# Money Talk: LaVashia explains how families can organize, protect, grow, and transfer wealth across generations.

An episode of [Money Making Conversations Master Class](https://invisiblenetwork.ai/podcast/1264705641), 26 Jul 2026, 28 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/b1db7263-d1a3-4d00-8976-af62012aab44/90fe3fad-4e78-4324-aaea-b48c01542b7a/audio.mp3?utm_source=Podcast&in_playlist=35a10561-3e1b-4d05-a529-af62012aab6a

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed LaVaisha Davis. Guest: LaVashia Davis, Founder of Ell Wess Advisors (boutique family office and wealth management firm) Host: Rushion McDonald Topic: Building multigenerational wealth, family wealth planning, asset protection, and creating lasting legacies. Purpose of the Interview The interview focuses on helping first-generation wealth builders and entrepreneurs understand that wealth creation is about more than investments. Davis explains how families can organize, protect, grow, and transfer wealth across generations by treating their family finances as a structured enterprise rather than simply accumulating money. A central theme is that many successful individuals earn substantial incomes but lack a blueprint for preserving and transferring wealth. Davis advocates for intentional planning, legal structures, family involvement, and asset protection to create lasting legacies. Key Takeaways 1. Wealth Requires a Blueprint Davis explains that creating a legacy does not happen automatically. Families need a deliberate plan, legal structures, and defined roles if they want wealth to survive beyond one generation. \[Lavashia D...(Podcast) | Txt\] Takeaway: Making money and building wealth are not the same. Wealth requires systems and succession planning. 2. Family Should Be Treated as an Asset One of Davis's strongest messages is that family members can play meaningful roles in wealth-building efforts. She argues that when people think about legacy, they often overlook the importance of human relationships and family participation. Wealth-transfer strategies frequently require successors, trustees, managers, and beneficiaries. Many of those roles can be filled by family members. \[Lavashia D...(Podcast) | Txt\] Takeaway: Family can be a strategic asset when properly organized and aligned. 3. Not Every Family Member Contributes Equally Davis acknowledges that some family members may behave more like liabilities than assets. Using a balance-sheet analogy, she explains that every family includes both contributors and individuals who may create financial burdens. The key is identifying those dynamics without allowing them to derail long-term wealth planning. \[Lavashia D...(Podcast) | Txt\] Takeaway: Successful family wealth planning requires honest assessment of family dynamics. 4. Wealth Management Is More Than Investments Davis differentiates her firm's approach from traditional investment-focused advisory services. Her firm begins with: • Family and wealth governance • Legal structures • Estate planning • Tax planning • Business succession planning • Preparing future generations to inherit wealth Investments are addressed after these foundational elements are in place. \[Lavashia D...(Podcast) | Txt\] Takeaway: Investments should support a broader wealth strategy, not drive it. 5. "Your Family Is a Business" One of Davis's most memorable concepts is that families should think of themselves as enterprises. She advises clients to separate their “wealth business” from their personal household and to create structures that can survive beyond their lifetime. \[Lavashia D...(Podcast) | Txt\] Takeaway: Families should operate with the same intentionality that successful businesses use. 6. First-Generation Wealth Creates Unique Challenges Davis specializes in serving people who are the first high earners or successful…

## Transcript

[0:00] Speaker 1: Welcome to the show.
[0:01] Speaker 2: I'm Rashan McDonald, the host of Money Making Conversations Masterclass,
[0:05] Speaker 2: where we encourage people to stop reading other people's success
[0:08] Speaker 2: stories and start planning their own. Now, you don't want
[0:11] Speaker 2: to miss an episode of Money Making Conversations Masterclass, So
[0:14] Speaker 2: right now follow a subscribe to Money Making Conversations. It's
[0:19] Speaker 2: free and you can find it on the iHeartRadio app, Spotify,
[0:23] Speaker 2: Apple Podcasts, or wherever you get your podcasts. Now, sit
[0:27] Speaker 2: back and listen as we unlock the secrets to their
[0:30] Speaker 2: success on Money Making Conversations Masterclass. My guess is one
[0:35] Speaker 2: of the leading voices in Black wealth. Of Black family Wealth,
[0:40] Speaker 2: she founded a boutique family office of wealth management firm
[0:44] Speaker 2: design to help first generational families centralizing and organize and
[0:48] Speaker 2: multiply their wealth into lasting legacies. Please talk with Money
[0:52] Speaker 2: Making Conversations Masterclass.
[0:54] Speaker 1: Lavasia Davis. How you doing, Miss Davis?
[0:58] Speaker 3: I'm doing great.
[1:00] Speaker 1: This evening about you really good?
[1:02] Speaker 2: You know, I you know I've interviewed you several times
[1:04] Speaker 2: in the past, and what is the big motivation? I
[1:08] Speaker 2: know we all trying to make money. That's why I'm
[1:10] Speaker 2: on this show. I'm trying to make money I can
[1:12] Speaker 2: give you this motivational speech, which I believe in, by
[1:15] Speaker 2: the way, But in the end, I am trying to
[1:18] Speaker 2: build a legacy for my family. I'm trying to use
[1:21] Speaker 2: natural talents that have been given to me and expand
[1:25] Speaker 2: on that and through marketing and through branding, and people
[1:28] Speaker 2: pay me money for my skill set, and I feel
[1:31] Speaker 2: fortunate that they do that and respect that. What is
[1:35] Speaker 2: your role in this whole process of financial management and
[1:39] Speaker 2: wealth building?
[1:42] Speaker 3: Yeah, that's a great question.
[1:43] Speaker 4: You know, I built the firm LS Advisors out of
[1:46] Speaker 4: personal loss and conviction that families deserve, you know, institutional
[1:51] Speaker 4: and sophisticating guidance. When you say that you want to
[1:54] Speaker 4: build something that's long lasting, or you want to create
[1:56] Speaker 4: a legacy for children, there's a blueprint that needs to
[1:59] Speaker 4: be followed in or for that to come into fruition.
[2:01] Speaker 4: So what I have dedicated my knowledge, my expertise to
[2:06] Speaker 4: with the study of that blueprint and helping implement it
[2:10] Speaker 4: on a level that can make sure the goal that
[2:12] Speaker 4: you set out for yourself from a legacy perspective actually
[2:15] Speaker 4: come true.
[2:17] Speaker 1: Well, let's start off with this question right up at
[2:19] Speaker 1: the top.
[2:20] Speaker 2: Your family is your God given team, not your liability
[2:24] Speaker 2: talk to us.
[2:26] Speaker 4: Yes, I say that with such passion. What people fail
[2:29] Speaker 4: to realize is, as you are developing a financial plan,
[2:33] Speaker 4: how important people play in that plan. It's very important
[2:38] Speaker 4: that specific roles are field.
[2:39] Speaker 3: So when you say.
[2:40] Speaker 4: Legacy, what does the legacy mean? Well, typically that means
[2:43] Speaker 4: you want to leave some access behind for someone else
[2:46] Speaker 4: to benefit from, and that requires a legal structure that's
[2:50] Speaker 4: going to involve dedicational roles. Depending on what legal structure
[2:54] Speaker 4: we choose, you may need a successor as a manager,
[2:57] Speaker 4: or a successor as a trustee, or a successor to
[3:00] Speaker 4: oversee your estate, or a successor to oversee the businesses.
[3:04] Speaker 4: Or when it's time for income to start to distribute
[3:09] Speaker 4: for the sake of tax planning, you may need to
[3:11] Speaker 4: distribute amongst people because the people are the biggest taxes
[3:16] Speaker 4: thatstry you could probably receive. But when I say your
[3:18] Speaker 4: family is your god given teams, you already.
[3:20] Speaker 3: Have people around you that can fulfill.
[3:22] Speaker 4: Those roles, so there doesn't have to be as much
[3:25] Speaker 4: hesitation or delay in creating.
[3:27] Speaker 3: That type of plan.
[3:28] Speaker 2: But what about when the family sees your success and
[3:32] Speaker 2: feels they just sharing it in a personal matter. But
[3:37] Speaker 2: don't want to return the Let me see, let me
[3:40] Speaker 2: just straighten it out.
[3:41] Speaker 1: You know, I'm successful.
[3:43] Speaker 2: My family members have come to me asking for money,
[3:49] Speaker 2: and oftentimes I felt, and I do know, they've left
[3:53] Speaker 2: me after I've given them the money with the expectation
[3:55] Speaker 2: they don't have to pay me back.
[3:59] Speaker 1: Now, Well, how do we deal with that?
[4:02] Speaker 3: You need it?
[4:02] Speaker 4: Those are the mechanics, those type of things do happen.
[4:06] Speaker 4: When I say your family is or a god give
[4:08] Speaker 4: a team to bill, well, I mean those who do
[4:10] Speaker 4: want to contribute their time, energy and effort. Just like
[4:14] Speaker 4: any balance sheet, on one side there's assets and on
[4:17] Speaker 4: one side there's liabilities. And your family even has a
[4:20] Speaker 4: balance sheet when it comes to assets and liabilities. So
[4:23] Speaker 4: it's not it's not unusual to identify those that are
[4:27] Speaker 4: more liabilities than assets. But that is a part of
[4:30] Speaker 4: the process. How you manage it is on a case
[4:33] Speaker 4: by case basis, depending on the severity, the amount of money,
[4:36] Speaker 4: the dynamics of the family. But what I don't want
[4:39] Speaker 4: people to receive from this message is if the liability
[4:42] Speaker 4: should outweigh the benefit of creating something that could benefit
[4:46] Speaker 4: your family for a very very long time.
[4:48] Speaker 2: I understand that now, if you want to speak to
[4:51] Speaker 2: us or ask a question with Levatia Davis, the number
[4:55] Speaker 2: is four zero four eight eight zero nine two five
[4:58] Speaker 2: five four zero four eight eight zero nine two five five.
[5:02] Speaker 2: Let me let me talk about you in general. What
[5:05] Speaker 2: exactly how does your business model work? And how when
[5:09] Speaker 2: someone is listening to this call once you get in
[5:11] Speaker 2: touch with you, how does that work?
[5:14] Speaker 3: Yeah, so great questions as well. So it worked as
[5:18] Speaker 3: a firemans.
[5:18] Speaker 4: We represent We operate on a fee only basis.
[5:21] Speaker 3: What does that mean?
[5:22] Speaker 4: In the financial services industry, there's different type of what
[5:26] Speaker 4: we call feed models, where someone either can be paid
[5:29] Speaker 4: a flat fee for their services, or they may receive
[5:32] Speaker 4: fees from other sources like commission or maybe from the
[5:35] Speaker 4: management of your asset. For us, we operate off of
[5:38] Speaker 4: a fee only for the purpose to represent you as
[5:41] Speaker 4: a fiduciary representative. Well, that means I am here to
[5:45] Speaker 4: advise you on all of the complex decisions you have
[5:48] Speaker 4: to make throughout your financial lifetime. So it's not just
[5:52] Speaker 4: the management of your asset, it's hey, how do we
[5:55] Speaker 4: plan for retirement, how do we plan for the wealth transfer?
[5:58] Speaker 4: How do we stand for or the exit of your
[6:01] Speaker 4: business or transition from your career into entrepreneurship, and how
[6:05] Speaker 4: do we prepare the next generation to receive those that
[6:08] Speaker 4: were your advisory board?
[6:11] Speaker 1: Right?
[6:11] Speaker 3: Business will works. When it comes to getting.
[6:14] Speaker 4: In touch with us, there's two ways you can do
[6:17] Speaker 4: it directly on our website. You can go to www
[6:20] Speaker 4: dot Lsadvisors dot com. That's the E L l W
[6:25] Speaker 4: E S Advisors dot com and from there you can
[6:30] Speaker 4: schedule a time to communicate to talk with one of us,
[6:33] Speaker 4: one of the advisors, to see if we're a good fit.
[6:35] Speaker 4: But I also encourage you to reconcaunt to me directly
[6:38] Speaker 4: through my own personal content and personal pages, whether it's
[6:42] Speaker 4: LinkedIn or Instagram or three and that can all be
[6:45] Speaker 4: a first for under my name.
[6:47] Speaker 1: Leavejia Davis, Please don't go anywhere.
[6:50] Speaker 2: We'll be right back with more Money Making Conversations Masterclass.
[6:57] Speaker 2: Welcome back to Money Making Conversation Masterclass with me Sean McDonald. Now,
[7:01] Speaker 2: when you say that, you know I'm older than you
[7:05] Speaker 2: and so and I've seen how advertisement and you know
[7:10] Speaker 2: the medical field has changed and the legal field has
[7:15] Speaker 2: definitely changed because personal injury lawyers dominate the radio air waves.
[7:19] Speaker 2: Now and you said social media, how do you maintain credibility.
[7:26] Speaker 2: I'm not saying you don't have credibility when you are
[7:29] Speaker 2: being contacted through social media versus a traditional website, which
[7:34] Speaker 2: we all value, but social media we have to acknowledge
[7:40] Speaker 2: you have to have a presence in the social media arena.
[7:44] Speaker 2: How do you maintain that balance of credibility? Miss Davis?
[7:49] Speaker 3: So let me make sure I'm understanding.
[7:50] Speaker 4: How do I maintain my credibility as a professional while
[7:54] Speaker 4: having to be present on social media?
[7:56] Speaker 2: Yes, yes, hopefully that's what I'm asking because that's the
[7:59] Speaker 2: answer I want.
[8:02] Speaker 4: Okay, Well, for me, credibility shows through work right and
[8:06] Speaker 4: maintaining certain licensures and compliance regulation since it's a compliance
[8:11] Speaker 4: regulated industry.
[8:13] Speaker 3: So I haven't faced a.
[8:15] Speaker 4: Challenge where my credibility is threatened from my presence on
[8:19] Speaker 4: social media. However, my presence on social media is very
[8:24] Speaker 4: It's structured in a very specific way where I can
[8:28] Speaker 4: give insight and information. It's not advice, and that's the
[8:33] Speaker 4: balancing act is to be careful that we're not giving
[8:36] Speaker 4: advice that people so like they can find themselves without
[8:40] Speaker 4: us having more insights. So now that brings me to
[8:42] Speaker 4: my disclosure and anything we discussed today it's not legal
[8:46] Speaker 4: or financial advice at performance does not indicate any outcome
[8:51] Speaker 4: for future performance, and you should consult with a professional
[8:54] Speaker 4: about anything that we discussed today.
[8:56] Speaker 1: There we go.
[8:57] Speaker 2: See what I'm saying, That's what I'm talking about, because
[9:00] Speaker 2: see what happens is I talked to a lot of people.
[9:02] Speaker 2: They get on the phone or get on the call.
[9:04] Speaker 2: They want to just give advice, come to me and
[9:06] Speaker 2: go to the go to the social media. Because on
[9:09] Speaker 2: social media you got people cooking, You got people with
[9:13] Speaker 2: all they showing their food. You know, social media has
[9:15] Speaker 2: so many world motivate you. It's so so many different
[9:20] Speaker 2: angles where you know you can In the old days,
[9:23] Speaker 2: you used to go to Yellow Pages and look up
[9:26] Speaker 2: accounting of financial advisors and it was all sectioned out,
[9:30] Speaker 2: it was all it.
[9:30] Speaker 1: But with social.
[9:31] Speaker 2: Media, it is tens of thousands of people say they
[9:36] Speaker 2: do this. And I guess what I was just saying
[9:38] Speaker 2: is that how do you cut through the madness? Miss Davis?
[9:45] Speaker 4: Well? In all honestly, my I attract what for me.
[9:50] Speaker 4: I'm not out to be everything to ever you want.
[9:55] Speaker 4: My particular mission is the third families who want to
[9:58] Speaker 4: make a extra exponential difference in their families. When your
[10:03] Speaker 4: question is how do other cultures or communities maintain wealth
[10:08] Speaker 4: through one, two, or three generations, And when there is
[10:11] Speaker 4: one generation that's experiencing this this dynamic change for the
[10:15] Speaker 4: first time, I navigate that complexity, going from my parents
[10:20] Speaker 4: barely being able to make ends meet. So now I
[10:23] Speaker 4: am the highest earner in my family, or I've built
[10:25] Speaker 4: a successful business that creates complexity. So where I stand
[10:30] Speaker 4: out is being able to bring clarity to that complexity
[10:32] Speaker 4: and to bring confidence to the confusion that comes with that.
[10:36] Speaker 3: And so I don't try to fight through the.
[10:40] Speaker 4: World of social media. Just work and produce and serve
[10:44] Speaker 4: the families who do and trust me with their financial future,
[10:47] Speaker 4: and then that kind of works out through itself, and
[10:50] Speaker 4: those those that are meant to be served by our
[10:52] Speaker 4: firm end up coming to our firm salvation.
[10:55] Speaker 2: When someone comes to you, walk us through the steps
[10:58] Speaker 2: of be good. Like you said, there's a screening process.
[11:00] Speaker 2: You know you are not.
[11:02] Speaker 1: You don't represent everybody.
[11:04] Speaker 2: It has to be a natural meeting of the minds,
[11:06] Speaker 2: a natural meeting of expectations. You know you told us
[11:10] Speaker 2: social media you can be contacted to your website, you
[11:12] Speaker 2: can be contact you are contacted.
[11:15] Speaker 1: Next step.
[11:17] Speaker 4: Yeah, so when we have a meeting and we find
[11:20] Speaker 4: that there's a good fit and someone comes on.
[11:22] Speaker 3: Board with us.
[11:23] Speaker 4: When a family says yes, they're working with us Tree
[11:26] Speaker 4: with a proper belief, we don't begin with investments. We
[11:29] Speaker 4: begin by stabilizing and creating a way that you really
[11:33] Speaker 4: want to operate. Will Leaks call your wealth business. Most
[11:37] Speaker 4: people don't see that their family is a business, but
[11:39] Speaker 4: your family and your finances are definitely a business. So
[11:43] Speaker 4: we take them through a disciplined three to four phase
[11:47] Speaker 4: process that's going to help them separate their wealth business
[11:51] Speaker 4: from their personal and structure their wealth business legally. That's
[11:56] Speaker 4: going to give it the longevity or the life span
[11:58] Speaker 4: to survive beyond you. And it's also going to open
[12:01] Speaker 4: up the doors for the internal revenue code where now
[12:04] Speaker 4: we can start to benefit from this legal structure. And
[12:07] Speaker 4: then we start to plan what we call it capital architecture,
[12:09] Speaker 4: Like now we slow money from our personal households into
[12:13] Speaker 4: our work build and our wealth business that can grow
[12:16] Speaker 4: and value. Now, I always tell people, your family is
[12:19] Speaker 4: a business. So whether you have a operating business something
[12:23] Speaker 4: that does activity or not, your family is in the
[12:26] Speaker 4: business of growing the value of your last name period.
[12:30] Speaker 4: So we have to just like any other business planning process,
[12:33] Speaker 4: we have to legally structure it. We have to create
[12:36] Speaker 4: a business plan for it or an investment plan, and
[12:38] Speaker 4: then we have to allocate capital and we take you
[12:41] Speaker 4: through that and walk your hand through that, and it
[12:44] Speaker 4: usually results of some type of tax savings and the household.
[12:47] Speaker 3: We can save.
[12:48] Speaker 4: Families on average between four and six hundred thousand dollars
[12:52] Speaker 4: on every five years in taxation that goes back into
[12:54] Speaker 4: their pockets.
[12:56] Speaker 3: You're able to.
[12:56] Speaker 4: Get a diversified and by investment portfolio. Your eggs aren't
[13:00] Speaker 4: in one basket, and you can experience the real money
[13:04] Speaker 4: making activities like the deals when business when companies go public,
[13:08] Speaker 4: and there's this amount of wealth that's created in that moment.
[13:12] Speaker 4: Families deserve to participate in those moments as well. And
[13:15] Speaker 4: then for those that own businesses, we're able to put
[13:18] Speaker 4: a plan together that's going to show you how you
[13:20] Speaker 4: can get the maximum amount of value from your business
[13:23] Speaker 4: where it's not just you going in day to day.
[13:25] Speaker 4: We can turn this into a well creating moment that
[13:27] Speaker 4: can last to your family for a very long time.
[13:30] Speaker 2: And thank you for the information before we go to
[13:32] Speaker 2: break then tell everybody how to get in touch with
[13:34] Speaker 2: you as Davis.
[13:37] Speaker 4: Yeah, so I would encourage everyone to go to lsadvisors
[13:40] Speaker 4: dot com as an opportunity to schedule a squit consultation
[13:44] Speaker 4: to disciment if we're a good fit and if we
[13:46] Speaker 4: can help solve the complexity in your life. Once we
[13:49] Speaker 4: decide from there we're a good fit, we'll check you
[13:51] Speaker 4: through our next steps. But if you want to get
[13:54] Speaker 4: to know myself even more as an advisor and our
[13:57] Speaker 4: philosophy and what we stand for, I encourage everyone to
[14:00] Speaker 4: better friend or connect linked In or Instagram or three
[14:04] Speaker 4: is all under my name. La bais is a fam
[14:08] Speaker 4: ha Davis dabi app Well.
[14:11] Speaker 2: That's how I got in touch with a friend of
[14:13] Speaker 2: mine recommend me recommended her through LinkedIn, says she was incredible,
[14:18] Speaker 2: she was phenomenal. For Shawn, you have to interview her.
[14:20] Speaker 2: That's how we establish a relationship. So LinkedIn does work.
[14:24] Speaker 2: When we come back, I got a personal question I'm
[14:27] Speaker 2: gonna ask you, miss Davis.
[14:29] Speaker 1: I really I need your help.
[14:31] Speaker 2: I need your help and I think that only you
[14:33] Speaker 2: can deliver the right words that either will motivate me
[14:35] Speaker 2: to go or to stay.
[14:37] Speaker 1: Please don't go anywhere.
[14:39] Speaker 2: We'll be right back with more money Making Conversations Masterclass. No,
[14:42] Speaker 2: I need for you to do me a favor right
[14:45] Speaker 2: now to follow or subscribe to Money Making Conversation. It's
[14:49] Speaker 2: free and you can find it on the iHeartRadio app, Spotify,
[14:53] Speaker 2: Apple Podcasts, or wherever you get your podcasts. Please do
[14:57] Speaker 2: me that favor, follow a subscribe money Making Conversations. Welcome
[15:05] Speaker 2: back to Money Making Conversations Master Class with me. Rashwan McDonald. Hi,
[15:11] Speaker 2: welcome back. I'm talking to one of the leading voices
[15:14] Speaker 2: in black family wealth. He founded a boutique family office
[15:18] Speaker 2: wealth management firm designed to help first generation entrepreneurs centralized, organize,
[15:23] Speaker 2: and multiply their wealth into lasting legacies. Okay, miss Davis,
[15:28] Speaker 2: I'm speaking of Levatia Davis. How do you know? Okay,
[15:33] Speaker 2: you know I've been with blacks. You know I'm not
[15:35] Speaker 2: saying nothing negative. I'm just saying I interview a lot
[15:38] Speaker 2: of successful people on my show, people who like you
[15:44] Speaker 2: have conversations that tempt me. Man, maybe I need to
[15:47] Speaker 2: sit down with Miss Davis. Maybe I need to take
[15:50] Speaker 2: my money over to Miss David. How do I, as
[15:54] Speaker 2: a person like Rashan McDonald, because I'm sure people are
[15:57] Speaker 2: listening to this show curious as to I'm not saying
[16:03] Speaker 2: I'm unhappy where I'm at, but how do I investigate
[16:06] Speaker 2: the opportunity of listening to you, of being potentially in
[16:12] Speaker 2: business with what the benefits that you bring to the
[16:15] Speaker 2: table out of curiosity? Am I wrong in what I'm saying?
[16:19] Speaker 2: Or what am I making sense in what I'm saying?
[16:23] Speaker 3: So?
[16:23] Speaker 4: How do you decide between the current advisory service you're
[16:27] Speaker 4: receiving and maybe exploring other options?
[16:29] Speaker 1: Yes, ma'am, I just didn't want to say that out loud.
[16:32] Speaker 3: Yeah, I mean, you know, it really boils down to
[16:37] Speaker 3: a few things, because here's what growth happen.
[16:43] Speaker 4: You know, the advisor that may have gotten you to
[16:45] Speaker 4: your first million and retired for your retirement plan may
[16:49] Speaker 4: not be the advisor that can get you to ten million.
[16:52] Speaker 4: And a confident advisor will say that as well, Hey,
[16:57] Speaker 4: you have reached a new level of complexity that may
[17:01] Speaker 4: require for a different type of advisory relationship, because that's
[17:05] Speaker 4: exactly how we get introduced to our potential clients. It's like, hey,
[17:10] Speaker 4: they've outgrown the traditional advisor and they need someone who
[17:13] Speaker 4: has a knowledge in multiple domains because they have a.
[17:17] Speaker 3: Lot of moving parts.
[17:18] Speaker 4: So what you could ask yourself is, can let me
[17:21] Speaker 4: ask my advisor, Hey, if I wanted to a integrated
[17:26] Speaker 4: financial plan and includes not just my investments, but my
[17:29] Speaker 4: tax planning, my income planning, my state planning. Those conversations
[17:34] Speaker 4: that you're comfortable happening, do you prefer me to those conversations.
[17:39] Speaker 3: And other places kind of get what.
[17:40] Speaker 4: They're where their confidence level is, and then let them
[17:44] Speaker 4: tell you. They'll tell you I believe in our industry
[17:47] Speaker 4: still and believe that advisors will say like.
[17:49] Speaker 3: No, that's my will.
[17:52] Speaker 4: Lane, and we may need to bring in some specialists
[17:55] Speaker 4: to those type of conversations. So it's just it just
[17:58] Speaker 4: comes down to asking, Okay.
[18:01] Speaker 1: Well that was good. I'm good.
[18:02] Speaker 2: The reason because you know, sometimes you just you know,
[18:06] Speaker 2: you look at the stock market, you see all that success,
[18:09] Speaker 2: and you look at yourself and go, are you Let
[18:11] Speaker 2: me ask you this? Let me ask you this, because
[18:13] Speaker 2: I think it's important that we have on these conversations
[18:17] Speaker 2: like what do what do you define as success? Or
[18:21] Speaker 2: what can a person you represent look for success when
[18:26] Speaker 2: they want to bring their financial opportunities to your doorstep?
[18:31] Speaker 2: Or do you or do you how do you how
[18:34] Speaker 2: do you manage people's expectation? I guess that's the question
[18:37] Speaker 2: I'm trying to ask ask.
[18:40] Speaker 3: Well, we're very clear.
[18:41] Speaker 4: If I just described our advisory phases, we explain that
[18:45] Speaker 4: to clients up front so they'll know what to expect
[18:48] Speaker 4: and win. So the expectations are in line. So we're
[18:52] Speaker 4: very clear en upfront about our processes. Now that works,
[18:55] Speaker 4: especially when it comes to differing investments because we do
[18:57] Speaker 4: that intentionally. Most of the time, when people are in
[19:01] Speaker 4: conversation with the financial advisor, that's the leading part of
[19:04] Speaker 4: the conversation and that's not the leading part for us.
[19:08] Speaker 4: So we managed that expectation.
[19:11] Speaker 1: That's great, that's great.
[19:12] Speaker 2: It was a question I wanted to I'm asking because
[19:14] Speaker 2: it was submitted by you, and I felt that I
[19:16] Speaker 2: needed a response on it because it took me back
[19:20] Speaker 2: because I didn't really understand how you can go through
[19:23] Speaker 2: capital options, you know, and your question was the four
[19:26] Speaker 2: sources of capital and why most families only activate one?
[19:30] Speaker 2: What are the four sources of capital and why are
[19:33] Speaker 2: we only activating one?
[19:36] Speaker 4: Yeah, so the name the four sources of capital. Number
[19:40] Speaker 4: one is human capital, Number two is intellectual capital. Number
[19:45] Speaker 4: three is social capital. The number four is financial capital.
[19:51] Speaker 4: And as you can imagine, the only way we truly
[19:54] Speaker 4: tend to activate is financial capital. We are speaking ways
[19:58] Speaker 4: of course, to make more money, how to invest our money, etc.
[20:02] Speaker 4: But there are other sources of capital that you can.
[20:04] Speaker 3: Get a return on. One that goes back to my
[20:06] Speaker 3: point about.
[20:07] Speaker 4: Your family being your God given team. That's the human
[20:10] Speaker 4: capital component. Look, the capitals that I've listed are rooted
[20:14] Speaker 4: in the human capital who deliver the intellectual capital, the
[20:18] Speaker 4: social capital, and the financial capital. So even it's not
[20:23] Speaker 4: by a chance that the family dynamics in our community
[20:28] Speaker 4: have been broken down, because income and wealth rates are
[20:31] Speaker 4: directly correlated to marriage and family dynamics, Privately owned family
[20:36] Speaker 4: businesses contribute over seventy percent to the GDP, employ the
[20:41] Speaker 4: most people, they make the most money.
[20:43] Speaker 3: So when your.
[20:45] Speaker 4: Human capital is the route on a Farr read for
[20:48] Speaker 4: how much capital you can really obtain. So that's what
[20:51] Speaker 4: I mean by only activating one instead of putting a
[20:54] Speaker 4: legal structure around those that you love or have direct
[20:57] Speaker 4: affinity with, embodying your intellectual capital for long term return,
[21:03] Speaker 4: and activating the social capital that everybody, whether it's a
[21:07] Speaker 4: low amount or a higher amount, but everybody has it.
[21:11] Speaker 2: Now you say that the wealth you build can be
[21:15] Speaker 2: taken if it's not protected, Please explain to my audience.
[21:19] Speaker 4: Yes, you just mentioned personal injury attorneys lead the They
[21:24] Speaker 4: dominate the radio airway. Yes, ma'am, because when someone is
[21:28] Speaker 4: injured or feel like they've been injured, their next step
[21:31] Speaker 4: is to sue. So now you're in litigation whatever assets
[21:35] Speaker 4: that those type of attorneys can find because they do
[21:38] Speaker 4: asset database surchase. They operate off of contingencies that say, hey,
[21:43] Speaker 4: if this person has the amount of assets, we can
[21:46] Speaker 4: go or to supersede the.
[21:47] Speaker 3: Insurance, etc. Then that gives.
[21:50] Speaker 4: Them more benefit to take on the case. So when
[21:53] Speaker 4: your assets are exposed, when they're not properly protected, properly titled,
[21:57] Speaker 4: properly structured, everything that's associated to you personally leads, you
[22:01] Speaker 4: are exposing yourself to large amounts of risk and your
[22:04] Speaker 4: wealth can easily be taken overnight through a lawsuit or
[22:09] Speaker 4: a failure, or a business failure or a debt obligation,
[22:12] Speaker 4: et cetera. These type of things expose your wealth to
[22:16] Speaker 4: significant risk.
[22:18] Speaker 2: Wow, I have a show called What is Rich? A
[22:21] Speaker 2: lot of people may not know it's a documentary. It's
[22:23] Speaker 2: a documentary. It's nine episodes picked up by Fox Soul
[22:27] Speaker 2: and that you can you can go to Fox Soul
[22:29] Speaker 2: and it's called What Is rich Our executive produced to
[22:32] Speaker 2: and direct that series. It's hosted by the jeromedy Love
[22:35] Speaker 2: Out of Houston. And one of the questions that we
[22:39] Speaker 2: always ask is rich and wealthy? Is there really a
[22:43] Speaker 2: difference between rich and wealthy? Levetia, Oh, I apologize. We
[22:49] Speaker 2: had a power surge in our building which caused uh
[22:52] Speaker 2: Leveasia Davis to drop off the line that I apologize.
[22:55] Speaker 2: But one of the things I was like to talk
[22:57] Speaker 2: about when I when I do this show is that
[23:00] Speaker 2: it's honesty is important. I mean the point of my life.
[23:06] Speaker 2: When I see friends of mine starting to pass away,
[23:08] Speaker 2: you start realizing there is a defined line of your
[23:12] Speaker 2: existence out there. Some people can say, hey, that can
[23:16] Speaker 2: happen anytime you walk across the street get hit by
[23:18] Speaker 2: a bus. But nobody plans on walking across the street
[23:22] Speaker 2: to get hit by a bus. What you plan on
[23:25] Speaker 2: is living your life to your fullest. And when you
[23:28] Speaker 2: start seeing people around you you love, or people that
[23:31] Speaker 2: you are familiar with a starting to pass away, what
[23:33] Speaker 2: is that plan for you? What is that plan for
[23:35] Speaker 2: your family? How do you leave them? How do you
[23:37] Speaker 2: leave them so they won't be financially vulnerable to some
[23:42] Speaker 2: of the things that you didn't want.
[23:43] Speaker 1: Them to be while you are alive.
[23:45] Speaker 2: And then when you pass away, guess what, there's no need,
[23:48] Speaker 2: it's not there, it's not available. You can't win, They
[23:51] Speaker 2: can't win, they don't know who you are. These are
[23:54] Speaker 2: the situations that as we walk through life, as we
[23:58] Speaker 2: try to understand the difference between success and failure, is
[24:02] Speaker 2: that you can't do it by yourself. And that's what
[24:08] Speaker 2: she was saying. Family is important. When I said she,
[24:11] Speaker 2: I'm talking with Levatia Davis, She's just telling everybody is
[24:15] Speaker 2: that we could look at the family in certain situations
[24:20] Speaker 2: that they always got their hand out, or you can
[24:23] Speaker 2: look into the family as an opportunity to be a
[24:26] Speaker 2: benefit and not a liability. And that's important that we
[24:30] Speaker 2: all understand that. And some people have large families, like
[24:33] Speaker 2: I came from six sisters and two brothers, and both
[24:35] Speaker 2: my parents raised us, so we came from a large family,
[24:38] Speaker 2: not much money, but that didn't stop me from having
[24:42] Speaker 2: dreams and exceeding. I like to believe what people thought
[24:46] Speaker 2: I was going to be. I came from the inner city.
[24:50] Speaker 2: I came to a two bedroom shotgun house fifth Ward
[24:54] Speaker 2: in Houston, Texas, which is considered the hood and so
[24:58] Speaker 2: but along the way, I didn't have those dreams of
[25:02] Speaker 2: that I felt would limit most people. I had dreams
[25:05] Speaker 2: that if I saw it on TV, why can't they
[25:08] Speaker 2: be me? And I say this to everybody who's listened
[25:10] Speaker 2: to this call and listen to this show, listen to
[25:13] Speaker 2: this opportunity to present themselves in such a positive way,
[25:17] Speaker 2: is that don't ever let anybody tell you what you
[25:20] Speaker 2: can't be when you haven't even tried to be who
[25:23] Speaker 2: you can be. So I say that in this regard,
[25:30] Speaker 2: there's so many people out there who want to be successful.
[25:36] Speaker 2: They want to be rich, they want to be in
[25:39] Speaker 2: a nice car. I can't say you cannot get all
[25:45] Speaker 2: of those things. But one thing I can tell you,
[25:48] Speaker 2: it's tied to hard work and you got to have
[25:51] Speaker 2: a plan six. Long term success is not about the lottery.
[25:57] Speaker 2: Long term success can be defined in a lot of ways.
[26:01] Speaker 2: You know, when I came out of college, when I
[26:04] Speaker 2: got a job at IBM, I thought that was going
[26:07] Speaker 2: to be my long term success, but I did not
[26:10] Speaker 2: have a closed mind about what that felt like or
[26:14] Speaker 2: what that could be. My bottom line is that I
[26:18] Speaker 2: want to win long term, and by the winning long
[26:23] Speaker 2: term means that if you listen to other people's success
[26:28] Speaker 2: more than you plan your own, then you will come
[26:32] Speaker 2: up short. That phrase, the grass is greener when you're
[26:36] Speaker 2: looking over there. Stop looking over there. Make sure your
[26:40] Speaker 2: grass is the green grass. And whatever is on the
[26:44] Speaker 2: other side of that fence, don't worry about it, don't
[26:47] Speaker 2: worry about it. Don't worry if they got weeds, don't
[26:50] Speaker 2: worry about it, if they got a pretty grass, worry
[26:52] Speaker 2: about yours first, because if you take care of yours first,
[26:56] Speaker 2: you take care of your family first, you take care
[26:58] Speaker 2: of your finances, You take care and don't compete with
[27:03] Speaker 2: people who you don't who don't walk in your house,
[27:06] Speaker 2: who don't eat at your dinner table, who don't have
[27:10] Speaker 2: the values you have. Then you'll be all right. And
[27:14] Speaker 2: that's what people do. They speak too much, they learn
[27:17] Speaker 2: too much. Again, we'll be right back with more money
[27:19] Speaker 2: making conversations, Master Class. I want to apologize to Levation Davis,
[27:23] Speaker 2: a power search hit during the end of our conversation
[27:27] Speaker 2: about black family wealth. I definitely have her back on
[27:29] Speaker 2: the show. She's fantastic again. This is what this show
[27:33] Speaker 2: is all about. Money Making Conversations Masterclass. Thank you for
[27:37] Speaker 2: listening to this episode. No, I need for you to
[27:39] Speaker 2: do me a favor right now to follow or subscribe
[27:43] Speaker 2: to Money Making Conversations. It's free and you can find
[27:46] Speaker 2: it on the iHeartRadio app, Spotify, Apple Podcasts, or wherever
[27:51] Speaker 2: you get your podcasts. Please do me that favor, follow
[27:55] Speaker 2: or subscribe money Making Conversations.
[27:58] Speaker 1: Keep winning.

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