Business Innovators Radio - Interview With Melissa George Founder & CEO of InvestHER Fiduciary Solutions-Demystifying Financial Planning

Episode Date: October 13, 2024

Melissa George is a seasoned financial expert, renowned for her mastery in financial planning, insurance, and investment strategies, specifically tailored for small business proprietors. With nearly thirty years of proven excellence in the field, Melissa has refined her ability to craft comprehensive plans that perfectly align with her client’s aspirations and objectives.As a trusted advisor, Melissa prioritizes protecting her client’s financial well-being. Notably, she is the first woman of color to achieve the prestigious CERTIFIED FINANCIAL FIDUCIARY® designation, operating under the utmost standards of integrity, confidentiality, and diligence. At the helm of InvestHER Fiduciary Solutions for the past 18 years, Melissa has guided her clients to financial prosperity, enabling them to RETIRE WITH CONFIDENCE.Melissa’s academic background includes a BBA from Georgia State University, complemented by a series of professional accreditations including ACCREDITED INVESTMENT FIDUCIARY®, CERTIFIED FUND SPECIALIST®, and FINRA® Arbitrator. Additionally, she is a Goldman Sachs One Million Black Women Business Scholar.Beyond her professional achievements, Melissa is deeply engaged in various professional and community organizations, including AAAFA (Association of African American Financial Advisors), NAWOSB (National Association of Women-Owned Small Businesses), WEOP (Women’s Entrepreneurial Opportunity Project), United Way VIP Alumni Association, Girls Inc of Greater Atlanta Board, and Delta Sigma Theta Sorority, IncLearn More: https://www.investherfiduciarysolutions.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-melissa-george-founder-ceo-of-investher-fiduciary-solutions-demystifying-financial-planning

Welcome to influential entrepreneurs, bringing you interviews with elite business leaders and experts, sharing tips and strategies for elevating your business to the next level. Here's your host, Mike Saunders. Hello and welcome to this episode of Influential Entrepreneurs. This is Mike Saunders, the authority positioning coach. Today we have with us, Melissa George, with Invest Her fiduciary Solutions, and we'll be talking about financial planning and building confidence for a secure. future. Melissa, welcome to the program. Thank you so much, Mike. I'm happy to be here.

Hey, so I'm excited to talk with you because I always love different perspectives on common topics. And I know that it sounds cliche to say, oh, retirement planning or building wealth, but when you get people's perspectives based on their personal, professional life experience, it just really comes to life. So before we dive into that, give us a little bit of your background and story and how did you get into the financial services industry? Okay, thanks, Mike. Well, I've been in the industry for about 27 years, but prior to this, I was working in retail as I was, you know, completing my college jury. And as a store manager, I was always trying to get my full-time employees to participate in the 401K. I loved numbers. I love talking about money. I loved investing. At the time, I did not know what a financial planner was, but, you know, here I was still trying to get my employees to participate in the, in the, in the, in the, in the four- when can get the matching. And so when I was transitioning out of retail and had gotten my degree, I really just started seeking occupations where I could, you know, deal with numbers and deal with

money. And it just so happened that the mall manager, who I was very good friends with, introduced me to his financial planner. And that, along with a lot of interviews in banking and finance and all of that, I kind of stumbled on to it and kind of figured out what it was. And I was like, yeah, I think that's what I want to do. I ended up working at the same firm as his planner for the first six years. So she was a great mentor to me. And then, you know, shortly thereafter, I went out on my own, put my own shingle out and started my own company. And here we are.

You know, I love that. And one thing that jumps out at me is you didn't say, I went to the classified section or I googled or I went and looked for the highest paying professions, no demand. kind, you had a relationship and it was a networking connection. Someone you knew said, oh, you should or let me introduce you to. So I think that's a point that so many of us get so enamored with technology. But at the end of the day, we use technology for a little bit of research, but we really trust those referrals and introductions and relationships, right? Yes, yes. And here's the other thing. Back then, the internet was very new. That's not when, back then people, everyone didn't have a cell phone with.

with, you know, the world in the palm of their hands. We didn't have, you know, most people didn't have a computer. So, yes, at that time, it really was getting the paper and looking through trying to find jobs. But, yeah, the network is, the network worked very well for me. And you mentioned, too, that your initial boss in the company was a female. Was that pretty common back then or now? Or what is that situation? Because I feel like, you know, if women today feel like, you know, wow, I don't want to talk to some.

old dude, you know, so to speak, like me. Well, actually, she was one of the top producers at the firm, and she actually, she wasn't my boss, but the fact that we both work there, she was able to mentor me. Now, what I can say is at the time, she was the only black female in the company. And then when I came on, I was the second black female that came on. So, you know, we were very much unicorns in the industry and at that firm. And that hasn't changed that much today. So, yeah, I did have a manager who was.

a man who I have actually. But your mentor was someone that you could really bond with, identify with, they kind of lock arms together and go, let's do this thing together. And let me learn from you and you can learn from me. And that's really awesome. Absolutely. She really kind of paved the way for me. And, you know, obviously, I've tried to pave the way for others as well. So yes, very, very helpful. So then you kind of notice, well, if this is a little bit of a deficiency in the market and maybe there's other women that need some good financial planning tips and topics. Let's talk a little bit about how women that are closer to retirement. And of course, if I asked you, when should people start planning for retirement? It'd be like at 21 or 31. But, you know, think about your sweet

spot of, you know, maybe five, 10 years from retirement. What should women that are that close to retirement kind of understand about their unique financial goals? Because I think that so many of us think that it's just generic. Like, give me a financial plan or set me up with that. But it's, it's way more detailed than that. It is. And more specifically for, for women, you know, when we think about statistics, you know, women, we tend to live longer. So many women are usually at the end of their lives are going to be alone, either because, you know, their spouse has died off or, or they've never married. You know, the children are grown. They've moved on. The grandkids are, well, sometimes they're trying to get closer to the grandkids. But one of the things that often women are thinking about

when they think about these life stages and transitioning into retirement, a lot of them are thinking about aging in place. They're thinking about what about if my health starts to deteriorate? You know, what are the resources that I'm going to need? You know, who's going to be available to help support me as I'm aging, particularly if I'm not aging well. And then for a lot of women, And if they're not very astute about financial topics around money, you know, a lot of them are trying to, you know, level up their financial literacy so that they can be prepared so that if they have to become the bankers of their households, that they know what to do, that they're, you know, they know how to handle the taxes.

They, you know, know what they want to do in terms of estate planning. So there's a lot of things that women are thinking about as they're approaching, you know, So there's the longevity, there's the legacy planning, there's the healthcare, and just even lifestyle. You know, can they maintain their standard of living that they have for the last, you know, 10, 20 years? So those are some of the things that, that, you know, women are looking for. And it's important that they find someone that is really understanding of these financial goals and challenges. You know, a couple of those things jump out of me. And number one, I think that people don't really think of it this way.

But the word longevity, I think just as humans, we're living better, eating better, exercising better, have better health care, so we're living longer. Because back in the day, it was like, oh, the retirement tables, let's plan out to, I don't know exactly, but I think I've heard like, you know, 68, you know, that's when people will die or whatever. And now, like, it's like way more. But there also is that other statistic you mentioned, which is women are living longer than men.

And for whatever reason that is, that is a statistical fact, you know, and if that, that's the case, since that's the case, then there should be some things that go into a plan for a woman. And I think that is really a huge piece that you're bringing up there. It's not just let's check off the box. This is so true, especially now, like you said, you know, people are living much longer. And, you know, with the medical advancements, that's another reason why people are living longer. There's actually a large number of centaurarians now, people that are living to 100. But, you know, what happens for most people, even if they've done a fantastic job, accumulating their assets for retirement, health care costs, particularly if they need some type of long-term care

and retirement, can absolutely deplete their entire investment portfolio. So very often in planning now, long-term care planning has become such a big part of the planning process to make sure that they can shift some of that risk onto an insurance company to make sure that there's an additional bucket of money, you know, should I need hospice? Should I need adult daycare? Should I need someone to come into the home. Should I need, you know, assisted living or hospice? So yeah, it's, it's a big deal. I mean, obviously, we all want to live long and healthy. But the reality is, as we get older, right, you know, some of these health conditions start creeping in. Some of it's hereditary. Some of it's just because maybe we haven't taken as good care of ourselves as we should have.

And so long-term care is really becoming a very important topic that people want to talk about. Yeah, yeah, for sure. So let's talk a little. bit about, I know that when we start dialing into, you know, financial planner or financial advisor, what's the difference? Because I think that there's some terms that you can be used interchangeably, but yet there's some nuances that are different, right? Yes, advisor and planner are used interchangeably, but really there is a significant difference, I think, between the two. An advisor obviously can provide general guidance. They can manage assets. But what I often find is that I often have prospects that will meet with me that have an advisor. Sometimes they have multiple advisors.

And they tell me they have a lot of things, right? They have life insurance. They have an IRA. They have a 401k. They, you know, they have products. They have investments. But they don't know how all of these things work together. And so that's really where a planner comes in. When they're really looking for a comprehensive plan, you know, someone that is really trained to look at their entire financial picture, the retirement planning, tax strategies, insurance needs, estate planning, you know, really looking, having a holistic approach. That's really where a financial planner will come into play. And I often find that people may start out with an advisor, but eventually they end up looking for a planner. It almost seems like to me that it's similar to,

oh, go into your primary care physician. They know a lot about, a little bit about a lot of things, but if you have a issue with your foot, you go to a podiatrist. Yes, it is. It's very similar. Very similar. So let's go to someone that really specializes. So let's dive even a little bit deeper into that because I think that to me, in my business, I talk a lot about trust and credibility. And when we have all these things and option for us out there online or even referral relationships, it's like, do I really trust that person?

Are they credible? So in the financial planning world, there's this topic of fiduciary. And I think that that gets thrown around a whole lot. But what's important about that? Why should women really be drawn to someone like yourself that's a fiduciary? This is so important. And really, I want to start with the fact that people, when you're talking about their money, this is something that people hold very close to the vest, right?

It's very challenging for people to talk openly about their money. And so this whole fiduciary standard is critically important. a fiduciary is someone who is always going to put the best interests of their client first. That seems intuitive. It seems like everyone would do that. But in the financial services industry, we are currently held to the suitability standard, which just means that when we recommend something, it's appropriate. Appropriate does not always mean that it's in your best interest. And so right now, the Department of Labor, actually the Biden-Harris administration, and the Department of Labor have introduced, you know, taking the whole industry to the fiduciary standard.

And there's been a tremendous amount of kickback. But the reason why it's important for someone to look for a fiduciary is because a fiduciary is going to be transparent. They're going to mitigate conflicts of interest that obviously are going to put their interests first. But there's actually even been some statistics that show that when someone is working with a fiduciary, they're less, they're not going to have a lot of, um, excessive fees, that could actually boost their retirement returns up to 1% annually, which over the course of their lifetime could actually end up being 20% more in their retirement savings. So if you think about that, it might be a really small thing year to year,

but what if you could have a million dollars or you could have a million two, right? Yeah. You know, if you had another $200,000 in retirement, you know, would that be beneficial? So what I'm starting to notice is that people are now asking for fiduciaries. They're asking for not just a planner or an advisor. They wanted to be someone who was a fiduciary. Certain things will automatically qualify that person as a fiduciary if they're a CFP certified financial planner. If they're a CF2, a certified financial fiduciary, or if they work for a registered investment advisory firm, those firms not only have this ethical

and moral obligation, but they also have a legal obligation. And so I've been very happy to see that now people are starting to ask, you know, are you a fiduciary? I want to work with a fiduciary. I think that's going to be an ongoing trend. And we're still waiting to see what's going to happen with the Department of Labor rule where it may be across the board soon. Or maybe even ask an advisor you're looking to work with.

Tell me what it means to you being a fiduciary. And if they can't just roll it off the tip of their tongue, then maybe they aren't even sure. and if they're not sure, then you know they're not going to treat you the way they should. But a couple of things that jumped out at me there, I think, you know, it's like it should just be obvious. You should treat people that way anyway, but it doesn't happen that way since the dawn of time. We know that.

But one thing that I just really think is important for people to think about is it's not just lip service, like I will treat you and this will be the best. It's a legal obligation for that advisor where if it is deemed that they don't, And it doesn't even need to be, and you know, you correct me if I'm wrong here, it doesn't even need to be some massive big, huge mistake thing. It could just be like, you offered them this, but this other little product here could have been just a tiny bit better. And that's not of being a fiduciary. So it doesn't need to be, I put you in something and lost all your money. It could just be you recommended something that had about a 10 or 20 percent less benefit to them.

So it really dials it in to make sure that client is being well taken care of. Yes. And if I could actually give you two really quick examples, and these are examples that people wouldn't even see. Say, for example, Mike, you came to me and you say, hey, Melissa, you know, I'm looking for life insurance. And, you know, I have 30 companies that I can choose from. And I kind of narrow down to three. And, you know, here we have, you know, company A, B, and C. but what I don't tell you is that during the month,

and they're all suitable for you, by the way, but I don't tell you that, you know, this month, that company A will pay me a higher commission. Under the suitability standard, I'm not required to tell you that. Right. Under the fiduciary standard, I would disclose that to you.

And then maybe there's some reason why I think that that particular product is better. You know, we could talk about features and benefits and comp ratings and those kinds of things. But under suitability standard, I would not have to disclose that to you under the fiduciary standard, I would. And you might say, listen, company A and B, look at the pros and cons.

And this company A, there actually are more pros and cons, but I have to, I mean, more pros than cons, but I have to tell you that I get a slight benefit if you choose this one. But I really look in it right here, black and white on paper. It really is the better choice, but you have to know. So I think that that really is that extra deeper layer of transparency. Absolutely. Absolutely. And one other little example, if you, you came to me and say, hey, Melissa, you know, I'm looking for a tax advisor. I need a good CPA.

Same scenario. I could give you a couple of names of CPAs that I've worked with. But what if the first, you know, I give you the name of a person who I don't tell you is my living boyfriend. And so when you're paying them, that money is also coming into my household. As a fiduciary, that would also be something that I would need to disclose. I could say, hey, here's three, full transparency, this particular person, you know, we're dating. We live together. you know, again, that whole mitigating conflicts of interest and being transparent and putting your best interest first, that's what the fiduciary standard is all about. Wow. Yeah, that's huge. You know, and I know you talk a lot about taking care of women and going deeper than just making sure they understand longevity and the things we've talked about.

But you talk about sometimes women have a fear of judgment in working with a financial planner. Tell us a little bit more about that. Yeah, you know, I mentioned earlier about how people, you know, really keep their finances very close to the vest. I find this to be more so with women either because if they've been married and maybe the husband was the banker, they're not as comfortable talking about financial topics. I even have a client right now whose husband is in the financial services industry. But when she's speaking with him, he keeps the husband hat on. He doesn't put the advisor hat on. So she feels like he can't really. She can't really get the information that she needs. And so, you know, women want to be able to come and say, you know, here's what I have. There's no judgment. Okay, you know, you may have made some mistakes in the past, but hey, let's pick up where you are and let's, you know, let's move forward.

So I think it's really important, you know, finding, you know, that right planner, someone that's going to listen more than they speak, someone who, you know, understands their personal stories, someone who can create a collaborative atmosphere where women can. overcome these fears and remembering that financial planning is a partnership and it's aimed at achieving their best outcome, not critiquing their past mistakes. Yeah, and I think that it just sounds to me like you have become a life coach of sorts, a cheerleader of sorts. You know, yeah, we need to have wonderful financial topics, but that's like whatever, anyone else that's a financial planner will do. You need to have good financial knowledge.

but when you bring it all together with that holistic, comprehensive approach of taking care of that person as a person, that's a huge benefit because people can tell that. They can tell if you're just looking at them like another number to, you know, add to their numbers on the roster. But if someone is feeling like you're really listening to them and making recommendations based on how you care for them, that's a game changer. I agree. You know, behavioral finance has also become a bit part of the financial planning process. and it really fascinates me. And it's more, it's not really just about the numbers. It really is, like you said, it's about caring about the person.

It's about looking at their behaviors and why they have those behaviors. You know, very often when we look at how people manage their money, a lot of it has to do with, you know, how they grew up, what they observed in their households, even as adults, what they observe with their neighbors, with their friends. You know, that's not lost on, you know, how people handle their own money. You know, there are influences everywhere, right? Let's just talk about the internet. So it's important that someone can really dial in and let it not be about them just being a client with a number. But, you know, caring about that company, about that family, caring about that person and really providing customized advice that's going to really help them elevate them and their families into the future and to make sure that their retirement is secure. And ultimately, they just want to retire with confidence.

Yep. Well, I'll tell you, Melissa, that's been really great hearing just some of those thoughts and processes and how you care for your clients. If someone is interested in learning a little bit more about you and seeing how you can care for them and give some good advice, what's the best way that they can learn more and also reach out and connect with you. The best way would be to go to my website, which is Invest Her, H-E-R, fiduciary Solutions.com. And once they are on my website, they actually can create, they can click a link, access. my calendar, and they can book a free 30-minute Zoom with me. I'd love to meet. Excellent. Well, thank you so much for coming on today. It's been a real pleasure chatting with you. Fantastic, Mike. Thank you for having me. You've been listening to Influential Entrepreneurs with Mike Saunders. To learn more about the

resources mentioned on today's show or listen to past episodes, visit www. www.influential Entrepreneurs Radio.com.