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Navigating Your Financial Journey: A Fireside Chat with Cathey Williamson

Where do you start your financial journey if you feel like you waited too long? In this fireside chat, CHIP founder Dana Wilson visits Cathey Williamson, president and CEO of Williamson Financial Management Group, in Florissant, Missouri. Cathey has been a financial advisor since 1999 and has run her own firm since 2005. She talks about breaking barriers in the industry, building a firm her clients trust and why it’s never too late or too early to start.

Key takeaways

  • Some money is better than no money. Starting small can take you further than you think.
  • When you understand how a plan works, you’re more likely to stick with it.
  • A good plan can spare your family money worries while they grieve.
  • Your advisor, insurance pro, estate attorney and tax pro should work as a team.
  • Stay engaged. Bring your own ideas and questions to your advisor.

It’s not too late, and it’s not too early

Cathey’s clients range from babies who haven’t arrived yet to people in their 90s. Many walk in feeling ashamed that they didn’t know more or started later than they wanted. Her answer is simple: no judgment, and let’s just do it. Meetings usually start with talk about life and family, and there’s a lot of laughter. There’s also a closet full of tissues, because money can bring up big emotions.

Her core belief is that some money is better than no money. Start somewhere, and you’ll be surprised how far you can go. The sooner you start, the better, but it’s never too late to begin your financial journey.

Breaking barriers to build a firm

Getting started in the industry was hard. Cathey came from a management background and didn’t expect the built-in barriers she faced as a Black woman, often the only one in the room. She says some of that hasn’t changed as much as it should. What kept her going was persistence and knowing this work can change someone’s life.

She started her firm in her daughter’s bedroom after her daughter left for college, and lost her voice on the first day. She leaned on her family and a small group of other new business owners who acted as each other’s board. Her advice for hard days: give yourself 15 minutes, then get up and keep going.

Why understanding the plan matters

Cathey’s biggest joy is seeing clients who never thought it was possible become millionaires, own a home or pay it off. Her job is to stretch clients a little more each time. She explains how the plan works, because people who understand it are more likely to stay the course when life gets in the way. Changing how you think about money, she says, may be the most important step of all.

Another kind of success is harder to talk about. When a client passes away and their plan was in place, the family can grieve without starting over financially. Cathey has cried with many families, but seeing a client’s wishes carried out brings a different kind of joy.

Your financial journey takes a team

Early on, Cathey found the industry lonely. Advisors need people to bounce ideas off so they reach the best solution for each client. Today her firm works closely with insurance pros, estate planning attorneys, CPAs and enrolled agents. She often sits in on clients’ estate planning meetings so nothing gets missed, and she helps them choose the right insurance for their season of life.

She also wants clients engaged. If you know a company well through your work or where you shop, bring it up with your advisor. Sometimes they’ll talk you out of it, and sometimes it’s worth a closer look. Learn how these pros work together on our page about building a financial team, and hear more from Cathey in Money Strategies for Major Life Transitions.

Want more conversations like this? Watch more Cultural Coins episodes.

This article is for education only and isn’t investment, insurance, tax or legal advice. Talk with a qualified professional about your situation before making decisions.

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