Today’s guest on the Mitlin Money Mindset™ is Emlen Miles-Mattingly, the CEO and founder of Gen Next Wealth and host of the Minority Money Podcast. Emlen uses his 20 years of experience in the financial services industry to help clients make smart financial decisions and encourages them to manage their resources in a way that leads to generational wealth. Prior to starting his firm Emlen sold life insurance products for large insurance companies. During this time he realized that he was selling products, but not providing solutions. This led him to start his firm.
As a co-founder of the BLX Internship Program, he is also looking to further and strengthen the financial planning industry. This program is designed to provide an entry point to the profession for black and Latinx students and career changers. Emlen is very passionate about creating a path for those that are underrepresented in the financial profession. Listen in for some great takeaways about creating generational wealth and why Emlen is so passionate about helping educate people.
You will want to hear this episode if you are interested in…
- Emlen’s path to founding Gen Next Wealth [3:06]
- What led to launching Minority Money? [5:52]
- What has being a podcast host taught Emlen? [8:49]
- One thing Emlen thinks highschoolers should be taught [9:45]
- What has this journey taught Emlen about his emotional connection to money? [14:08]
- What is Emlen so passionate about reaching minorities? [18:29]
- Why is becoming a CFP® important to Emlen? [22:53]
- Advice for those who want to be an ally to underrepresented advisors [31:05]
- The next big thing for Emlen and Gen Next Wealth? [34:52]
- What Emlen did today that put him in the right mindset for success? [36:16]
Emotions about money
It seems that Emlen and I both have a keen interest in understanding the emotional aspects of money. I believe that it plays into a lot of what we do, and how we think about or treat money. I asked Emlen what this journey has taught him about his own emotional connection to money? He says for him there is a very deep emotional connection.
When Emlen thinks about growing up it evokes feelings of not having enough. He says they weren’t missing meals or anything but there were no extras. It always made him feel emotionally like he was lacking something. As an adult, being a financial advisor, working in banks, and being around money over his 20-year career Emlen says it’s evolved into emotions of security.
He has switched from looking at money from the perspective of not having it, to “I’ve done okay—I’m doing better than we were growing up.” He now looks at money as security instead of lacking something. That emotional journey took a long time and there were many steps in between, but when he finally got there and was able to see what money meant to him emotionally, it was just security.
Passion for the underrepresented
Both Emlen’s brands, Gen Next Wealth and Minority Money speak to minorities. Emlen is so passionate about reaching black and Latinx communities. As someone who isn’t a minority, it may be hard to understand why. Emlen says the reason why he is so passionate about it is that there’s such a lack.
He says there are not a lot of minorities in our industry and when you look at families, studies show that for every $100 a white family has, a black family has $5 and a Latinx family has about $7, the CFP numbers are less than 4% for blacks and Latinx. When you think about all of that underrepresentation in this industry, it makes it difficult to get more people into the industry. It makes it difficult to go out and help the families that need help from the industry.
It’s something that Emlen is passionate about but he says that doesn’t mean that he is telling people that aren’t minorities that they can’t come in. He thinks the only way that we can ever do this is by working together. Listen to the episode because reading this just isn’t the same as hearing what Emlen has to say!
What’s next for Gen Next Wealth?
Emlen says the most exciting thing in the works for Gen Next Wealth is that Maricela, Emlen’s wife, will be joining the team. They’re figuring out how they can get her on and at what capacity. He says they’ve been talking about it for months and this being the first time he’s spoken it out loud Emlen couldn’t be more excited because he says she’s such a rockstar. He brags that Mari has been killing it at her current place for a long and he thinks that her skill set is going to take their company to the next level. She’s a great operation and processes person, so the client experience is going to get much better. Emlen gushes that everything is going to get better!
Resources & People Mentioned
Connect with Emlen Miles-Mattingly
Emlen Miles-Mattingly is the CEO and founder of Gen Next Wealth. With nearly 20 years of experience in the financial services industry, he spends much of his waking day helping clients make smart financial decisions. He strives to bring more value to the table for his clients by encouraging them to manage their resources in a way that leads to generational wealth. His ultimate goal is to help clients align their money with their values. After previously selling insurance products for large corporations, Emlen would receive additional questions from clients about retirement accounts, estate plans, employee benefits, and other financial concepts. It was then that he realized that he was selling products, but not providing solutions. Consequently, he decided to focus on financial planning in order to provide comprehensive solutions for his clients. His approach emphasizes empathy and compassion, and his recommendations are always based on the client’s best interest. He has been able to interweave his personal life stories into actionable items for clients, adding a level of vulnerability and connectivity.
Guests on the Mitlin Money Mindset Show are not affiliated with CWM, LLC, and opinions expressed herein may not be representative of CWM, LLC. CWM, LLC is not responsible for the guest’s content linked on this site.
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