ORLANDO, Fla. – This week on “Black Men Sundays,” host Corie Murray interviews Jude Wilson, the Chief Wealth Strategist at Centrus Financial Strategies.
Wilson has an impressive educational background with two bachelor’s degrees — one in marketing, and one in finance from Florida State University — as well as a master’s degree in business administration from Rollins College.
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Wilson spoke with Murray about the steps one should take when selecting a financial advisor.
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“You want to look for someone who is actually providing comprehensive financial advice, looking at all aspects of your life,” Wilson said. “If the first thing someone says to you is ‘You would be a good candidate for a life insurance policy. We want to make you rich through growing your assets safely and getting a tax-free income from it.’ Oftentimes, people hear that and they get interested, but they don’t understand that that’s one strategy, and you have to be ready for that strategy for it to work.”
Wilson says it’s important for a financial advisor to ask about your future goals and putting together a step-by-step process to achieve them. He introduces his clients to a bucket plan.
“My strategy that we’ve been using to help hundreds of clients get from accumulation, where they’re working to build their net worth to distribution is called the bucket plan. Each dollar should have a purpose, a timeframe, and a goal for dollars that you’re setting aside. So those three buckets all are coordinated with a time and a purpose and what they’re to do for the client.”
When it comes to retirement, most of Wilson’s clients tell him they don’t want to retire at 65 or 70. They want to retire as early as feasible.
“We are challenged to help them figure out a way to get there but to be realistic about it. Some people say, ‘I want to retire in five years’, well, if you’ve got $100 in your 401(k), and you don’t have the ability to put significant money away, you’re not going to retire in five years. We need something that we can document that we can follow, and we can be strategic to help you get from point A to point B.”
Centrus Financial Strategies is located in downtown Orlando. For more information on services, click here.
Hear the full interview in Season 4, Episode 20 of “Black Men Sundays.”
Black Men Sundays talks about building generational wealth. Check out every episode in the media player below.