Today we’d like to introduce you to Michael Watson.
Michael, before we jump into specific questions about the business, why don’t you give us some details about you and your story.
I began my financial career as a personal banker at investment banks and financial services companies, ranking at the top of my company consistently each quarter. As a personal banker, I learned there is a wealth gap in America and it can be directly attributed to knowledge of financial education or lack thereof. I have seen other cultures come into the bank that had assets diversified in several accounts and were willing to share information on what they did to build wealth with their families. For example, I had a client come into the bank with his 18 year old son to open a credit card to use for necessities, such as groceries and gas. The son came back into the bank four years later with a high credit score and was able to apply for a home mortgage and was approved on the spot. This was one of the moments that brought me to the realization that other cultures pass on generational wealth through financial knowledge. Throughout my career, I have found that my culture tends to lack financial education, I took it upon myself to provide the best financial advice to others in my culture to pass on for generations to come.
I left the banking industry and corporate America to join Northwestern Mutual as a financial advisor. Here they allow me to build my planning practice my way, where I base my planning on education. We see many other cultures that have financial advisors that are passed down from generation to generation in their families. This is because the first person in their family took the step to seek out someone who understands how money works. I studied for almost a year to obtain my investment and insurance licenses, priding myself on continuous education so I can be that person for families. My goal is to educate our families so we will be in the position to provide generational wealth for our grandchildren’s kids.
Great, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
The struggles are ongoing. There are many people who feel they do not need to be educated and those that don’t always stick to their commitments. We live in a world of material things and as African Americans, we are systematically marketed to, to obtain these material items that provide no return on investment. As an advisor, we have to teach people to overcome that negative mindset.
When I started this business, I left the banking industry with nothing. I had to start from ground zero, getting paid commission only. There have been months I didn’t get a paycheck or times when people have committed but changed their minds. I’m not quitting though. I have a goal to educate and that’s what I’m going to do.
Please tell us about your business.
Watson Wealth Planning specializes in comprehensive financial planning. This includes structuring plans around your goals, to strategically pay down debt and address risk management with a focus on wealth accumulation. Our practice is backed by the strength of Northwestern Mutual – a Fortune 500 company, the largest direct provider of individual life insurance in the U.S.[1], and a Top 5 independent investment broker-dealer.[2]
I am most proud of the relationships I’ve built and the education I’ve provided to my clients. A lot of clients have told me financial planning had been on their mind they just didn’t know who to talk to or what steps to take.
What sets my practice apart is the passion I have for education, which is a result of the path I took to get here. The financial industry is heavily denominated by other races. According to a study by Forbes magazine, Less than 3.5% of all the 80,000 Certified Financial Planners (CFPs) in the United States are black or Latino3 so I tend to stand out in a crowd.
What moment in your career do you look back most fondly on?
Obtaining over 50 new clients from word of mouth, after starting with absolutely zero in my first year and achieving the Second 60 Award, an award that only 8% of new advisors achieve in their first year.
Contact Info:
- Address: 400 Interstate N Pkwy
Ste. 600 Platinum Towers
Atlanta, GA 30339 - Website: www.michaelwatson.nm.com
- Phone: 470-869-1899
- Email: michael.watson@nm.com
- Instagram: @mrmichaeldwatson
- Facebook: www.facebook.com/MWatsonNM
- Twitter: https://twitter.com/MichaelWatsonII
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