Calvin F. Williams Jr is Using His Business to Close the Wealth Gap

ALEX PERRY

ALEX PERRY

Associate Editor

From creating investment management strategies to expanding financial education, Calvin F. Williams Jr. runs his business with one clear goal in mind: to close the racial wealth gap. Since age 12 when he first started his own lawn care service, he understood the value of building wealth, yet he also understood that many people lack the financial resources to do that. 

Williams is the owner of FreemanCapital, the first Black-owned automated wealth management platform for retail customers that’s registered with the U.S. Securities and Exchange Commission (SEC). In 2021, Williams was named part of Investment News’ 40 Under 40, where he noted that after college, he couldn’t find a financial adviser because he “didn’t have a million bucks.” His fintech helps people of color achieve financial wellness – people who are often overlooked.

“We have Hispanic, Asian, white and Black … but we wanted to focus on the group that happened to be the fastest-growing in terms of income percentage, but has the least focus on them from financial services,” said Williams. When it comes to targeting people of color, Williams notes that most financial services fall short, “even though [minorities] will become the majority of the US population.”

According to the Journal of Economics, Race, and Policy (2021), “The racial wealth gap also means that the median wealth of a white family is 10 times the [median] wealth of a Black family.” Sara Kamali, author of Homegrown Hate: Why White Nationalists and Militant Islamists Are Waging War against the United States also stated that “Black Americans can expect to earn up to $1 million less than white Americans over their lifetime.” 

Freeman Capital offers its clients personalized plans that are part of a 3-step process to build wealth, including tackling the emotional relationship to money and looking at the total financial planning journey. Williams said that once clients consider factors like cash flow, investing, 401(k), and estate planning, this can lead to building wealth over time. According to Williams, by “ … giving folks the three steps that they can complete at a time, that would result in their net worth going up each month.”

Even for those who aren’t clients, The fintech’s site also features Money Mondays, a weekly look at the stock market’s performance for that week, along with insights and tips. 

Despite Freeman Capital’s efforts, when asked if the wealth gap will ultimately close, Williams said that this is a multifold problem and calls on the government and community programs to help provide much-needed resources to underserved communities.

“Some of it has to be changed within society…[like how minorities] are being paid … there’s [also] a gender pay gap [and] a racial pay gap. All of those things have to be tweaked, but we’re trying to do our part so that with the money and funds that you do have, how can we help you get in a better position this month versus last month?” Williams said. “And by doing that work, we can help close the wealth gap for each of our customers, and then hopefully make an impact across this whole nation.”

Freeman Capital is planning to kick off Black History Month with plenty of specials and promos, and encourages people to stay tuned for upcoming events.

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