Brumbaugh Wealth Management in Exton is looking to the future with new, contemporary office space, additional staff, and an outreach to the millennial generation.
What will not be changing, however, is its commitment to offering personal and prudent financial advice to clients.
The 14-year-old firm currently manages $175 million in assets after a 20 percent growth in revenue this year. Such growth hasn’t been limited to revenue, either, as Brumbaugh Wealth Management recently moved to larger office, located at 415 Eagleview Boulevard.
“We wanted to have more efficient office space and to expand because we are in recruiting mode,” said CEO Kim Brumbaugh.
After gutting the chosen space as part of a major reconstruction project, the firm now has access to three conference rooms. What current and prospective clients will notice most, however, is a bright, open, and collaborative environment, which was quite a change from before.
“We asked our interns their opinion of the old office,” said Brumbaugh. “Although they liked it and thought it was very professional, the feedback was that we were that stodgy wealth management firm with the dark interior and the mahogany wood.
“So we went in search of more contemporary space, and now, it almost has a Google feel or the feel of a college campus.”
The new space includes white marble floors, glass instead of dark wooden doors, new color schemes, a comfortable common area adjacent to the foyer, and outdoor seating.
To complete the contemporary vibe of the new space, the firm ordered height-adjustable Varidesks for employees, all in keeping with its practice of looking forward.
“We’re being more innovative and a little more progressive and trying to think into the future, so we can attract good people to work for us,” said Brumbaugh, who is currently looking to add two experienced financial advisors to her staff.
Another part of that strategy is an initiative to attract and serve millennial clients as they begin to establish themselves financially. Brumbaugh Wealth Management already has a section for millennial investors on its website, and is planning to hire its first millennial advisor who will be groomed to provide financial advice to the sons and daughters of the firm’s older clients.
“The millennial generation is going to be inheriting billions of dollars someday, and we realize this is a great opportunity,” said Brumbaugh. “These people are getting great jobs, nice incomes, and they’re now starting to buy homes. I think there’s a hesitancy among them of who to trust and what advice to trust. They like to do their own research and look into things, and we’d like to be part of that and help them get established.”
“I have a feeling that generation would like to look across the table or through a computer screen on FaceTime, or however they want to do business,” she added. “We have all of that in place to be able to accommodate that. We’re looking to be innovative to help them on their terms.”
One of the firm’s recent innovations is a mobile app that enables a client to download information and conduct business.
Whether it’s millennials or their parents or grandparents, Brumbaugh Wealth Management is in the business of helping people.
“Finances are personal, and there is still a need to get trusted advice from someone,” said Brumbaugh. “I think the value of our advice and the relationship we have with people in giving prudent advice is where we differentiate ourselves.”
With a 20 percent growth in revenue at a firm where business is based 100 percent on referrals, Brumbaugh and her staff seem to be doing something right.
“It’s not about us; everything revolves around the client,” she said. “We’re always looking to be better, and we’re looking to the future as to how we can be innovative as a financial services firm for people who do business differently today. We’re excited.”