CFP Anthony Williams is rewriting the money rules

Growing up in the Bronx with Jamaican and Guyanese roots, Anthony Williams did not have a blueprint for building wealth. What he had was curiosity, a personal finance course in high school, and a Howard University education that sparked something bigger. Today, Williams is a Certified Financial Planner and Wealth Management Advisor with Northwestern Mutual and the co-founder of Northwestern Mutual Harlem, a district office he opened in 2021 at just 25 years old. His national practice is built on a simple but powerful idea, financial planning should be for everyone, not just the people who can get to Wall Street.

What inspired you to create a district office dedicated to diverse communities?

Being originally from the Bronx, and also of Jamaican and Guyanese descent, I realized that we didn’t really have access to financial institutions or education early on. I went to Howard University, an HBCU, and I was always inspired to make an impact in our community. 

When I moved back to New York City in 2018, I was working out of the financial district office for about three years. I always had a vision of bringing an office closer to our community. I realized Harlem was a great place to be, especially with the rich culture here. We have the Harlem Renaissance, so many political movements happened here. 

I made the pitch to Northwestern, I said, “we need to be here.” There was no other major financial planning or wealth management institution that was here. We opened February of 2021, and it feels great to be in the community. Financial planning doesn’t need to only happen on Wall Street. It can happen in Harlem, in the Bronx, and in all these other underserved communities.

What does financial anxiety look like for the average person and what’s usually driving it?

Normally what’s driving it is, one, not having a plan. Two, not knowing where you’re at. And three, not knowing where you want to go. When you don’t sit down and create a financial plan, that’s going to create anxiety.

What does investing with purpose actually mean in practice?

It begins with the North Star. It’s really identifying what that big major goal is. Some clients say by age 60 they want to retire making $10,000 a month or $5,000 a month. But so much has to happen before we get to that North Star. It can be buying your first home, investing in real estate, retiring early, supporting a family, or education planning. Life transitions happen too. People change jobs, get promoted, get married. So the goal is to first understand the North Star, then we work backwards.

Some people say they want to own a home, so we focus the strategy around that. Some say they want to own a business, so we focus on getting them there. What we’ve noticed is people tend to think it’s an all or nothing approach. Someone might say they have debt so they’re going to focus only on paying it off, but they neglect retirement, investments, and protection. We take a well-rounded approach. Maybe in one season we’re focused on paying off debts while putting a small amount aside to protect and save. Once we figure out the debt piece and the protection piece, then we focus on investing and growing.

What are some practical steps individuals and families can take right now to build long-term stability?

First, gain clarity and get organized. Get a stock of your expenses and understand what you need to pay for on a month-to-month basis. Then get an understanding of your income sources and how much you really have left to work with. Get a full picture of all your accounts, your savings, investments, retirement, debts, student loans, and personal loans. Get crystal clear on where you are today.

The second step is to have a conversation. If you’re married, initiate some planning discussions. Ask when you want to retire, what you think about the kids’ education. Once you initiate the conversations, start molding the actual targets. I want to retire by this age, we want to send our children to this school, we want to buy this type of house. Then come back to where you are right now and identify what’s coming in, what the bills are, and what’s left over. Then decide to set accounts aside for each goal and fund those accounts on a monthly basis. It can be very simple.

I always tell people the first thing you want to do is get educated. One of the key books I recommend is Think and Grow Rich by Napoleon Hill. There’s also a version called Think and Grow Rich: A Black Choice, written by Dennis Kimbro. Another book I love is Generational Wealth Begins with Generational Knowledge by Dr. Joaquin Wallace. I’ve probably bought about 10 of those for clients. If we can get educated first, that can relieve some of the anxiety and help you know whether you’re getting good advice or advice that’s more for that advisor’s pocket.

Research shows that 62% of young Black women say they’d rather avoid discussing their finances, compared to 48% of young Black men. What’s driving that gap?

A lot of your thoughts and beliefs about money come from childhood. If you came from a household where money was frowned upon or where the message was don’t talk about it or you saw bad spending habits or arguments about money, that can really impact the psychology around how you think about money. 

A lot of my clients, maybe 80 to 90%, are Black women. Many of them also make a lot of income, so they carry a lot. They carry the household, they carry it financially. If you don’t have a safe place to talk about it or someone to relate to, it can be tough. I think it’s a combination of having a community that’s open about it, but also reflecting on why you feel this way and why you look at money the way you do.

How does having a trusted advisor who understands your community change the conversation around money?

The biggest thing is relatability. Being able to sit across the table with someone who can understand your story and where you’re coming from. I remember a client of mine, a Jamaican lawyer, self-made, who had to support her mom. The advisor she had at the time was asking why she was sending her mom $1,000 a month and telling her to stop. But he didn’t understand the cultural dynamic. 

If you are Caribbean, African, African American, Indian, or from a different country, and you became successful, you often have that obligation to give back. Speaking with a trusted advisor who understands your story is very important because that makes the advice much better.

I’ve also seen people speak to advisors where there was no relatability, and even though the advice was good, it wasn’t taken or implemented because there was no common connection. 

In my opinion, a comprehensive discussion should cover budgeting, insurances, investing, tax strategies, retirement, and estate planning. If you’re not being asked those holistic questions, you have to ask yourself whether this person is a trusted advisor or someone who is there to sell you a product.

What kind of clients are you looking to work with?

The great thing about working with a company like Northwestern Mutual is that you can get financial planning started at any point. It really comes down to how much money you have. When I started my practice, I was working with other 20-something-year-olds making $15 or $18 an hour. We can open an account with zero dollars. I got to see the compounding effect of starting small with $50 or $100 a month. Some of those same clients are now in their 30s and doing really well.

I spoke with a client who is around 56 and worth about $7 million. With her, the discussion is about how to preserve and protect in an uncertain time. But if I’m talking to someone young, it’s more about getting started, protecting what you have, and optimizing for growth. The conversations really vary. Within our organization, I have about 10 people on the team, with different advisors for different levels of clients so that everyone receives the care they deserve.

To connect with Anthony Williams, search Anthony Williams, Vivid Advisory Northwestern Mutual on LinkedIn or visit northwesternmutual.com.