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600% In Under 5 Years, Financial Advisors Grow Business By Podcasting And YouTube



Meet Bo Hanson, a financial advisor who’s used a combination of technology and partnering – with a big helping of entrepreneurial drive – to create a six-fold increase in his business since 2017.

What makes this story even more compelling is that Bo and his partner, Brian Preston, managed this growth during – and in-spite of – the Covid-19 pandemic.

If you’re a small business owner – and even if you’re not a financial advisor – you should be super interested in Bo Hanson’s story. There was no major infusion of capital or transforming events that made it happen. Bo has been able to grow his existing business with a combination of winning techniques.

So, who is Bo Hanson, and how did he achieve such incredible growth in a highly competitive field – even during a global pandemic?

Introducing Bo Hanson

Bo Hanson is a partner in in the Franklin, Tennessee-based financial advisory firm, Abound Wealth. A 2008 University of Georgia graduate, he and his wife Jenna and their two daughters reside in nearby Thompsons Station.

The University of Georgia is a key part of Bo’s journey in life. That’s when he was first introduced to the financial advisory field. On his website, Bo tells the story of how he began working as a financial advisor before he even hit the legal drinking age.

“I have a late birthday (August), and my parents started me in kindergarten young,” Bo recalls. “When I got to college, I had several credits thanks to Joint Enrollment and Advanced Placement classes. Because of that, when I first started working at a financial planning firm, I was only 20 years old. Old enough to help people make sound financial decisions (to an extent), but not old enough for an adult beverage.” 

Bo worked for Preston & Cleveland Wealth Management, working for his future business partner, Brian Preston. He’s continued working for and with Brian since his graduation from UGA.

Bo and Brian developed a media enterprise called The Money Guy Show, which grew to give the firm a national presence. The show was intended to serve as an educational platform, but it brought clients from all over the country.

With the success of the show, Bo and Brian rebranded their financial planning business and became Abound Wealth.

The combination of a financial advisory firm and a media presence proved to be a winning combination. And that’s when business really started to take off.

Today, Abound Wealth has grown to 19 employees, and assists clients with retirement planning, education planning, estate and legacy planning, tax planning, and more.

What Pandemic? This Firm has Grown by 600% in Less than Five Years

When Bo and Brian started Abound Wealth in 2017, the firm had about $115 million in Assets Under Management (AUM). Less than five years later, AUM has grown to nearly $750 million. That works out to be an annualized growth rate of about 46% in less than five years.

That growth didn’t come about by accident. In addition to specific strategies – which I’ll cover in a bit – Bo and Brian employ business philosophies that might best be termed disarming.

First, the firm is a fee-only, fiduciary advisory. “In our opinion, it’s the least conflicted way for financial advisors to get paid since we get paid directly from clients and not from selling products,” explains Bo. “It’s often difficult for fee-based or commission-based advisors to give advice most beneficial to clients when they stand to make more money from giving advice that might not be as beneficial – or could even be harmful.”

Never Oversell Yourself

Second, Bo and Brian avoid overselling their service. From a marketing perspective, they emphasize providing plenty of free advice. But they’re equally circumspect about promoting financial advisories as an across-the-board recommendation for everyone.

“Having a financial advisor is a good idea, but we don’t think that everyone should hire one,” Bo emphasizes. “We believe with all of the free information available online (like from The Money Guy Show), hiring a financial advisor might not make sense for someone who’s just starting out or only a few years into building wealth.”

Bo and Brian aren’t the only financial advisors who see that marketing in the 21st Century requires a softer approach.

“I’ve found that in trying to target millennial clients, it’s important to focus first and foremost on providing value and building a relationship based on trust,” advises Kenny Senour, financial advisor at Millennial Wealth Management. “People in their 20s, 30s and 40s are not engaged or interested in the ‘hard sell’ approach. In fact, it’s the easiest way to lose a younger client. So, I’ve tried to focus more on building the relationship and whether I would truly be the best planner for a particular millennial client.”

For smaller investors, Bo Hanson even warns that financial advisor fees can be a drawback.

“In those early years, when the nest egg is small and growing quickly, an advisory fee can be a real hindrance to building wealth,” says Bo. “It might not provide as much value.”

That’s a surprising admission from a man whose business is selling financial advice. But it makes more sense when you understand the basic concept they promote…

The Abundance Cycle

This is a concept that resonates throughout the firm and is also a repeating theme in their marketing efforts.

The Abundance Cycle is at the heart of the drive to give away free information.

“We often get asked why we give away so much great financial information for free,” Bo explains. “While the obvious answer is that we want to spread the news of sound financial management and help people take control of their finances, we’ve found that the ‘Abundance Cycle’ has been a really fun side effect of that process. We encourage our audience to Learn, Apply, and Grow.”

Bo explains the three-step process of Learn, Apply, and Grow as follows:

1.  Learn how to make great financial decisions.

2.  Apply what you learn to your financial life.

3.  Grow by combining learning and application to allow your circumstances to expand and improve.

“The Abundance Cycle is when they reach the point that they have had so much financial success that they feel like they need a co-pilot to help them navigate the rest of the journey,” explains Bo. “We ask that, when they reach that point, to remember the team that loaded them up with information all along the way, and we ask for them to give us (Abound Wealth) a chance to be that co-pilot.”

Simple, but disarming. And successful.

Bo recommends hiring an advisor once your portfolio reaches a “critical mass”. He cites $500,000 as a typical threshold when hiring an advisor becomes desirable. “Managing a 6- or 7-figure portfolio can feel like a full-time job, and a fee-only financial advisor can provide so much value.”

What about the specific strategies Bo and Brian have used to expand their business?

There are two primarily, The Money Guy Show podcast and The Money Guy Show YouTube channel.

The Money Guy Show Podcast

This is where Bo and Brian first began to use the Internet to grow their business. They’ve been able to use the show to reach hundreds of thousands of people every month, giving them a huge competitive advantage.

Brian Preston first started the podcast in 2006. At the time, podcasting was relatively new and unproven, and Brian had no idea if it offered any business potential. But as an educator at heart, and descending from a long line of teachers, teaching others about finance was a natural outlet.

But the podcast did something else to increase business, something that was very unexpected.

Brian was frustrated that when someone reached out for financial advice, they couldn’t get any unless they met the firm’s minimum asset requirement. The only other option was to connect with a shark in the industry who only wants to sell them products. But The Money Guy Show enabled him to get great information out to the masses. That created a huge market for potential future clients.

Bo’s first connection with Brian was as an intern while he was still in college. That internship held the potential to become a full-time hire – the first, since Brian operated as a sole proprietorship up to that point.

By 2010, Bo came on air as the cohost of The Money Guy Show and things began to take off.

“After a few years, we did recognize how hungry our audience was for not only great free financial information, but also for sound financial management and guidance,” Bo recalls. “Once we saw that, we began getting more intentional about telling our audience what we did for our “day jobs”, and then it seemed like the flood gates opened.”

The Abundance Cycle was a major part of that success. Bo even describes it as Abound Wealth’s single greatest competitive advantage.

“We give away free information through The Money Guy Show, our website, and social channels,” Bo explains. “Our audience applies what they learn to their financial lives and as they grow, they eventually come back to where it all started.”

Zero in on a Niche

Another piece of advice worth considering from a different financial advisor: “My best advice is to become an expert in one area,” recommends Jodi D’Agostini, advisor at Equitable Advisors. “Over 70% of financial advisors with large books of business have a “niche” practice. This doesn’t necessarily limit you to that niche but becoming the ‘go to’ source in one area brings you a larger audience and distinguishes you among a large pool of competitors.”

The Secret Sauce for Successful Podcasting

Creating a successful podcast series isn’t a case of “if you build it, they will come”. Though Bo readily admits the direction of the show continues to be a work-in-progress, they’ve found success with the following strategies:

1.  Give the audience what it wants to hear

The podcast covers everything from trending financial topics to bread-and-butter subjects like taxes and Roth IRAs, to basic financial lessons. “The stimulus and relief bill content we made last year during the pandemic did very well,” Bo reports. “Whenever there’s huge financial news that affects a lot of people (legislative changes, economic shifts, etc.), we have a lot of folks tune into our show to hear about it.”

2.  Learn from your audience

Content ideas come from everywhere. Sometimes they come from situations in Bo’s and Brian’s personal or business lives. Other times they come from email suggestions from fans or clients, trending topics in the news, or brainstorming sessions in content meetings.

3.  Maintain a regular schedule

To build a loyal following, listeners need predictability. “We do have a set schedule,” reports Bo. “And we’ve found that creating and putting content out there consistently is probably the biggest key to sustained growth. We have new full-length episodes every Friday.”

Taking a Plunge into Uncharted Territory – The Magic of YouTube

Though it seems like a natural outgrowth of the podcast series, The Money Guy Show YouTube channel was something of a happy accident. Bo and Brian were asked to do a video series for over-the road-truckers from Progressive in 2017.

“Progressive wanted us to do an eight-part series to help both drivers and owner-operators,” Bo recalls. “One of their requirements was that two of the shows be done as video formats – which we had never done!”

But Bo found a local video connection right in Franklin, Tennessee. It went so well, they all agreed they could do it for every show. Reports Bo: “Since then, we’ve seen massive growth on YouTube and have been amazed at how much quicker our audience (or new viewers) absorb our content through the video medium versus strictly the audio podcast medium.”

Bo and Brian were able to convert their podcast experience into a successful channel. The Money Guy YouTube channel currently has 199,000 subscribers just four years after launch.

Accident or not, the YouTube channel does parallel the podcasts.

“Our podcasts and YouTube premieres happen simultaneously on Friday mornings,” according to Bo. “Some of the live streams we do on YouTube and Facebook at 10 AM Central on Tuesdays are only possible on YouTube. But those make it to the podcast stream a few days later.”

In an additional twist, the Tuesday morning live streams on Facebook are delivered in a dedicated question-and-answer session for the live audience.

Bo’s Advice for a Successful YouTube Channel

Bo’s advice on building a successful YouTube channel, not surprisingly, has several moving parts.

1. Much like The Money Guy Show podcast, the YouTube channel wasn’t an overnight success

“We started the channel in 2017,” recounts Bo. “And like probably all new YouTube channels, growth was slow at the beginning.”

He reports having some videos do really well, accelerating the growth of the channel. “Our ‘Net Worth by Age’ and ‘Average 401(k) Balance By Age’ annual videos are very popular. Just a few months ago, our ‘Financial Advisors React to Money Advice on TikTok’ had a bit of a viral moment, but I would still say that quality, consistent content has been the key to our growth.”

2. YouTube converts visitors to clients faster than the podcast

Bo and Brian found YouTube to be an excellent way to not only build their business, but to convert listeners/viewers into clients more quickly. “What’s incredible is that it used to take a podcast listener a few years to reach out about potentially becoming a client,” says Bo. “With YouTube, we’ve seen that shrink down to a matter of months or even weeks.”

3. YouTube generates additional revenue

Bo doesn’t supply revenue information on the YouTube channel, but he does say it’s provided enough additional income to grow the content team and put out new projects.

One of those new projects is Abound Wealth’s Financial Order of Operations. It’s a 9-step process to help people decide exactly what they should do with their next dollar. The partners make the course available at a cost of $249.

“A lot of people – we call them Financial Mutants – are great at saving,” Bo cautions. “But they second-guess whether they’re making the right decisions or doing things in the right order. Our Financial Order of Operations serves as an instruction manual for how to command your Army of Dollar Bills as effectively and efficiently as possible.”

That’s the kind of program you can create and promote when you have a significant number of subscribers on YouTube.

4. Content, content, content!

This is the first rule of the Internet, and one I myself am very familiar with after years of making money on the web. Whether it’s a blog, a podcast, or a YouTube channel, your success will only be as great as your content.

Warns Bo: “Content should be your first priority – is what you have to say valuable to others? Consistency should be your second – are you willing to scream into the void long enough for people to find you?”

“Once I realized some of our wealthiest clients tended to disagree how they manage and plan their finances, I partnered with an amazing marriage family therapist to create a podcast and YouTube channel called The Millionaire Marriage,” adds Taylor J. Kovar, CFP and CEO at Kovar Wealth Management. “By combining the clinical knowledge of a therapist with my background as a CFP, we’ve been able to help couples find the wealth in their marriage (pun intended) and the byproduct of that has been a growth in both of our practices.”

5. You’ll need to promote your YouTube videos

Bo and Brian promote their YouTube content on their social media channels, like Facebook, Instagram, and Twitter. They also use their website, and to their email list. “Outside of that…” Bo advises, “the YouTube algorithm grabs and promotes your content to people that are already on YouTube.”

How The Money Guy Show Podcast and YouTube Channel have Transformed Abound Wealth

Bo estimates that about 95% of Abound Wealth’s new clients now come from the podcast and YouTube channel. Though this method of marketing isn’t for everyone, he does believe it can help a lot of small businesses.

But he cautions, “Don’t try to recreate The Money Guy Show. Find out what you’re passionate about and find a way to get others to enjoy being a part of your journey to explore and share that passion. That’s how you build a true tribe and community.”

Indeed, marketing a business is changing rapidly in the 21st century. Warns Ray Prospero, Partner Advisor at AdvicePeriod, LLC: “When I started in the financial services industry over a decade ago, the way most advisors built their business was through cold-calling, which we newly-minted advisors used to affectionately refer to as ‘smiling and dialing’. But building a business on cold-calling is virtually impossible today. I’ve adapted and now use social media to help build my business. The primary social media tool I use is LinkedIn, where I use LinkedIn’s Sales Navigator.”

If you can create the right blend of content and media, your business just might take off. Bo Hanson, Brian Preston and Abound Wealth are a perfect example of how that can happen.

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7 Essential Skills for New Entrepreneurs



Founding a new business isn’t easy. You’ve certainly figured that out by now. However, learning new skills might make your job a lot easier.

As an aspiring entrepreneur, you must grasp a few important skills. These capabilities will help you battle the challenges in your entrepreneurship journey.

Busy entrepreneur

Here are seven essential soft skills you should prioritize as your career unfolds:

1. Stress Relief

Work should happen in a healthy way in order to keep your creative juices flowing. But when you’re a new entrepreneur struggling with many challenges, innovative ideas and creativity can sometimes be the last things that come to you. Oftentimes, that happens because you are dealing with too much stress. You’ll burn out if you can’t relieve the stress that’s bothering you.

Consider joining a gym or signing up for yoga classes to alleviate stress buildup. You might also take a relaxing bubble bath or go for a long drive — anything needed to deal with your stress and anxiety. But remember, it needs to be done in a healthy way. You won’t find relief at the bottom of a bottle.

2. Curiosity

Entrepreneurs must constantly update themselves and their businesses using the power of innovation. Explore new technologies, ideas, and better practices. Curiosity encourages entrepreneurs to learn something new or acquire a new skill.

Ask questions like, how can I improve my business? What are others doing in the industry? How can I offer a better solution? When you start learning more, your industry knowledge naturally increases. You can also look for ideas related to other industries similar to yours. You might end up discovering something better to pursue.

3. Adaptability

You could explore many of the latest and most effective entrepreneurship strategies when curious. But what happens when updating yourself and your business? Change isn’t easy. That’s where adaptability comes in.

If you can’t adapt, you can’t change. An entrepreneur should commit to being open-minded, skilled, and flexible. These qualities will help you adapt to changes more quickly and easily.

4. Sales and Communication

You’re trying to sell a solution to a specific problem. Sales and communication skills are solid qualities you must have. These skills help you establish your business. You need to sell your solution not just to your customers but also to your teammates, investors, and business partners. Master the art of writing messages and speaking clearly to others. It’s necessary to convey your message to different people.

When selling your solution, there’s no need to be manipulative. Instead, be a problem-solver when you speak or write for your business. Pinpoint your potential customer. That’s how you craft powerful messages for your target audience. Establishing credibility is another powerful sales tool. There are plenty of online learning courses that can help you learn or bolster your sales and communication tactics.

Manager communicating projects

5. Management

In a business, you have a lot of spinning plates to attend to. Many things might happen all at once, and an entrepreneur must manage them properly. Master skills like time management, milestone defining, priority planning, and task execution to shore up your management potential.

Financial management is also critically important. You must understand key parameters like ROI to understand how you can reduce costs and increase revenue. Most importantly, a good manager needs to be able to make the right decisions.

6. Patience

Entrepreneurs face many unique challenges on any given day. Only patience can help you push through them. You must manage marketing, supply chain, customer services, and so much more. You’ll want a clear, level head when handling the levers of the business.

You’ll also face plenty of threats in the form of burnout, rejection, stress, and so on. There’ll be times when you feel you can’t keep it up anymore. But with patience and resilience, it’s possible to overcome all obstacles. Nothing is perfect. Understand that and adapt your processes accordingly. And remember: The bad times won’t last forever.

7. Learning From Mistakes

Entrepreneurs must be hungry to always learn more. You’ll make mistakes and fail in many things along the way, sure, but you must show a learner’s attitude when you do. Being self-aware of your mistakes is the key. Try not to repeat them.

So there you are. Mastering these seven skills will help you in the long run, no matter the type of your business. Just make sure to take care of your physical and mental health along the way.

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Is App Migration Painless?



At one point or another, every organization will need to handle the migration of applications from legacy to more modern systems. These processes are often fraught with complexities that require training, infrastructure, and migration planning. They must also cover concerns like transition support, database compatibility, user interface, etc. And they must weigh business priorities against technical considerations.

In other words, migrating from on-site to a cloud platform or between different cloud computing environments is as daunting as it is time-consuming, even if they’re common projects for IT departments. Thankfully, you can overcome many of the challenges it poses by outsourcing the work to professionals that specialize in app and infrastructure migration.

App migration
photo credit: Pixabay

Be sure to consider companies that also offer asp .NET development services, as they’ll be able to provide you with bespoke solutions, especially for a cloud platform.

Minimize Disruptions of Critical Mission Applications

The impact of application migration on the workforce must never be underestimated. All users should be able to conduct any essential business process during migration. The platform or system to which existing software will be transferred must accommodate and support them and enhance the user experience.

If there are significant disruptions in critical mission applications, the IT staff could potentially find themselves handling calls, emails, and messages from irate and disgruntled employees in need of support.

Determine The Best Time to Migrate

When making the transition from one system to another, it’s vital to choose the most optimal time for migrating applications. And there is a multitude of factors that could potentially affect this decision. For instance, enterprises with immediate needs to expand their capacities might be more hesitant to opt for legacy technology than others and may benefit from migrating to a newer system or a cloud-based platform quickly.

Conversely, those without adequate resources to make the transition might have to delay migration first. Only by understanding and weighing these factors will you find the best time and strategy to migrate.

Resistance to Change

Another concern of app migration is the resistance some users may have to change. The good news is that you can overcome this challenge by allowing them to be more in the development and transition process. For example, you can give users a much better sense of control and ownership by giving them details regarding the project ahead of time and encouraging them to give their input.

Regular reports on the progress of the transition and adequate support and training for use are necessary.

Software developers
photo credit: Christina Morillo / Pexels

Deadline for Completion

It’s a general rule of thumb always to be a bit generous with the estimated completion time regarding app migration. After all, it isn’t uncommon for issues that may create setbacks to arise during the transition. So don’t forget to allocate resources and develop contingencies if the process takes much longer than you expect.


Application migration is a process that presents many difficulties, regardless of the size of a business. However, it is worth the investment when you consider the advantages that it offers. And by preparing yourself for the challenges listed above, you’ll make the transition process much easier and a lot less painful.

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Digital Marketing Mistakes Companies Make and How to Avoid Them



Online marketing is essential for every business because we live in the digital age, where many consumers prefer buying online. Interestingly, people who visit physical stores to make purchases often look up businesses online before buying from them. That’s why you must take advantage of digital technology in your marketing efforts.

Although digital marketing offers numerous benefits, many businesses are unaware that there’s a right way and a wrong way to go about it. As a result, they spend their time and resources on online marketing without reaping the desired benefits.

Digital marketing
photo credit: Andrea Piacquadio / Pexels

Here are common mistakes that could hinder a successful digital marketing campaign and how to avoid them.

1. Running Without a Clear Marketing Strategy

Some businesses run their digital marketing campaigns without a defined plan for connecting and engaging with their target audience; this is one of the worst mistakes to make. Your campaigns will lack focus if you don’t set goals from the onset and articulate what you will do to achieve them within specific time frames. Even if you achieve significant feats in your digital marketing without a strategy, you wouldn’t have documented details of how you obtained such an outcome. Therefore, it will be difficult to replicate that success in your future marketing campaigns or apply it to other aspects of your business. And you’ll be unable to improve upon your previous success to achieve better results in your subsequent digital marketing campaigns.

So, document your digital marketing strategy and define your goals and the expected timeframes for achieving them. Also, define your target audience to avoid marketing your products or services to people who don’t need them and are unlikely to patronize you.

Map out all the activities that will enable you to achieve your marketing goals. This will make it easier for you to identify any strategy or activity that is not working and make the necessary adjustments for your desired outcome.

2. Having a Website Without a Blog

Digital marketing is not just about reaching your target market; you have to position yourself for your ideal customers to find you. One effective way to do this is by creating a blog.

Blogs drive a significant amount of organic traffic to websites. When you publish valuable blog content, you establish a reputation as a trusted industry leader while marketing your brand to your target audience. Furthermore, as you publish more blog posts, Google will index them and show them in search results. So, you should publish blog posts that rank high on search engine result pages (SERPs).

Ensure you follow best SEO practices when developing content, such as using alt texts for your images, internal links, compelling titles, and keywords. Also, your website’s domain name should be SEO-friendly so that it easily tells potential visitors what your site is about and the kinds of products or services you offer. You may want to change your domain name if you’re offering new solutions or if you have a new audience.

A domain appraisal is crucial to getting the most suitable domain for your website. If you’re considering selling your existing domain or buying a new one, you can learn more about domain appraisals here:

Marketing campaign
photo credit: Pressmaster / Pexels

3. Spending Too Much on Paid Ads

Don’t just dive into pay-per-click (PPC) marketing without careful consideration. PPC marketing can be highly rewarding and can give you your desired reach, website traffic, and conversions. However, compared to other online marketing campaigns, PPC ads are quite expensive. And only a small percentage of website visitors that arrive through PPC traffic eventually follow the conversion to the checkout portal. Besides, some internet users don’t trust paid ads as much as known bloggers or industry leaders.

Of course, this doesn’t mean you should abandon the idea of PPC marketing; you shouldn’t rely solely on it. Combine your PPC marketing with alternatives such as email marketing and social media marketing.

Before investing in PPC marketing, research your target audience thoroughly and segment them into groups based on age, geographic location, income, interests, and education level. Also, try out several campaigns with different audience segments and ad formats to determine which one provides the most favorable outcome.

You don’t have to spend too much of your marketing budget at this phase. Your budget should be just enough to give you credible results from which you can draw conclusions for your campaigns. When you launch a PPC marketing campaign, monitor its performance closely and be prepared to adjust the price on the go.

4. Not Leveraging Automation

Digital marketing campaigns require a significant amount of time. You can take advantage of software technologies to help automate several processes, such as email marketing, social media management, market research, and ad campaigns. This will give your team members more time for other tasks that require their expertise.

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