Austin B. Colby
Austin B. Colby37
Owner, The Wealth Group
- Had seven kids in first eight years of marriage.
- Traveled to Uganda three times in the last five years to teach small business development and small business management.
- Played shortstop in college.
Austin B. Colby, who's been in the financial advice business since he graduated from college 15 years ago, is in the midst of reshaping his firm, The Wealth Group.
"At the end of 2012, we had a messy business, with 447 households and $90 million in assets," Mr. Colby said. The firm now works with 200 clients and has close to twice as much in assets, including both advisory and retirement plan assets.
"I didn't know if we would do this or not," he said, giving credit to his team for the firm's growth. "We've shifted in the past six months, and we want to serve as many people as we can and not do minimums."
The current wisdom in the financial advice industry is that it's better to work with fewer wealthier clients rather than more clients from a variety of backgrounds.
Mr. Colby has implemented a retainer-fee system in order to work with a younger client base and help create the millionaires of the future.
– Bruce Kelly