On today’s episode of Framework, Jamie talks with George Nichols III, President and CEO of the American College of Financial Services, an organization on a mission to raise financial literacy across underserved communities.

Growing up in the segregated south, George remembers white debt collectors coming to his black community and collecting money from his mother for their life insurance policy. While his family was far from wealthy, he realized early on the importance of prioritizing future financial health.

Although he never intended to work in insurance, several successful stints in healthcare lead George straight to an insurance commissioner position. In 2000, George became the first black president of the National Association of Insurance Commissioners (NAIC). Following a 17-year run at New York Life, he fell in love with the mission at the American College of Financial Services and accepted a position as President.

George talks with Jamie about the invaluable lessons passed down by his parents, his mission to impact the future of underserved communities, and why the key to success will always be financial literacy.

(49:40) “I want to give you financial literacy that’s relevant to where you are right now, so you can use it to improve your wellbeing. That’s what I want. And I don’t want to define that for you. But we have to give it to them when it’s relevant and important to them so their financial wellbeing is improved. That’s the goal and that has to be actionable.” ~ George Nichols III

Main Takeaways

  • As we’re dealing with the racial wealth gap, there’s no better or easier way to transfer wealth than a life insurance policy. It’s the only scenario where you invest a small amount of money and receive potentially millions of dollars tax-free that will directly benefit your family for generations to come.
  • To create a relationship with consumers and drive real impact, focus and pour money into financial literacy. And make the information both actionable and relevant for each consumer. The more customizable the advice, the better.
  • George’s primary mission is to impact black women. He shared that 63% of black women are the primary breadwinner in their home. They’re also the fastest-growing group of small business owners. So if George can help provide black women with financial literacy, it will benefit the black community as a whole.

Links and Important Mentions

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