We were lucky to catch up with Eric McLoyd recently and have shared our conversation below.
Hi Eric , thanks for joining us today. We’d love to hear about the early days of establishing your own firm. What can you share?
I started my financial industry journey working in a global institution. It was a great experience, but I realized I wanted to approach financial services differently. I also realized that I wanted to focus on a niche group. This group is Black 6-figure earners with high-powered corporate careers –struggling with managing their finances.
I started by creating a name that embodied why I needed to start my own company. The first name of my company was Hubris because I had the audacity to believe that everyone deserves to build wealth and that wealth management must include more than just investments. Once I had the name, this supreme level of confidence, slightly bordering on arrogance, set in. I knew that I could help this group.
After the name was set, I legally formed my company with the state. I then started working on my business plan. While writing the business plan, I researched all types of financial services companies to see how people were being served. I already understood the global company approach, so I focused more on researching small firms. Once my business plan was complete, I asked people in my network for feedback.
Next, I did something radical, I took a high-paying position in a real estate firm. I knew I’d need capital to build the business and did not want to rack up debt. After paying my home expenses, I took the additional income and invested it directly into my company. I also applied for the Evanston, Illinois, entrepreneurship grant and won the award.
I worked 9-5 during the week, and on the weekends, I ran my business. I advise new business owners to follow this model because you won’t put pressure on yourself too early for the business to pay your living expenses.
My initial challenges were developing the systems I would use to run the business. I also had to embrace technology on a deeper level –even simple things like using Google Drive or CRM platforms. Marketing was also a challenge because my presence on social media was limited.
COVID-19 actually helped me build my business because it became acceptable to meet with all clients remotely.
If I could do anything differently, it would be to invest in coaches earlier. I began to invest in coaches once I was a few years into the business, which makes it difficult because you must learn and implement in real-time.
Awesome – so before we get into the rest of our questions, can you briefly introduce yourself to our readers.
I am a Black, Gen X’er who grew up playing tennis, basketball, playing the trumpet and listening to Hip-Hop. I am very creative, having written hundreds of poetry verses and 4 novels that have yet to be published.
I got into the financial industry based on an invitation from a fellow non-profit board member. Her name is Cherice Price, she invited me to a life-changing event in Las Vegas soon after I was a licensed life insurance agent. From there, I learned financial planning, investment advisory, and other skills. Additionally, I began to offer consultative business services to small business owners while also helping them to address issues related to business budgeting and cash flow.
What sets me apart is I don’t want my clients dependent upon me. The goal is always to transfer knowledge so that they are empowered to understand and make decisions. The technical aspects of the work are nice, but the foundation is truly financial literacy. Also, it is my belief that wealth management addresses more than just stocks and other assets. I view it as the process of managing your finances daily. Lastly, much of my work focuses on mindset development.
I want people to know that my brand is evolving, and my company is positioning itself to work with Fortune 500 companies as well as colleges and universities. Additionally, I have ventured into pursuing written features in large publications such as Forbes and others.
I am most proud of the fact that I serve people who traditionally have not had access to advisors, coaches, and consultants. Building a business around this group has been amazing, and while my company is expanding, there will always be a place for those individuals.
Secondly, I am proud that during COVID-19, a friend and I launched a podcast, “Money Sex Gen X. This was a big deal for me because I am an introvert. On the show, we explore life’s questions in a very entertaining, balanced, and fair manner. I am now in love with podcasting.
What’s been the best source of new clients for you?
My best source of new clients has been LinkedIn. I invested in LinkedIn coach Lakrisha Davis, and it has paid off significantly. I am now able to reach a global audience with posts, trainings, and other content. Sharing myself globally changed my life, and it has been exciting to receive such a powerful response from my audience.
Mastering LinkedIn is a critical skill I would encourage all entrepreneurs to learn. It will force you to learn more about the consumer you are starting your business to serve.
We often hear about learning lessons – but just as important is unlearning lessons. Have you ever had to unlearn a lesson?
I had to unlearn perfectionism. Business does not require you to be perfect, it requires you to get started and iterate as you move along. School taught me about grades and trying to avoid mistakes, however, in business, mistakes are a sign of growth. I would encourage all new entrepreneurs to fail faster–learning from those mistakes will move your business forward.
Contact Info:
- Website: www.hubriswealth.us
- Instagram: https://www.instagram.com/mr.ericmcloyd__/?hl=en
- Facebook: https://www.facebook.com/mrericmcloyd/
- Linkedin: https://www.linkedin.com/in/ericmcloyd/
- Youtube: https://www.youtube.com/@moneysexgenx2163
- Other: apple podcast: https://podcasts.apple.com/us/podcast/id1513018018?mt=2&ls=1
Image Credits
Photo credit: Tara Gray (Feel This Moment Photography)