The BAM Advisory Mantra: Protecting What’s Priceless
At BAM Advisory Group, our guiding principle is clear: Protect what’s priceless. For each of our clients, that might mean safeguarding their time, energy, or family. We want our clients to focus on what they love doing with the people they love, while our team handles the stress and uncertainty when the world gets unpredictable. We believe in building a financial foundation that lets our clients live their best lives, free from worry.
A Humble Beginning: How It All Started
David, one of the foundational figures at BAM, shares a candid story about how he stumbled into the world of financial advising. After receiving unexpected news from his then-girlfriend, he realized bartending wouldn’t cut it for supporting a family. A recruitment letter in the mail soon offered him a chance to become a financial adviser. Although it wasn’t a career he had planned, David saw an opportunity to make a significant change in his life.
David started with a small firm where he would drive to clients’ homes to help them with insurance and financial planning. From those humble beginnings, he eventually moved to Denver in 2005, where he and his team have since built one of Colorado’s leading financial planning practices.
The Power of a Decision: From Mustard Yellow Suits to Making It Work
David recalls showing up to his first interview in a mustard yellow suit—the only suit he could afford. Despite being older than most of the recruits, who were in their early twenties, he was determined to make it work. There was no room for failure, and that mindset carried him through the early days.
David’s early experiences were reminiscent of the classic “Boiler Room” environment, complete with phone banks and relentless cold-calling. He and his team were taught to push through objections and stay focused, often watching motivational films like Glengarry Glen Ross.
Moving to Denver: A Bold Leap of Faith
The decision to move to Denver wasn’t straightforward. David and his wife, Christy, explored several cities, including Portland and Phoenix, before deciding on Denver. The couple flew in with their newborn, Tai, and were initially taken aback by the sprawling, remote location of Denver’s airport. But after experiencing a beautiful January day, they felt convinced it was the right place to start anew.
Leaving behind everything familiar, they made the move, despite having no guarantees of success. David emphasizes that sometimes, being an entrepreneur means diving in headfirst, even when you’re not entirely sure of the outcome. The willingness to push forward, despite the fear and uncertainty, often leads to significant growth.
The Value of Being Uncomfortable: Embracing Change to Grow
Throughout the conversation, David shares insights into the value of stepping out of one’s comfort zone. He believes that discomfort is the catalyst for growth. Reflecting on his journey, he notes that every significant transformation in his life—whether personal, financial, or professional—came after a period of discomfort.
If someone feels stuck, David advises them to give up something in exchange for something greater. This could mean sacrificing routines, comfort, or even relationships to achieve something more fulfilling. For David, moving to Denver meant leaving behind the familiarity of the Bay Area, but it ultimately led to incredible growth, both personally and professionally.
Surviving the 2008 Financial Crisis
Two years after moving to Denver, the financial crisis of 2008 hit, forcing David to pivot quickly. At that time, David had expanded his office and taken on significant financial commitments. The downturn was a humbling experience, but it taught him the importance of being adaptable.
Christy urged David to get back on the phone and reconnect with clients directly. This hands-on approach helped them weather the storm. Recognizing the limitations of their previous business model, David realized the need to diversify and focus on comprehensive financial planning. This shift laid the groundwork for the BAM Advisory Group’s current success.
Building a Resilient Team and Company Culture
One of the key lessons David learned was the importance of company culture. In the early days, the focus was solely on sales and client acquisition. However, David soon realized that when times get tough, it’s the team that pulls together that makes the difference.
David emphasizes that at BAM Advisory Group, the team comes before clients. In fact, he made a bold decision to part ways with a high-net-worth client who was disrespectful to a team member. This act showed his team that he truly valued them over any revenue, reinforcing a culture of mutual respect and loyalty.
David’s advice to entrepreneurs is to prioritize building a strong team culture where every member is aligned with the company’s mission. By using tools like the Enneagram to understand team members’ personalities and communication styles, BAM ensures that everyone is working in harmony toward common goals.
Comprehensive Financial Planning: The BAM Difference
Most people approaching retirement only have a portfolio—they don’t have a plan. BAM Advisory Group takes a different approach. David explains that their process involves truly understanding each client’s needs and building a custom financial plan that is flexible enough to adapt to changing circumstances.
BAM’s approach focuses on five critical areas of financial planning: income, investments, taxes, healthcare, and estate planning. The goal is to ensure clients have predictable income streams, minimize tax liabilities, and protect their wealth from unexpected healthcare costs. By focusing on these areas, BAM helps clients achieve a secure and fulfilling retirement.
Why Discipline Matters More Than Motivation
David and his team often discuss the importance of discipline over motivation. Using Steph Curry as an example, David explains that even the best in the world continue to practice their craft relentlessly. Curry doesn’t get complacent, and neither should anyone who wants to succeed in life. For David, the key to success is a combination of discipline, continuous learning, and staying hungry for growth.
Looking Ahead: The Future of BAM Advisory Group
Today, BAM Advisory Group is focused on playing the “infinite game.” Unlike many firms that operate with a short-term, numbers-driven mindset, BAM aims to build a company that will last for generations. The focus is on creating lasting impact, not just for their clients but for the broader community.
David shares that their current team is fully bought into this mission. Everyone understands the vision, respects one another, and is committed to growing together. This strong foundation is what sets BAM apart in an industry where client relationships are often transactional.
Closing Thoughts: Maximizing What Money Can’t Buy
In closing, David reiterates BAM’s core philosophy: maximizing the one thing money can’t buy—time. For those nearing retirement or simply looking for a better financial future, BAM Advisory Group offers a unique blend of expertise and heartfelt commitment to helping clients achieve their dreams.
If you’re interested in learning more about how BAM can help you, be sure to check out their resources and schedule a consultation.