Exploring Wealth Growth in African-American Communities as the number of Black millionaires grow under Mckinney’s management
Understanding that the majority of individuals seeking financial guidance wouldn’t enter as millionaires, he aimed to “cultivate wealth internally.”
“Black Wall Street Wealth Management Seminar” this Saturday, 9 a.m. to 12:30 p.m. at Synergy Event Center in University City
Walter L. McKinney, Jr. is using his experience in financial management to execute a specific mission: to assist African Americans in accumulating wealth and making their money work for them.
“We need to be independently responsible for making excellent financial decisions for ourselves,” McKinney says. “Most clients don’t completely know what we do for them.”
McKinney is the owner and founder of McKinney Group Wealth Management, a company he launched in 2010 after working nine years as a financial advisor in investment management at A.G. Edwards and Sons, which was sold to Wachovia Securities and later to Wells Fargo.
Instead of going to work with the new financial institution, he opted to start his own investment management firm, which he believed could better serve the needs of clients. Today, his firm has assets approaching $30 million and more than 220 clients.
Recognizing the financial disparity, with only 2% of African American families possessing a net worth of $1 million or more and given that 80% of his clientele were African American, McKinney acknowledged the challenges ahead.
Currently, 10% of his African American client households boast a net worth exceeding $1 million, he says, adding that that’s a figure 300 times the national average, according to data from the Statista Research Department.
“In our community, in many ways, we are conditioned to invest in things that never increase in value,” McKinney explains. “We consume money. Other people invest money.”
The goal that McKinney has is to help African Americans understand and grasp how to accumulate wealth and make the correct decisions about wealth management.
To help individuals, businesses, and families organize and plan their financial future, his firm is hosting the “Black Wall Street Wealth Management Seminar,” from 9 a.m. to 12:30 p.m. this Saturday, October 26 at Synergy Event Center, 7271 Olive Blvd in University City.
Topics include:
Personal Financial Planning
Tax-Efficient Investment
And much more
“Join me on Saturday for a seminar covering a variety of financial planning and management topics and hear what McKinney Group Wealth Management can do to help you plan for the years ahead,” McKinney says.
McKinney’s background set in motion the drive embedded in him to help his clients successfully manage their money., McKinney, 65, hails from Hayti, Missouri, where as a youth, he spent summers picking cotton. He served 20 years in the Marines Corps reaching the rank of master sergeant.
McKinney Group Wealth Management, a comprehensive investment management firm, provides services encompassing retirement plans, tax planning, and investment strategies. The firm’s professional experience extends to managing various financial instruments, including 401(k) plans, donor-advised funds, trust and estate planning, and wealth transfer strategies.
McKinney Group Wealth Management is based in Bridgton, MO., but has a notable presence outside of St. Louis, catering to clients in Nevada, Texas, Tennessee, Illinois, and Florida. Over the past 23 years, the firm has observed its predominantly African American clientele, constituting about 80%, experiencing increasing affluence.
McKinney takes pride in boldly asserting three times in 2022, specifically on July 5, July 12, and July 22, that there would be no recession. This occurred when the prevailing sentiment on Wall Street and among most economists strongly suggested an imminent recession. Undeterred by the widespread predictions, McKinney confidently declared his conviction in public statements, resolute in his belief that a recession was not forthcoming.
One of his clients, Rodney Norman, says he’s “very blessed to be a client of McKinney Group Wealth Management.
“After an unfortunate experience with our prior financial advisor it was a godsend to meet and partner with Walter L. McKinney Jr.,” he says. “Walter has provided counsel, managed our portfolio, and provided cash flow when necessary to help us complete our rehab in this climate of high interest rates and material costs.”
Adds McKinney: “Whether you need to plan for retirement, invest assets, plan for college, build wealth, create a trust strategy, manage debts, or optimize your taxes, McKinney Group Wealth Management can help you achieve your financial goals.”To learn more about McKinney Group Wealth Management capabilities, call (314) 736-1490. Or visit https://mgwealthmgmt.com/ and on Facebook.
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