Building momentum — with Lonniece McDonald

Lonniece McDonald describes herself as “a budget-nista with a passion for financial literacy.”
She discovered at a young age she had a talent for saving money as well as for helping people.

“I tell people that when I was 7 years old, I would save all the money I would get from my grandparents for my birthday or whatever. Then when it was closer to Christmas, I would listen in on conversations among the adults in the family to get an idea of what they would like for gifts and I would give them something with the money I had saved,” she said. “I liked saving money and I liked helping people, and this was a way I could do both.”

McDonald’s interest in saving money and helping others led her to a career in financial services. She is a wealth planner at a wealth advisory firm for ultra high net worth individuals and multigenerational families.

Her efforts to inspire other women of color to pursue careers in the profession as well as her dedication to promoting financial literacy earned her a Financial Planning Association Diversity Scholarship.

By the time McDonald graduated from high school, she knew she wanted a career in finance. But it was her time as an undergraduate at SUNY New Paltz that solidified that decision.

“I took my first personal financial planning course. I didn’t know that financial planning was a profession,” she said. “During that time, I also had an opportunity to teach a financial literacy workshop. I was talking to my peers about your credit score and all the factors that go into it. The students in my workshop wanted more information and kept asking questions. That’s when I realized there’s a need for this.”

Talking came naturally

McDonald said that talking about financial literacy came naturally to her. 

“Usually when people are doing public speaking, it’s daunting, but I felt like I was in my element,” she said. “Something told me I needed to figure out what this career is going to be.”

Graduating from college in the middle of the pandemic meant that finding a job was challenging. But McDonald eventually started working in the field and learned that sales was not something she enjoyed. She found her place in wealth management and earned her Certified Financial Planner designation soon afterward.

“The CFP designation marries this passion for financial literacy with the ideal of serving people, and there’s a plethora of things under that umbrella,” she said.

‘Everyone needs financial planning’

Even though McDonald focuses on high net worth and ultra high net worth clients, she also will work with those who don’t quite fall into a higher income bracket.

“I believe that everyone needs financial planning,” she said. “No matter your income or your tax bracket, it’s something that’s universal, and that’s why I try to help out where I can.”

McDonald said her clients have varied needs, and those needs can change as their life circumstances change.

“I’m a planner, so I typically run plans,” she said. “But, for example, we had a client who is thinking about purchasing a new home. They would like to sell the home they’re currently living in. So, I run a scenario to see whether they can afford to make that move. Some clients are thinking about their estate plan and others are looking at ways they can give money to future generations in their family.

“There is no one service that fits all. A client could be fine for three months, but the next thing you know, they come to us with some pressing issues, so it varies.”

A need for diversity

While McDonald was working on her CFP designation, she became aware of the shortage of people of color — particularly women of color — in the financial services profession.

“I realized, ‘Wow! There are not a lot of people of color in this field, let alone women of color.’ I realized there’s definitely a gap. I’m constantly promoting this profession to ensure there are more people of color entering it. I’m always willing to sit down with people and talk to them about my process, creating that exposure.”

She also loves to return to SUNY New Paltz, where she received a degree in finance, to talk to students. 

“I’ll let them know, this is a career. This is a profession that is available to you. I share with them that I’m always here as a resource and they are free to connect with me if they want to learn more about it.”

Exposure to the profession is one way McDonald believes more women of color can be attracted to financial careers.

“When I was in school, I didn’t know this was a career you can have,” she said. “It would have been nice to see some representation, to have someone come out to my school and talk about this. There are a lot of college programs that exist, and having a partnership with those individuals who are already out there doing some of this work would be helpful. 

“I think that a lot of students, especially women of color, don’t know this is a path for them, let alone see people who look like themselves in the industry. So creating that exposure partnership with college readiness programs would go a long way. But I also believe putting yourself out there is important, getting involved in the community is helpful.”

McDonald said she believes her volunteer work in financial literacy education has an added benefit of exposing people of color to someone who works in the profession and perhaps can inspire some of them to consider it as a career.

“I’m out there trying to help others and build some momentum here,” she said.

A spark for education

When McDonald presented her first financial literacy workshop to some of her SUNY New Paltz classmates, it ignited a spark to educate others about improving their financial awareness.

Today, she is a frequent workshop presenter, sharing her knowledge with everyone from family and friends to college students and members of the community.

She volunteers with My Money Workshop, a New York-based nonprofit whose objective is to help community members develop financial strategies for a successful future. 

“It’s a nonprofit organization that looks to bridge the gap between people of different backgrounds who don’t have access to financial literacy. There’s definitely a need out there,” she said. “Sometimes I teach students who are in high school or college. Sometimes I work with members of underserved communities or people of color. And I also work with survivors of domestic violence. It’s a broad range of individuals.”

When conducting workshops, McDonald said she finds that the first session gets people thinking. By the second session, the questions start to flow.

“They’re rolling in with questions like, ‘Why should I pay down my loan?’ ‘How do you budget?’ ‘If you had $10,000, where would you invest it?’ 

“Questions can range from small things, such as ‘I’m trying to save X amount of dollars. What is the best way to do that?’ and go all the way up to higher-level subjects like ‘How would you put crypto in your portfolio?’

Looking ahead, McDonald said she would like to serve a broader range of individuals in her practice.

“I think that financial planning is a tool. It’s a resource that everyone needs, and I don’t want to be limited based on someone’s income or their tax bracket. I’d love to work with folks who come from underserved communities, but also folks who have acquired wealth and everything between. I don’t want to pigeonhole myself. I think I can make a real impact in communities that haven’t had the opportunity to be exposed to financial education.”

A self-described “gym rat” who loves working out in her free time, McDonald said she sees a lot of parallels between physical fitness and financial wellness.

“I hope to host a few fitness courses in the future. Maybe that’s like, you know, come sit with me and talk about your finances, and then after that, burn off some steam. I’m big on not only financial wellness, but physical and mental wellness. If I could marry all three of those, that’s what I would do in the future.”

Susan Rupe is editor in chief, magazine, for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected].