Financial

Freeman Capital Financial Planning for Underserved Communities

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

There has been much talk about the racial wealth gap in Black, Hispanic, and other communities. Unfortunately, much less has been done in the way of actionable steps to close this gap. For one thing, many financial advisors have financial minimum requirements that don’t serve the communities most impacted by the racial wealth gap.

Calvin Williams Jr. formed Freeman Capital Advisors, with the goal of making financial planning accessible to underserved communities of color.

“People who have access to a financial planner have double the wealth of those who don’t,” said Williams. His parents didn’t grow up with access to a financial advisor, limiting their wealth building potential.

Freeman Capital financial services

Freeman Capital re-imagined financial planning for the underserved so they can start their journey to close the wealth gap and build their wealth, taking into account socio-economic concerns. The goal is to build trust and access within the communities; Freeman financial planners are people (and women) of color.

Freeman Capital works as a monthly subscription service. Clients pick the plan that meets their needs. The initial 30-minute consultation is free and explains how it works before you pay anything. There are no restrictions or minimum financial requirements for clients. 

The monthly subscription service for financial planning costs $15 to $250 a month, with most customers paying between $15 and $65 per month. 

Clients can chat or email with a financial planner and get a personalized action per month. Depending on the plan they choose, clients can also have a monthly meeting with a financial planner.

The service is available nationwide and Saturdays are included. 

Closing the racial wealth gap with life insurance

Williams said that part of closing the racial wealth gap is taking steps so that the next generation will be better off than you, and having life insurance as part of your portfolio can accomplish that.

He noted that dealing with the death of a loved one is already a sad moment — you don’t want finances to make it worse, trying to figure out how to bury family or handle the estate.

Freeman Capital offers both term life and permanent life insurance products. It’s non-exclusive, looking at different insurance carriers to see what’s best for the client’s needs. From there, it develops recommendations to empower clients to make the best decision. Clients do not have to stay with Freeman Capital; the goal is easy access to financial planning suited to the individual client’s financial budget and goals.

Freeman Capital emphasizes the importance of life insurance to empower underserved communities, as it can allow them to pass on wealth, not debt, to the next generation

Permanent life insurance isn’t just a death benefit. It’s for legacy planning and income replacement — in other words, financial wealth during your life. You can add riders to permanent life insurance for additional coverage, including chronic illness and long-term care. There are also potential tax advantages to permanent life insurance’s cash value after you cover the baseline goals of debt reduction and retirement.

Your life insurance needs change as you age, and you’ll need to consider children, marriage, divorce, retirement, and caring for aging parents. To maximize the benefits of life insurance, it’s wise to include a financial advisor, accountant, and estates attorney in your decision-making process to ensure you have proper coverage that adapts as your life changes.