How social media powered millennial-focused practice

It wasn’t until Thomas Kopelman left the constraints of a traditional broker-dealer that he was able to unleash the full potential of his social media strategy.   

His instinct told him early on that the industry’s methods of client acquisition at the time felt wrong. Being told to attend every networking event and come back with a certain number of leads felt antiquated. “Financial advice shouldn’t be a numbers game,” he insists.  

Instead, Kopelman, who is based in Indianapolis, believed in the power of social media to allow advisors to connect with clients genuinely seeking financial guidance. But the traditional setup was restrictive.

“I couldn’t post without a week-long approval process, couldn’t blog, podcast, or even tweet freely. I knew I had to make a change,” he said.  

Just over two years ago he co-founded AllStreet Wealth, a fee-only financial planner that targets millennials, and soon reveled in the freedom. Social media has been the catalyst for the company’s rapid expansion.  

“It’s predominantly Twitter,” Kopelman explained. “While we engage with various platforms, Twitter unequivocally emerges as our top lead generator.  

“On a relatively quiet month, I can confidently expect around 12 potential clients reaching out via Twitter. In more active months, this figure can even climb to 25,” he said. “Our calendar for the upcoming months is almost full. We’re set to onboard four households each in October and November. And while December will see a brief hiatus, I’ve already onboarded a client for the onset of next year.”   

Such a consistent stream of clients has positioned AllStreet Wealth well for the future. The burgeoning demand also prompted the firm to recalibrate its pricing model. Its revised fee structure now ranges from $12,000 to $18,000, contingent on the situation’s intricacy. The firm also continues to hone its operation. Previously, crafting a financial plan was a two-week endeavor but that has been brought down to two or three days.  

Kopelman’s career, however, wasn’t always such smooth sailing. His early life revolved around basketball, and after high school he played for the Minnesota State Mavericks until an injury changed everything. Kopelman switched schools, leading him to Butler University in Indianapolis, where he soaked up six internships ranging from pharmaceutical giant Eli Lilly to startups.   

His exit from the broker-dealer world hinged on a mentor in the RIA fee-only world. “He introduced me to the right people and taught me invaluable lessons,” Kopelman recalled.

Despite multiple job offers, Kopelman’s heart was set on working with this particular individual. “I told him, ‘You’re who I want to be. Just let me learn from you.’ And after persistent efforts, he did,” Kopelman says.  

After Kopelman had gained invaluable experience and insights, his mentor gave him the nudge he needed. “He believed I had learned what I needed and encouraged me to launch my own firm,” Kopelman said. AllStreet Wealth was born, co-founded by Kopelman and his partner, Treyton DeVore. “Treyton handles the creative side, while I focus on the client base. It’s a partnership that works.”  

Today, AllStreet Wealth is in a phase of exponential growth, onboarding four households every month with a minimum fee of $12,000. Kopelman’s team now includes a part-time assistant, a part-time CFP and a recent full-time hire with expertise in tax planning.  

Related Topics: Social Media, Twitter