Steak Dinner
Here’s a standard playbook for building a wealth management firm:
1. Send out thousands of mailed invitations to a local steakhouse for a seminar on something related to finances. Bonus points if you can tap into consumers’ fears and their worries about money.
2. Get them to come to the steakhouse, show off your smart ideas and hope they become a client.
That’s it.
Have you received an invitation like this lately? I have.
I’ve also never sent one.
Still, over the last 9 years Harding Wealth has gone from 0 clients to about 155 and from no assets managed to more than $190 million as of today (6/11/2025).
During that time our advisors (David and myself) have also welcomed 5 kids.
An industry colleague asked me recently, how did we do it while maintaining work-life balance?
A few main things:
First, any significant change happens a little bit at a time. It’s how we all become rich, older, etc. Growing a little at a time has helped us assimilate clients into what we do without a significant shock to our systems.
Second, although we make it really easy to discontinue working with Harding Wealth, we rarely part ways with clients. A lot of this is because our clients are selective about who they work with and so are we. During the due diligence phase we make sure it’s a good fit for the long term.
Lastly, we have adopted three passive methods for meeting exceptional potential clients that have nothing to do with steak dinners:
1) Our existing clients have been wonderful at mentioning our approach to the people in their lives. Those people sometimes become clients.
2) We maintain a relationship with Dave Ramsey and when his listeners in Arizona want to get in touch with an advisor who prioritizes similar financial principles, they go to a website and are introduced to our firm and a few others advisors. They compare firms, personalities, costs, and overall fit. Sometimes those folks become clients.
3) Similar to our relationship with Dave Ramsey, we also receive inquiries from consumers who reach out to SmartAsset for an introduction to a local advisor.
In each of the above three cases, what I love is that we’re only talking with people who have indicated they’d like another opinion on their financial plan and investments.
We’re not dialing down cold call lists. We’re not knocking on doors. And we’re definitely not luring bored retirees into a steakhouse with the promise of free ribeye and an underwhelming PowerPoint presentation.
Our growth model is actually passive by design. It allows us to focus on what we do best while new relationships come our way through authentic, trusted channels.
This also keeps our days filled with time spent working for our clients — not chasing strangers.
Here’s a screen shot of David’s calendar from yesterday (client names redacted).
As you consider who you’re working with (or thinking about working with), it’s worthwhile to know how they got to where they are and where they’re trying to go as an advisor and firm.
One more comment about who we work with
My most well-received blog of the year was in March when I wrote about a foster child’s wishlist (here’s the link) and how it’s worth maintaining perspective and gratitude within market volatility. The response from our clients speaks to the purpose-driven quality they seem to have in common with us.
Our growth prerogative is clear: we’re here to work with purpose-driven people who are already retired or approaching it.
We’ll keep doing that.
Adam Harding
Advisor & Lead @ Harding Wealth
www.hardingwealth.com
