Today we’d like to introduce you to Justin Tate.
Justin, we appreciate you taking the time to share your story with us today. Where does your story begin?
It was the beginning of the Covid-19 pandemic in the economy, and I was recently involved in a downsizing effort from my previous job. There was palpable uncertainty in the air, and I knew I had to provide for those depending on me — my children. In this uncertain situation, I did what any other person would have done; I began applying for every fitting opening, I picked up odd jobs to keep some cash in my pocket, constantly praying for a better outcome.
At this point, I knew I wasn’t focusing on a profession rooted in my degree’s specialty; I was looking for something new. I was looking for a role that allowed me to have impactful interactions with people in a different capacity than I had previously. In August of that same year, I received a call that changed the path of my life forever. I had always had a niche for finance, investing, and numbers; I found myself faced with an opportunity to become a wealth advisor. It sounded great — of course, anytime you hear the word “Wealth,” you think of money… at least that’s what crossed my mind.
This opportunity was new; I had never heard of this role, nor did I have people in my circle who knew of it or its impact. I found there was a reason for this: Most African Americans are not approached by wealthy advisors or Financial advisors. I alone had been in Memphis my entire life and never received a call from anyone asking to help with my finances. I earned Pacesetter’s First 40 and a new client bonus of two prestigious awards within my first six months of business. The Pacesetter award honors financial advisors who set 40 clients on the path to achieving financial security during their first six months in the industry by issuing life, disability, and long-term care insurance policies and meeting additional performance thresholds.
Nationally only 11% of new financial representatives achieve this award. Still, at this point in my career, I did not realize the positive impact on my community. It wasn’t until after my first year in the industry that I realized I was an advocate for every African American household that wanted education on finances and aimed to achieve generational wealth. Generational wealth — a dream that had more obstacles for my community from unfair housing discrimination, predatory lending, and miseducation of financial literacy.
Today, I now operate with a team of advisors, where our mission is to educate and create an inclusive environment for learning about financial literacy while creating a unique financial plan that aligns with our client’s goals.
We all face challenges, but looking back would you describe it as a relatively smooth road?
The road has not been smooth. This position depends solely on my ability to connect with people and help them realize that the recommendation my team makes can positively impact their life.
These recommendations aren’t tangible — it’s not an Amazon or Target where people walk away with immediate results from the meeting. But, eventually, clients walk away with peace of mind and financial education that gives them a sense of control back over their lives.
The external challenge has been the time demand owing to the role; some days, I work ten-plus hours and even weekends to ensure my team can grant an outstanding client experience and be at their disposal.
Alright, so let’s switch gears a bit and talk business. What should we know?
The organization I work for is Northwestern Mutual – one of the “World’s Most Admired Companies” in its industry, according to FORTUNE magazine’s annual survey for February 2021. My role as a financial planner is to listen to what’s essential for my clients today and in the future to design a plan with personalized recommendations tailored to their wants and needs.
In addition to the planning process, I also provide them with resources and education tied to financial literacy. My team and I are so different from traditional planners or advisors because of our focus on education and understanding the psychology of money; We aim to help our clients comprehend what they want in life, past finances.
I am most proud of being able to help close the wealth gap in the African American community by utilizing the financial tools our organization offers. My team provides retirement planning, educational planning, business planning, and estate planning. We currently work with Physicians, Business owners, and emerging affluent families.
Any advice for finding a mentor or networking in general?
There is an African proverb I strongly believe in “If you want to go fast, go alone. If you want to go far, go together”.
I would encourage anyone no matter the profession or hobbies to find a mentor and network as much as possible and consistently surround yourself with like-minded people who have the same goals in mind. This has worked very well for me and contributed greatly to my success.
Contact Info:
- Email: justin.tate@nm.com
- Website: http://justintate.nm.com/
- Instagram: @planningwithtate
