Anderson first contacted a financial planning firm in Washington, D.C., while serving in the Clinton Administration but felt the firm's planners did not take into consideration what he already knew and provided little follow-up, so the effort fell by the wayside. Then he returned to Philadelphia and made the acquaintance of Sanders, who had once belonged to the same college fraternity as the economist.
"I was impressed with the way he explained my options to me. We were not looking for the fast buck, but Steve convinced me I could take a little more risk. He put me in international markets in Western Europe, which is not something I would have done. But he made me feel comfortable with it, and I am not stuck with anything-we can always make adjustments," says Anderson, who also appreciates the educational side of First Genesis. Anderson focused much of his academic research on the racial inequalities in American economic life.
"There is a major difference in the way African-Americans save and invest compared to whites, and part of what Steve does is explain to people the importance of saving and investing to improve their quality of life."
It was a shared church affiliation, rather than fraternity, that brought Kimlar Satterthwaite to First Genesis, but it is his long employment with the Philadelphia Water Department, the fifth-largest public utility in the nation, that may prove to be the best resource for First Genesis.
"I have worked in customer service for 33 years, and I get a feel about people. I was impressed by Steve. I told him I was nearing retirement and he should keep me in mind," Satterthwaite says. "A few days later he called me and every question I asked he gave me a sensible answer that I could understand. We are in the preliminary stages of planning, but he knows I want to take a vacation, pay off some debts and redo our kitchen, so he gave me a projection on how I can use some money and then save the rest for the long term."
Satterthwaite is confident enough in First Genesis that he has arranged for a brown-bag seminar, at which the firm will talk with some of the 3,000 water department employees, nearly half of whom will be retiring in the next few years.
"For a lot of people, especially in the African-American community, the wealth they have accumulated is being negated," warns McDonald. "There is a lot of first-generation wealth out there, and as the baby boomers are retiring, they need investment advice. First Genesis brings a holistic approach to the table to plan how to use and preserve wealth, as well as how to leave a legacy."