Mical Jeanlys-White: Pioneering Financial Inclusion with WealthMore
In the evolving landscape of wealth management, Mical Jeanlys-White stands out as a trailblazer. As the CEO and founder of WealthMore, she has harnessed the power of technology to create an investing and financial planning app that not only provides personalized financial advice but also fosters a community of wealth advisors. WealthMore is designed to bridge the gap in financial inclusion, particularly for individuals with smaller portfolios who have historically been overlooked by traditional wealth management firms.
The Vision Behind WealthMore
Jeanlys-White’s vision for WealthMore emerged from a clear understanding of the barriers many face in accessing financial advice. The wealth management market, valued at $1.25 trillion in 2020, is projected to exceed $3.4 trillion by 2030. Yet, despite this growth, a staggering 65% of Americans did not collaborate with a financial advisor in 2022. This gap represents a significant opportunity for WealthMore to step in and provide accessible financial guidance.
Recognizing that many individuals with modest investments still seek financial advice, Jeanlys-White crafted a hybrid model that combines the efficiency of fintech with the warmth of personalized service. Unlike traditional wealth management firms that often require hefty minimum investments, WealthMore has set its account minimum at just $5,000, making it accessible to a broader audience.
A Unique Approach to Financial Advice
WealthMore distinguishes itself from robo-advisors by offering a blend of human interaction and technology. While robo-advisors rely heavily on algorithms, WealthMore emphasizes the importance of human advisors who can provide tailored advice. Users can engage with advisors through various channels, including direct messaging and community forums, ensuring that they receive the support they need in a format that suits them.
Jeanlys-White emphasizes the community aspect of WealthMore, stating, “What’s unique about our platform is the ability to see oneself in a wealth-building environment, through community experiences.” Users can join specific communities focused on tactical wealth-building activities, such as home buying or financial literacy for underrepresented groups. This sense of belonging not only enhances the user experience but also empowers individuals to take charge of their financial futures.
Overcoming Fundraising Challenges
In a challenging venture capital landscape, particularly for Black women entrepreneurs, Jeanlys-White’s journey to raise over $1 million in pre-seed funding is nothing short of inspiring. Despite the significant decline in venture capital investments, which dropped by 30% from 2022 to 2023, Jeanlys-White’s strategic approach allowed her to connect with like-minded investors who share her commitment to financial inclusion.
Her fundraising strategy was deliberate and focused. Instead of casting a wide net, she targeted venture capitalists with a specific interest in fintech and social impact. This focused approach, combined with effective use of LinkedIn for outreach and community building, proved instrumental in WealthMore’s fundraising success.
The Role of WealthMore Advisors
At the heart of WealthMore’s mission is its team of wealth managers, who are not just advisors but also advocates for financial literacy and empowerment. Jeanlys-White likens them to a personal coach, stating, “They are dynamic, high-energy, motivational folks who will help our users identify their wealth-building needs.” This approach fosters a supportive environment where users can feel confident in their financial decisions.
WealthMore’s advisors are particularly attuned to social agendas, such as closing the wealth gap, which has historically been neglected by the financial industry. By prioritizing diversity and representation, WealthMore aims to create a more inclusive wealth management landscape.
The Future of Wealth Management
As WealthMore continues to grow, it exemplifies how technology can be leveraged to promote financial inclusion and wealth-building. The platform not only addresses the needs of individuals with smaller portfolios but also challenges the traditional norms of wealth management. By integrating technology with personalized advice, WealthMore is redefining what it means to be a financial advisor in the modern age.
Jeanlys-White’s journey is a testament to the power of innovation and resilience in the face of adversity. As she navigates the complexities of the financial landscape, her commitment to making financial advice accessible to all remains unwavering. WealthMore is not just an app; it is a movement toward a more equitable financial future.