Morningstar - Q4 2020 - 85

Allan Boomer's Edge: An Open Mind
Advisor takes advantage of
industry's inherent biases to uncover
overlooked talent.

Charles Keenan

radio show and on social media. One question for
investors: "Who is managing your money?"

Well before this summer's protests over
police brutality, Allan Boomer, who runs the New
York City-based wealth-management firm
Momentum Advisors, started bringing up the topic
of race and money to listeners on his satellite

Typically, it's not handled by people of
color or women. Firms owned by minorities or
women managed a mere 1.3% of the $69
trillion in assets in the United States, according
to a 2018 study by Bella Private Markets
commissioned by the John S. and James L. Knight

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Foundation. Yet their performance was not
statistically different from the industry as a whole,
the study found.
"Why are these groups skipped over when
it comes to the professional money management
industry?" Boomer asks. "It made us really
ask the question, 'Is it because our money's racist
and sexist, and we just don't think about it?'"
Yet as the Black Lives Matter movement
gains momentum, investors are thinking more
about how their money is handled and
where it goes. The topic comes up almost always
with Boomer's potential clients. "Nearly 100%
of these prospects are enticed by and interested
in this concept of matching their money
with their mission," he says. "We are having
a conversation about racial equity, not
just justice."
Over the years, Boomer has worked to
assemble an option for his clients to invest their
money with minority- and women-owned
firms and to find investments that meet standards
of racial and gender equity. By eschewing
"old" investment-firm search criteria, such as
a minimum 10-year track record and high
levels of dollars under management, Boomer has
unearthed outperforming minority-owned
firms that might have been missed with traditional
searches. "We were looking to just open
up our minds to firms that might be newer in
nature, and it's one of the ways that we
pull away from these industry tactics that are
inherently biased."
Diversity's Advantage

The same goes for his own firm. As Boomer
has built his team over its eight years,
he has hired a staff of Black, Latinx, white, and
Asian professionals. They also stand out for their
ages: Boomer is one of the oldest on the
team, at 43, and most of the others are in their
30s and early 40s.
Allan Boomer, founder, managing partner, and chief investment
officer, Momentum Advisors.

"Talent in the world is evenly distributed,
but opportunity is not," Boomer says. "Because
Wall Street has historically done poorly
with diversity, the industry has missed out on
a lot of talent."

morningstar.com/lp/magazine

85


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Morningstar - Q4 2020

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Morningstar - Q4 2020 - Cover1
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Morningstar - Q4 2020 - 1
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Morningstar - Q4 2020 - Contents
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