Atlanta-based firm acquires Columbus man’s successful business. Here’s what we know
It was a time of uncertainty when Columbus resident Tim Money decided to change careers in 2001 after 9/11 and the aftermath of the dot-com bubble bursting.
He had a good job working in the chemical industry, but Money had been interested in finance since he was a teenager.
Perhaps living up to his surname, by September 2001, Money received a passing grade for his board certification in financial planning.
Money was overseas in Brazil working on September 11, and when he finally made it back to the country he resigned from his job effective in October.
“That was sort of my jumping off point,” Money told the Ledger-Enquirer. “Right after 9/11.”
Money founded The Money Advisor Group (TMAG) in 2001 without clients, assets to manage or clients. When his firm reached a deal to be acquired by the Atlanta-based firm BIP Wealth, his firm managed more than $300 million dollars in assets for over 140 families across 14 states.
BIP Wealth acquired TMAG through its BIP Alliance initiative, increasing BIP’s assets under management to over $3.3 billion.
The culture of the two firms aligned with a client-centric focus, BIP Wealth CEO Bill Harris told the Ledger-Enquirer.
“I’ve known Tim Money for 10 plus years,” he said. “And have always had a great relationship with him. He will run through a brick wall to take care of his clients.”
TMAG primarily serves families and small businesses specializing in investment management and retirement planning.
“It’s about people and their families,” Money said. “...helping them with an area of their life second only to their health in importance.”
Succession, not success
Prior to signing the agreement on April 22, Harris said, BIP made sure that the TMAG team members were committed to joining BIP. This includes Alex Stevenson, the client services representative at TMAG “that all the clients love,” Harris said.
Money will remain in the role of President of TMAG with the team becoming part of BIP. Harris and Money became good friends in 2018, Money said, and had talked about the idea of a partnership in the past.
It never came to fruition, until about seven months ago when the concept was revisited. This move wasn’t made as an exit route for Money, he said, not because there was a question about the success of TMAG.
“The success of the firm was really not in question,” Money said. “But the succession of the firm (was).”
He wanted a better answer when people asked what if something were to happen, and Money can’t run the firm anymore.
This is BIP Wealth’s first endeavor into acquiring a successful firm, Harris said. Over the past 17 years, the firm grew organically one client at a time. Going forward, the firm will continue its growth strategy by acquiring two firms per year.
“We need to be aligned culturally and philosophically with planning and investments,” Harris said. “But we feel that we have a lot to offer with our direct access to private markets, affinity for client events, technology platform and compliance program.”
BIP will ensure TMAG’s clients will have continuity in the service and standard of care that they’ve become accustomed to, Money said. However, he, nor any other team members, have plans to leave any time soon.
“I’m convinced now, even in my absence, that this firm and all the folks who depend on us would be in really, really good shape.”
This story was originally published May 13, 2024 at 5:00 AM.
