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October 2021 Issue: Creating a Financial Haven for ...
Creating a Financial Haven for Black Women by Brid ...
Creating a Financial Haven for Black Women by Bridget McCrea
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Pdf Summary
Tremaine Wills, the founder of Mind Over Money, LLC, understands the challenges faced by Black women in accumulating wealth and planning for the future. Her fee-only financial practice, established in 2014, aims to create a safe space for Black women to address their financial concerns. Wills, who previously worked in a sales-oriented environment, wanted to provide unbiased recommendations to her clients. She also wanted to build relationships with clients and educate them on financial literacy. Most of her clients are first-generation wealth builders, earning six-figure salaries or owning businesses with annual revenues of over $1 million.<br /><br />Wills focuses on educating her clients in the fundamentals of finance and eliminating any anxieties and barriers they may have regarding their finances. She encourages her clients to ask questions and understand their accounts and portfolios. Wills offers retainer services to help her clients with financial planning, reducing tax liabilities, and preparing for retirement.<br /><br />As a young advisor, Wills faced imposter syndrome but overcame it by gaining confidence through teaching financial literacy classes and connecting with experienced fee-only advisors in organizations like NAPFA. She plans to continue teaching and empowering Black women in managing their finances effectively and becoming financial advisors themselves.<br /><br />Wills believes that the financial planning profession should make more efforts in diversity, equity, and inclusion (DEI) initiatives. She suggests getting involved in NAPFA's DiversiFi LinkedIn group, which supports diversity and inclusivity in the financial planning profession. While progress has been made, Wills is excited to see more tangible actions being taken to promote diversity.<br /><br />Overall, Tremaine Wills aims to provide a supportive and educational space for Black women in their financial journeys, helping them build wealth, understand their money and accounts, and plan for a secure future.
Keywords
Tremaine Wills
Mind Over Money LLC
Black women
wealth accumulation
financial planning
fee-only financial practice
financial literacy
retainer services
diversity equity inclusion
financial empowerment
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