You got

Stoy Hall, CFP®:
0:11

me. Here we go. Another episode of the Black CFP series with the me, the Miss, the wonderful Lazetta Braxton. I cannot wait for everyone to know who you are. Obviously a lot of us do anyway but it's a very huge highlight to have you on the show as well. And for those that are new and in listening to this, I'm Stoy Hall, your. Co-host. Technically we have multiple series and I own Black Mammoth, but I really run this podcast to be loud for our industry, not only obviously for black CFPs and minorities, but for others so that they can understand that this industry. Anyone can be a part of whether it's working right as an advisor or two as I, we believe, I know you do too, that every person needs financial planning. It is vitally important whether it's full boat or just a little bit. And so that's what we're here to highlight. So welcome to the show.

Lazetta Rainey Braxton, CFP®:
1:06

Thank you Stoy. I appreciate you amplifying the work of all of us in financial services and specifically financial planning, cuz financial planning absolutely has my heart.

Stoy Hall, CFP®:
1:19

Yeah, absolutely. I love that. So let's get into it. Let's talk about your firm now. It's funny you, obviously I'll let you talk about you joining in 2020, but also that's when I technically launched Black Mammoth. So we're doing two big things in the middle of the pandemic as well. Talk us through, that, how that partnership came about, what you guys are about and how the ride's been for, two and a half, three years

Lazetta Rainey Braxton, CFP®:
1:40

now. Absolutely. So I'll start in 2008. Actually, that's when I founded Financial Fountains, R I a, dedicated to serving the mass affluent, which still at the time in 2008, we know the market was crumbling with the housing bubble. And we also know that financial planning was still what is financial planning and is it for the rest of us, meaning the 99%? So as a part of my journey in being married at the time, my young mom, we made a lot of moves. So at the time, people were accustomed to having financial planners who were right up the street, So fast forward to 2020. I had the opportunity even before 2020 to meet Rianka Dorson who had started her firm your Greatest contributions some years prior. And we had been masterminding and we're like, we're doing the same thing, so why don't we join forces? And we did just that in 2020, February, 2020 when it became official. We had started in 2019 kind of aligning our practices and moving in that direction and it's been a great ride. One of the things we realized is that a lot of people a lot of institutions do not have co CEOs. You gotta pause on that. Yep. You sure do. right? Because it's so easy being the head honcho, right? Just making the decisions, everything funnel up to the top. And it's been wonderful to see our partnership and that's what you hear in our name, 2050 Wealth Partners. It starts at home and for. In terms of depar, the partnership that we have it's an experiment because there aren't other models out there at all in terms of co-CEOs, and it's been great. We're a team of four now. The name 2050. By the year 2050, the US will be a racial mosaic. We want wealth to transfer along with. Wealth. We believe in the holistic aspect of wealth. That's mental health. That's spiritual health and wealth. That's financial wealth. And that's ingrained in our culture as well too. And partners. We are all partners on this journey together. we're living into our name. We're having fun with it. We're going deep, we're going hard, we're going fast, but it's.

Stoy Hall, CFP®:
3:59

There you go. I love it. I love it too, because you're right, one, you're doing something unique. Co CEOs, that's not a, that's not a thing, right? CEOs want to be the one making the decisions and running with it. So that's tremendous one in itself. But your whole purpose and mission of providing and having the ability for others, anyone really to have true advice and planning Really difficult, right? That's a difficult vision to achieve in today's society. From, education standpoint, I just had romi pick, pick, run on about student loans and whatnot. So we talked about our education system, but also just the taboo of money. I talked about this a lot too, is. A lot of people don't talk about their money with everyone, right? That is not the thing to discuss with friends, family, in a matter, anyone. However, we'll talk about, the last thing that happened to us medically or the last time we had to deal with our attorney, or, whatever. Those are open. However, money is not. So that's gonna be my first question to you is how do we start to transition, and I know we're all doing it, but transition the mindset of our society to being open and having money not be so top taboo.

Lazetta Rainey Braxton, CFP®:
5:12

The interesting thing about what we do as financial planners is that. People give money to us to talk about money, right? So you got people who are accustomed to protecting their own money, feeling like they don't have enough money of it. Having that fear, obligation, guilt, shame, the fogs around money, right? And then trusting us enough with their money. and their money being used not just for investments, but for advice, which may or may not feel tangible. So let me take a step back. In terms of answering your question, and we're doing this through financial planning, is that I would say probably about 85% of our clients never worked with a financial planner before. Meaning they never paid anybody on a consistent basis. That's not transactional. year by year to talk about my, so they're immediately trusting us for a line item that they don't get anything per se, tangible from it, right? Cuz we're not just looking at investments and returns, we're looking at holistic. So that's a lot of trust we're doing By them extending the trust and us having the conversation, seeing them, meeting them where they are, that empowers them to feel good about their money and then, We are seeing them become financial planning evangelists for other people saying, you need a financial planner, you need to talk about your money. So that's how we are empowering people to have the conversation about money is creating that safe space to say bring all that. Fogs the fear, obligation, guilt, shame to the table. Put it on the table. Cause that's not your destiny. Everybody feels it. This is safe space to hash it out so that we can rise above and see what you really wanna do with your money, right? Based on who you

Stoy Hall, CFP®:
6:59

And when you have those conversations, especially cuz 85% have never been through this situation, how much trauma from their childhood or baggage comes up. I was on obviously on Twitter a lot and I had discussed how black men has a service called v i p service v i p day where it's five and a half hours. And I was talking about, yeah, we do the financial planning part, but that's like the easy. Part, the hard part is the trauma and the emotions that come out of it. Do you have any stories or talk through, things that you speak about and then that raw emotion comes out and where they go from feeling it to then when it's after they that it's like

Lazetta Rainey Braxton, CFP®:
7:35

lightened. yes. It starts with you. Meaning you as a service provider, you gotta do the work. You haven't seen my hashtag doing the work, and that is dealing with your own trauma, whether it's money, trauma, or any kind of trauma, cuz trauma ends up showing up and how you spend your money or not spend it. Cuz I've seen people who are afraid to spend money as well too. So in order for us to practice what we preach, we need to have the resources and oftentimes it's therapy. And for black communities I can say that was not a strong point. Now I'm emphasizing do the work with someone who is trained to help with the mind There are some people who are trained to help with the mind and the money. A lot of us are trained with help'em with the money to loosen up the soil. To say that alliance partner that is a estate planner, that is, attorney that is a CPA that also needs to be a, the. As well too in terms of the table, our second meeting. In meeting with our clients, we go, welcome to discovery meeting. We ask, what's your first memory of money? What are you most proud about? What do you wish you had done differently? That's our second meeting. To get these things on the table, to hear what the trauma is so that when we come to a situation where someone says, I just work work, and save, and got,$500,000 sitting in. for real. I sitting in catch, but that's why I'm here because I don't know what to do with this money and I've just been trained to set it aside for the rainy day. That's a mindset, right? That we here in the beginning, and so we design the journey, we pivot in the journey of our financial planning process to address or to open up or to continue the conversation about the TRA trauma so they can really be financially free.

Stoy Hall, CFP®:
9:23

Bringing up the journey. We say journey as well. The well journey. We're not gonna create a financial plan and be like, you're good. we talk about this a lot of, as soon as you create a financial plan, it's really already ruined because something happened, right? There's, it has to be a moving ameba type object. And your journey is that your journey will never be over until the day you die. And at that point, it's not your well journey anymore. You've passed that on. I believe that a lot. People need to understand that it's lifelong. This isn't a short term sprint. And because of the definition of, wealth over, over being rich, right? A lot of people think, I'm rich. I'm good, right? I have all this money. I can do whatever I want. Yet you still have that trauma. you're not wealthy. You just have a lot of money and, and a lot of baggage. And if you really want to do that wealth journey, then you gotta hit that on, you gotta take those emotions on and learn from that. So I'm so happy you brought up journey. I try to harp on people to be like, it's not going to be a year your deal. This is gonna take you a long time, especially if you have a lot of trauma to get through. So that's fantastic. So where do you operate out of?

Lazetta Rainey Braxton, CFP®:
10:33

We are a hundred percent virtual. We were before the pandemic happened. One of the things you said early on was about access to financial planning. That's geographic. Access as well too. Who had time to leave their offices? It just bounce right? Dry, be, lunch break and stuff. And so that's been fun for us to have clients across the country and to also have talent. Across the country, right? And particularly currently, we are all a hundred percent female based. Three of us have children, right? If you don't have the commute and you need the flexibility to take yourself or your children to appointments or to soccer practice or whatever the case may be, we want that balance to be incorporated in our own lives. As the employer, the financial planning firm, as well as helping our clients honor that in their lives as well too. So you asked about geographic location. Right now, my family and I, we are in Brooklyn, New York. We'll be moving to Chicago in the summer, and I just love the fact that I can work. Anywhere I want to work. And now that my daughter is graduating and going to college, who knows where you'll see me. podcast if you have me back on Absolutely.

Stoy Hall, CFP®:
11:51

Hey, I love it. You're coming to Chicago. I'm in Des Moines. That's a lot closer. Oh, so we're gonna come up, we're in, get together. But you're right. The greatest thing that happened in the pandemic in our industry, in my opinion, is this kick to virtual, like this really huge push to a virtual. And that's because now clients from wherever should be looking us up, which also puts more pressure on us to do more podcasts, to do more social media, to be out there speaking more so they can see us and get to us cuz we're not spending the time at, local chamber events in dinners and all that. Honestly, sadly, that's really a waste of time if we're getting down to who we're trying to work with, right? Yes. We need to be doing more of this. This is what we, our day is obviously we have to create plans, educate ourselves, research all of that, but. If we're not out there, they can't find us. I think that spin on our industry has been fantastic, and those that can adapt quickly will be the ones that are seen out there. So with that being said, what are you doing what's your firm doing in regards to getting out there and really taking that approach on.

Lazetta Rainey Braxton, CFP®:
12:54

So I'll start with me and pivot to Rihanna. I 2010 sole practitioner at the time was going to conferences. I'm like, where are all the people of color not on the stage, not in the, publications online anywhere. And I said this to a publisher who kicked it back to me saying why don't you write about. Oh, okay. I will as a writer. I'm a financial planner. I got a lot to say, but I was saying it on the sidelines, not in the public sphere. And so my first article was using modern portfolio theory, which says, don't put all your eggs in one basket. So I'm like, the industry shouldn't put all the eggs the basket of white. That started one article, got me out there. So I can't say that I was intentional about getting out there at a time when compliance was like, no, you can't be on social media. You can't have testimonies. You can't do all those other things. Like you can't. You can't. You can't. And so for. Happened for me was my voice about the profession and the profession needing to understand and be exposed to the people that they will be serving was my entree. So that's how I ended up building a digital presence by writing, and then it came to speaking and then using social media as compliance loosened up. And then Rihanna, being on the cover of magazines, right? It was like, wow, like why in the industry? I was like, never imagined myself in this way as a practitioner. And so Rihanna also built up her personal brand. And so when we came together, we were fortunate enough to have our own personal brand that reflected very well our company culture too, and what we're doing for our two. Currently associate financial planners. You were like, who are you? What's your brand? And this is one of the exercises I started with them was your personal existence statement. If you had to summarize your existence, why you're here in one sentence, what would it be? Everybody should have their PS right? Before you even work on you partner another to know who you are. So wherever your voice is showing, Whether it's a podcast, whether it's where you work and what you're writing and whatever, it comes back to you being true to yourself. Don't that the trust that we're looking for from our clients, they see us and what we are all about, right? Which changes the dynamics of how people view financial advisors in general. I just got

Stoy Hall, CFP®:
15:23

the chills. I got goosebumps. I love that. I've been, this is the first year, probably 2023 actually. Probably. Few months into 2022 at the end. I've always been the one kind of what you said, your voice in the background, always speaking on the side. Yeah, we had a podcast but really wasn't, really pushing too hard. That was like the first initial thing always out there speaking and having this voice, but not really wanting to blast it out there my entire career. When I started in 2011, that's when. Getting on LinkedIn was a big thing in our industry and had great relationships, but never utilized it, to get business, just to build relationships. Now I have way too many connections that I don't know any of'em really like it. It's just crazy. But what I'm getting to is being able to be loud and just true to who you are, right? Yes. Not being loud and speaking and doing those things, and just talking to everybody like I do now. That wasn't me. That was, I believe, A shape of society, but also a shape of our industry. I also was in, in 2011 where compliance was a little stricter and we were all scared of certain things and all of those situations, and now we can be really loud, but I got the chills cuz want to hit home very much to me. But that goes across our industry, that goes across just life, right? Just be who you are, be real to yourself. things will happen. Everything will come. It might kick people out of your life too. And that is a hundred percent okay, but it's gonna bring those strong attractions in. And that's a very powerful statement. So I

Lazetta Rainey Braxton, CFP®:
16:57

appreciate that, appreciate you and being able to share right, these gyms that we're building with our firms and the next generations and having a way for it to have a broader

Stoy Hall, CFP®:
17:10

reach. Absolutely, and we don't have to have PhDs and all that. That's always was my thing. Like I'm not a writer. I don't have a PhD. I haven't gone to school for 16 years. That's not me, but I know what I'm talking about. I know what's, I know the facts. I know how to present them. I know people's experience. That's tough for a lot of people to get over is that you are qualified.

Lazetta Rainey Braxton, CFP®:
17:31

You won't. And you said that you're not a writer. That's what happened when I got, when they said, okay, write about it. So I'm not gonna let you get away with saying that you are not. I'm gonna let you say I'm not writing right now. All right?

Stoy Hall, CFP®:
17:42

I'm not writing right now. How about that? Here we go,

Lazetta Rainey Braxton, CFP®:
17:45

And you might not write in the future, you gotta keep things

Stoy Hall, CFP®:
17:48

open. Yeah, I hear you. I hear you on that. Alright, so let's talk about the Facebook. and why, and that seems like a lot of work to me. But why and the purpose

Lazetta Rainey Braxton, CFP®:
18:00

behind it. Okay, so we've been quiet and I'm gonna let you be public on this one, Okay. All right. This is part of the quiet. And this has been intentional and this is what I'm gonna share about it. So in August of 2020 after the George Floyd situation I felt like I needed more from the industry as a black female C F P, and I could say more because I had tested a whole lot of avenues and outlets and volunteerism and saying something is still missing, not speaking to us. So I started a Facebook group for us. for us. At any time I saw on LinkedIn, speaking of LinkedIn anybody who looked black and had cfp, I invited them. that's true. And I'm like, whether you identify not you look like it. So just good. Bear with me on this. And the whole idea was just creating a safe space with no requirements. No requirements just for us to be and to get to know one another. No sponsorship, no recruiting, no. All the other things that people want something from us. And I wanna, I want us to know one another and trust one another. Get to know one another. Be Unified together. And so now we're up to over 200 members. Of what I'm calling the black asset group. Secure the bag. Secure the bag, go. And it's been wonderful for us, everybody to figure out their voice and share what's important. We've had some town halls, some family meetings, some sessions, you together intimately to say, who are we? Before we say to the public, this is who we are and this is what we need. But the goal is to love up on one another as family for real and bring economics to us. That's real. It is. That's very, so if anybody's listening to this, no. If you're not a black c f P, you won't get in. That's intentional. Stay tuned. We are playing the seeds about how we're gonna come out the way we want to together and. One of the things, I want us to own it. There's so many things in terms of my A type that I just, built and did, and it was like TTA la and it's like this is us, this is us and I'm excited about us.

Stoy Hall, CFP®:
20:30

Absolutely. Amen. I am too. And I need to do a lot more, so I'll put that on me out there to the public. I gotta get more involved. Been a little busy, but we're good. Those are excuses. This leads to the question that everyone who first comes on the podcast, I always ask, and there's actually two of'em. But this one first cuz it's gonna deal a little bit with Facebook group and the mindset behind that. Why in our industry collectively, Do you not see more partnerships? And I don't mean necessarily like you're in around cuz like partnership like that, but why are we not working more together? There is way too many clients out there that we couldn't even touch if we wanted to. We don't all have expertise. Why are we not coming together more to collectively help the end result with the.

Lazetta Rainey Braxton, CFP®:
21:16

And I, yeah, we can bring in the conversation with Rihanna cuz she wanted to partner. I was like, no, I can't because I felt guilt and shame about where I'm supposed to be and what needs to happen. The beauty of what I saw with Rihanna is that she was a part of a mastermind. They showed each other how to be vulnerable, how to raise their businesses together, which I saw with other counterparts in the industry, but not for black advisors. We didn't have that concept. Of working together to build together, and that's an abundant mindset versus a scarcity mindset and that scarcity mindset. It needs a dissertation on it in terms of the black community and what we inherited and why not. Wrong right? We don't have time for that today, but it's something in the back of my mind, so I even resisted. Partnership and I had to work through my trauma and I had to work through my fear, obligation, guilt and shame and all of that to come together. And so that's why we are working hard, Rihanna and I cuz it's just like any other marriage covenant, right? Too, right? Negotiating on the same page, same accord, same direction. Is that our hope is that we're model. That, that it is possible and that we're seeing with these other firms that have come together and build and merge and acquisition, and everybody wins. But you gotta do the work, you gotta do the healing work. I had to do that before I partnered, and as I was partnering, she's doing it now and our team is doing it right, so it's sustainable and it attracts the money that we deserve, and times that we

Stoy Hall, CFP®:
22:46

deserve. That's a big one right there. So

Lazetta Rainey Braxton, CFP®:
22:48

I have hope. I have hope with our group. I have hope with these conversations. I have hope for the right partners who don't want to pimp us out. if I'm gonna be honest. Absolutely. To take what we have and make it their own. No, it's ours first we're, we are being caring for each other. And the best is absolutely yet to come.

Stoy Hall, CFP®:
23:08

Absolutely. Now you said 1230 Hard stop. Yes. All right. Then let's wrap it up. We're gonna get her back on. Hey, ladies and Jens, this isn't done. This isn't done. We could have, we could be speaking for hours. Yes, but definitely appreciate your time. I know you're busy and have a lot going

Lazetta Rainey Braxton, CFP®:
23:23

on and that's another thing we gonna say. We are gonna toss away the busyness. We are intentional. There you go. Based on the season for which we find ourselves in. All right.

Stoy Hall, CFP®:
23:35

I love that. I'm gonna steal that one. I'm gonna have to replay that one a few times. For myself. But like al like always share, subscribe, hit us up, go do your research, we'll tag her and all the things that we do with social. But we'll definitely have Ms. Braxton back on cuz she's amazing. And for those black CFPs out there. Come talk, come chat, come be a part of our family. We're here for you.

Lazetta Rainey Braxton, CFP®:
23:58

Yes. So black CFPs. Just find me out. If you're not in this group that I'm talking about, this Facebook group as it stands now, reach out to me sto we can welcome you in. Would love to. Absolutely.

Stoy Hall, CFP®:
24:10

You have a great day. We'll be chatting soon.

Lazetta Rainey Braxton, CFP®:
24:12

Appreciate you. Yeah. The proceeding program was sponsored by Black Mammoth. Any awards, rankings, or recognition by unaffiliated third parties or publications are in no way indicative of the advisors future performance or any individual client's investment success. No award ranking or recognition should be construed as a current or past endorsement of black mammoth. Information regarding specific awards, rankings, or recognitions is available on the Black Mammoth website, www.black mammoth.com. All investment strategies have the potential for profit or laws. Investment strategies such as asset allocation, diversification, or rebalancing do not assure or guarantee better performance and cannot eliminate the risk of investment losses. There are no guarantees that a portfolio employing these or any other strategy will outperform a portfolio that does not engage in such strateg. This broadcast should not be construed by any client or prospective client as a solicitation to affect or attempt to affect transactions and securities or the rendering of personalized investment advice due to various factors including changing market conditions. The information discussed in this broadcast may no longer be reflective of current positions or recommendations. While information presented is believed to be factual and up to date, black mammoth, do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. The tax and the state planning information discussed is general in nature and is provided for informational purposes only and should not be construed as legal or tax advice. Listeners should consult an attorney or tax professional regarding their specific legal or tax situation. Past performance is not indicative of future results.