Weekly Report 3-25

Legacy Visions Wealth Management, LLC

Changing the Statistics & Helping Community Build Generational

By d-mars.com News Provider

Are you financially healthy? Here are some questions to help you determine whether or not you’re financially secure. Do you pay bills on time? Do you have credit card debt, and if so, how much? Do you have an emergency fund? While some answer these questions with a confident yes, for others, it makes them cringe.

According to the Pew Research Center’s recent survey, most Black adults say their household finances meet basic needs with either a little or a lot left over for extras, even during economic disruptions due to COVID-19. Fewer than half of Black adults say they have an emergency fund, and some have taken multiple jobs to make ends meet. The survey also finds that Black Americans typically experience higher levels of economic insecurity than Americans overall. This insecurity has worsened during the pandemic amid health and financial challenges, which include a relatively high unemployment rate for Black workers.

So, where are you when it comes to financial security? If you answered no, then it’s time to get to work so you can create a strong financial future for yourself and the generations to come after you. And if you answered yes, then great, but don’t get comfortable, as there is always room for improvement. Many African Americans are making money and are entrepreneurs and business owners, but the question still remains, “What do I do with the money to build generational wealth?”

We hear much talk about generational wealth from financial experts, but do you believe you can really achieve it?

Lawrence G. Hodges III is a Wealth Management Certified Professional® and Founder and CEO of Legacy Visions Wealth Management, LLC who says, “Creating generational wealth is a very real possibility for those who commit to being disciplined and intentional about how they manage their financial resources. Having a financial plan that embodies your goals and values plays a critical role in finding the ideal balance between enjoying the fruits of your labor during your lifetime and leaving a legacy for future generations. Having a plan can transform an inheritance into a lasting legacy.”

For almost two decades Lawrence has been in the finance industry. Working as a bank teller at Fifth Third Bank while attending the University of Toledo, Lawrence’s interest in the finance industry was peeked, also elevating his understanding of personal finances. “Working as a bank teller inspired me to seek a career in financial services. I observed how the bank’s financial advisors were able to help people build generational wealth. That experience led to me changing my major from computer science engineering to financial services,” Lawrence says.

Upon graduation in 2008, Lawrence pursued a career as a financial advisor with Edward Jones in Toledo, Ohio. “It was a tough time to try and build a business from the ground up, especially in an area that was so severely impacted by the economic conditions at that time. I decided that I needed to be in a market with a healthier economy and a larger, more diverse population in order to build a strong foundation and thrive as an advisor just getting into the business,” says Lawrence.

Making the move to Houston in 2010, he continued to move up the ranks in the finance world as Vice President of Investments and Private Client Advisor for JPMorgan Chase. In this role, he provided goal-based financial planning and investment management services to affluent families in Houston’s Greater Third Ward and Clear Lake. With almost two decades of expertise and a respected track record as a finance expert, in 2021 he founded his firm Legacy Visions Wealth Management, LLC.

Legacy Visions Wealth Management is a full-service financial firm helping clients pursue financial independence, a successful retirement, and a lasting legacy. Through his wealth management firm, Lawrence focuses on you and the unique set of financial circumstances that you and your family face, as he knows that every client’s financial situa-

tion is different. Because he takes the time to understand your personal needs, your financial plan is not cookie-cutter, but a customized wealth management strategy aligned with your short-term and long-term goals and objectives.

Lawrence is committed to serving our community in the area of improving our finances, guiding us to take the necessary steps that can enable us to achieve our short-term and long-term financial goals. He says, “I am passionate about making a positive impact in the lives of my clients and the communities that I serve. What I do through my firm is more than just helping people invest their money. It’s about serving a purpose to help my clients pursue financial freedom and to help them define their vision of the legacy they want to leave for their family and future generations.”

LLC

Helping Our Generational Wealth

setup varies by complexity and the cost can be paid in installments to better fit your budget. Clients who do not desire a comprehensive financial plan have the option to choose a specific area of their finances that they would like advice on for an hourly consulting fee. To get started, all you have to do is visit my website and schedule a complimentary consultation. I’m happy to answer any questions you have so you are comfortable before you start your path to financial freedom.

D-MARS: How do we know we can trust you as our financial advisor?

Other races and cultures have been very intentional about having multigenerational wealth. I want to help us save and invest with the same purpose. Having a plan and being disciplined enough to execute the plan are critical steps to achieving financial success. The sooner you start being intentional about making wise investments, the greater your opportunity is to build significant wealth. I’m here to help you take the steps necessary to achieve your financial goals and build wealth that can last for generations.”

—Lawrence G. Hodges III, Founder and CEO of Legacy Visions Wealth Management, LLC

Q&A With Lawrence G. Hodges III, WMPC® the founder and CEO of Legacy Visions Wealth Management, LLC:

D-MARS: Who is your clientele?

LVWM: My clientele is multicultural as well as multigenerational, with the majority being African American families. Many of my clients are either nearing retirement or have already retired and have hired me to manage their retirement investments and guide them as they live out their goals with the confidence that they won’t outlive their money.

I also work with many entrepreneurs and young professionals who are seeking a customized financial roadmap that illustrates how to efficiently build wealth, make informed financial decisions, and pursue their short-term and long-term goals in their desired timeframe. In order to make my financial planning services more accessible, there is no requirement to utilize our investment management services to be a client. Therefore, the financial plan does not center around how much you have available to invest today but rather revolves entirely around investment planning, tax planning, and protection planning that you can begin today to maximize your financial situation as your life evolves. The cost of the plan

LVWM: With 14 years of experience in guiding clients through their unique financial journeys and managing millions of dollars of clients’ wealth, I pride myself on serving every client with integrity and maintaining a standard of care that puts clients’ best interests at the forefront of every recommendation. I am an Investment Advisor Representative with licenses including Series 7, Series 66 (Held at LPL Financial), and Group 1 (Life, Health, and Variable Insurance). In addition to my securities and insurance licenses, my bachelor’s degree is in Financial Services with a minor in Business Law from the University of Toledo. I also hold a Wealth Management Certified Professional® (WMCP) designation from the American College of Financial Services. I encourage potential clients to visit Brokercheck.finra.org to research my professional background which confirms that I have a clean professional record. The site is a credible online resource that gives you a snapshot of a broker’s employment history, investment-related licensing information, arbitrations, and complaints. My firm is supported by the resources of LPL Financial, which is the nation’s largest independent broker/ dealer.* My relationship with LPL Financial provides my firm with a robust mix of services, including compliance services. Therefore, my recommendations are supervised by LPL Financials’ compliance department rather than someone in-house. Because LPL Financial has no proprietary products to sell, I have the freedom to offer thoughtful guidance and investment recommendations without being held to company quotas or pressure to recommend a particular product over another.

Over the years, I’ve observed that trust is a major factor in why many African Americans are hesitant about working with a financial professional. For years, our society has fostered myths that talking about money is taboo and that we should not discuss our finances with others. It can be difficult to trust someone else to manage your hard-earned money. For many, the perception of the stock market being highly risky has led to apprehension or outright avoidance of investing in the market, even with a professional involved. It can also be uncomfortable to share personal financial information with a third party. Reluctance can play a major factor because being transparent about our finances can bring to light that we may not be as aware of our current financial situation or we are not where we feel we should be. I’m a firm believer that transparent, shame-free conversations about money are one of the first steps in gaining financial freedom. That is one of the most critical steps in the process. I cannot effectively help you get to where you want to be if I don’t first have a clear understanding of where you are financially today. Working with me, you can trust that your information will be kept confidential and that this is a trusted space where clients feel no judgment. My clients are like family to me.

I pray for the progress and well-being of my clients and that my services make a positive impact on their lives. The Lord has truly blessed me to be in a position that allows me to provide for my family by helping others, and I’m thankful for those who make the decision to give me the opportunity to earn their trust.

D-MARS: What are your short- and long-term goals for the firm?

LVWM: Currently, I’m focused on establishing relationships with families, business owners, and organizations in our community that are seeking guidance and education on investing and/or financial planning. Going into next year, my focus will be on expanding my team locally. I am also looking to establish relationships with Texas Southern University, the University of Houston, and other local colleges to offer internships for minority students who are interested in pursuing a career as a financial advisor. One of my long-term goals is to expand the firm’s footprint nationwide. Houston, Texas, is just the beginning.

D-MARS: Any community involvement you want to mention?

LVWM: Prior to establishing LVWM, I served as president of the Financial Empowerment Ministry at Wheeler Avenue Baptist Church. I am still an active member today. I am also a member of Alpha Phi Alpha Fraternity, Incorporated.

D-MARS: What is the best advice you have received or heard when it comes to money?

LVWM: One of my favorite mantras when it comes to money is a quote from American businessman and author Robert T. Kiyosaki. He said, “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” That is my mindset when it comes to managing my money and helping my clients manage theirs. We should be more intentional about building generational wealth. One of my favorite mantras when it comes to money is a quote from American businessman and author Robert T. Kiyosaki. He said, “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” That is my mindset when it comes to managing my money and helping my clients manage theirs. We should be more intentional about building generational wealth.