In this episode of the RIA Edge Podcast, host David Armstrong chats with Andrew Leonard, founder and partner at Geometric Wealth Advisors, about how the firm has rapidly grown to over $1 billion in AUM since Leonard founded it by catering to a specific client niche: executives working inside large consulting firms like McKinsey, Bain and BCG.
In fact, many of its advisors, as well as the firm’s chief operating officer, come from those same firms. Geometric Wealth’s advantage is a deep understanding of the internal resources, career paths and investment plans available to its clients, as well as the professional trajectories and personalities of those who work there. By focusing on such a narrow pool of prospects, the firm ironically brings in twice as many referrals as it can onboard annually—a capacity problem, not a growth problem.
Leonard talks about how the niche focus drives most strategic decisions at the firm. That includes a commitment to 100% remote work, the firm’s business development strategy (and how “marketing” looks very different when focusing on a specific niche) and the commitment to remaining an employee-owned partnership with no outside investor taking ownership.
Leonard also discusses:
The benefit of hiring career-changers from the same consulting firms where they prospect for clients, and the advantages that brings in terms of subject-matter expertise and new client referrals.
Why he made the decision five years ago, as a much smaller firm, to bring not just tax planning, but tax preparation in-house and the difference that has made for his clients (many with unique tax situations that come with the partnership arrangements of the consulting firms).
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About Our Guest:
Andrew founded Geometric Wealth Advisors in 2015. He spent the prior eight years as a Partner with Classic Capital, where he served as a Wealth Advisor for high net worth families and individuals. He sold his stake in Classic to build a firm devoted entirely to serving his peers. Andrew lives in Washington, D.C., with his wife, Shelley, and daughters, Eve and Brooke.