Tremaine Wills worked for PNC Investments straight out of college but found that the company “was very much widget-based.”
“There were products we had to sell, and it didn’t give me space to build the relationships with clients that I wanted to,” she explained.
So, in 2014, Wills left to start her own company. Mind Over Money helps Black women create financial roadmaps to guide them towards their ultimate financial goals. Originally created as a financial consulting and coaching business, Mind Over Money became an RIA in March 2020.
Wills focuses on helping “Black women entrepreneurs who are already making six figures annually get a clear plan around their personal finances and aiding them in creating structures around their businesses.”
“If you don’t have that clear delineation on where finances are going when you’re starting a business, it creates uncertainty,” Wills told ETF Trends.
For Wills, helping Black women find a pathway towards their financial goals is paramount because of the “massive wealth gap” in America.
In addition to the country’s wealth gap, Black women entrepreneurs also face several challenges. Data from Crunchbase show that the percentage of venture capital that went to startups with all-female founders dropped to 2.4% in 2020. Plus, certain opportunities such as SBA loans can be out of reach if one’s financial affairs aren’t in order.
“It’s important for me to take advantage of what I’ve learned as an entrepreneur to help [my clients] with a plan,” Wills said.
Wills confided that seeing the stress leave her clients’ bodies when they realize they’re on the right path financially or that they’ll be able to retire in 10 or 15 years is one of the biggest joys that come with the job.
“Seeing that relief, that feeling of, ‘Okay, I’m not doing everything wrong,’ brings the most joy because I see the stress leave their bodies,” she said. “To see them not be worried about their finances and question if they’ll ever be able to retire.”
Since Mind Over Money became an RIA right when the coronavirus pandemic began, Wills noted that running a business while working remotely has helped in many ways. For one, she can reach a wider client base outside of her home state of Virginia. For another, she doesn’t have to maintain an office, which keeps overhead down. All told, working remotely makes it easier for Wills to meet with clients.
“These things allow me to bring value to clients,” Wills said, adding that “not having to fight traffic makes things easier.”
As someone who’s conscious about saving her clients money and giving them exposure to many different investment options, Wills loves ETFs. Among her favorites are the SPDR Portfolio S&P 500 Growth ETF (SPYG) and the Invesco QQQ Trust (QQQ). Since many of her clients are younger, Wills notes that “they’re often leaning more towards aggressive ETFs,” such as the iShares Core S&P Small-Cap ETF (NYSE: IJR) and the Vanguard FTSE Developed Markets ETF (VEA). She’s also starting to dive more into oil and gas funds like the SPDR S&P Oil & Gas Exploration & Production ETF (NYSEArca: XOP).
“I really want to help move the needle on the wealth gap. I want younger, woman of color advisors. I hope I inspire other young women of color to come into the industry and be excited about the industry,” Wills said. “So, I’m really excited about that.”
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