Ep 209: Launching Your Own (Niche) Practice As A Pathway To Becoming A Partner In A Larger Advisory Firm with Forrest Baumhover
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 29 December 2020
⏱️ 102 minutes
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Summary
Forrest Baumhover is a financial advisor and partner with Lawrence Financial Planning, an independent RIA based in Tampa that oversees more than $100 million of assets under management for 70 affluent clients. Forrest’s path to partnership as a financial advisor was a unique journey from the military to his own firm to merging with a larger firm—and quickly becoming a partner of that firm.
Forrest joins me today to share how he built his advisory from the ground up—starting before he even left the military—and the challenges he faced along the way. He’ll also discuss the groundwork he put in place before retiring from the military so he could hit the ground running, why he made the decision to merge his firm with another larger firm, and what the process was like becoming a full partner at the table with Lawrence Financial Planning.
For show notes and more visit: https://www.kitces.com/209
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.6 | navigated the inevitable challenges that arise on the path to success and get insight from |
| 0:18.9 | leading industry consultants about how to break through to the |
| 0:22.0 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.4 | Welcome to the 209th episode of the Financial Advisor Success podcast. My guest on today's |
| 0:34.3 | podcast is Forrest Bomover. Forrest is a financial advisor and partner with Lawrence Financial Planning, an independent |
| 0:40.8 | RIA based in Tampa, Florida that oversees more than 100 million of assets under management |
| 0:45.6 | for 70 affluent clients. |
| 0:48.3 | What's unique about Forrest, though, is the path to partnership as a financial advisor, |
| 0:52.9 | having launched as a career changer coming out |
| 0:54.9 | the military with the niche of serving other military veterans in transition, only to find that |
| 1:00.2 | his options and opportunities to become a partner in an existing advisory firm grew even more |
| 1:05.2 | quickly than the niche that he had started out of building on his own. In this episode, |
| 1:10.0 | we talk in depth about how Forrest set the |
| 1:12.5 | stage for his career-changing transition from the Navy into financial planning. Why Forrest chose |
| 1:17.9 | to complete his CFP education, his enrolled agent license, his Series 65, and even the creation |
| 1:23.2 | of his RIA entity, all before it even finished his military service and reached his transition date. |
| 1:29.5 | How Forrest further set the groundwork for his initial stages of business development by setting up |
| 1:33.8 | a blog and beginning to write articles in his prospective niche, and the organizations that Forrest |
| 1:38.8 | joined early on, from Toastmasters to the Alliance of Comprehensive Planners and his local |
| 1:43.8 | chamber of Commerce, |
... |
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