “We burned a lot of money on that one,” he said. “But that’s part of the learning and growing process.”
Scott also talks about their journey from one to 33 locations nationwide, including 31 acquisitions in a five-year period. He details how they addressed the challenges of going from their home market in Sacramento where everyone knew them from their radio show, to new markets where they are completely unknown.
As Allworth expanded to more and more locations, they brought in Victoria Bogner as their Director of Client Experience to standardize their processes. Victoria talks about their combination of proprietary tools as well as outside vendors that has allowed them to stay on the cutting edge when it comes to providing clients with the best experience.
We close our episode talking about the future of Allworth with their CEO, John Bunch, who says his number one priority is keeping their people inspired and passionate about their work to ensure clients are being served at a high level. He also touches on the role of AI in the future of wealth management and why he believes it will be the “biggest transformational change that we’ve seen in the last 30 years.”
From innovative marketing and private equity investment to leadership transitions and client experience enhancements, Allworth's journey is proof that they are truly a Growth Leader of Wealth Management!
Key Takeaways:
- Don’t be afraid to have a marketing-first mindset. Marketing is often an afterthought in the RIA space. Allworth’s story demonstrates how a consistent marketing drive can result in organic growth and a positive industry reputation.
- Keep an eye on customer experience whether it's their first phone call or their third decade as a client. Allworth is leaning into new practices, including advancements in technology, enabling advisors to streamline the busywork and focus on building relationships.
- As a CEO, prioritizing feedback is crucial. As we’ve learned from John, having a successful business starts from the inside out and building a strong company culture with an intentional approach to communication is vital to making improvements.
Connect with us:
- Meg Carpenter on LinkedIn
- Scott Hanson on LinkedIn
- Victoria Bogner on LinkedIn
- John Bunch on LinkedIn
- Andrew Dodson on LinkedIn
