25-year-old advisor launches new Harlem office of Northwestern Mutual

Just seven years after landing an internship with Northwestern Mutual as a college student, a financial advisor launched a new office of the giant insurer and wealth manager.

Anthony Williams leads a team of four representatives and four other staff members who opened the new office in New York City on Feb. 19, he said in an interview. Williams, 25, aims to make it “a pillar of the Harlem community” by offering employment to area college students who often don’t get as many opportunities as he did while attending Howard University, he says.

The Bronx native has a lifelong interest in personal finance that prompted him to open a retirement account when he took his first job in high school at Domino’s Pizza. But Williams credits his family’s advisor from Northwestern Mutual, Qunnie Lin, for suggesting he apply for an internship with the firm. Williams registered with the firm while he was still in school.

“I don't think there is an end goal as much as, ‘How can we do as much as possible to make an impact on this community?’” Williams says. “There's so much opportunity in this world that you can't really put a cap on it.”

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As the No. 7 independent broker-dealer in Financial Planning’s annual IBD Elite rankings with $1.35 billion in annual revenue, Northwestern Mutual has more than 5,000 advisors. In 2020, client investment assets surged by more than 20% to grow above $200 billion while the company’s total revenue reached a record $31.1 billion, the firm said last week.

The new office is part of the firm’s targeted expansion in what it calls “underpenetrated” markets. In 2019, Black families had median net family wealth of $24,100, Hispanic families had $36,100 and white families had $188,200, according to the Fed.

Williams, who is Black and comes from a family of Jamaican and Guyanese descent, also points out that minorities are “largely underrepresented” in the industry. Just 2.9% of advisors are Black, 4.3% are Asian American, and 5.1% are Latino, according to market research firm Cerulli Associates. Williams and his family had been clients of Lin’s when she referred him to the internship program, she said in an emailed statement.

“He’s hard working, driven, and a go-getter, and has a passion for helping others when it comes to their own financial security,” Lin says. “As a mentor, colleague and friend, I’ve seen Anthony grow and am proud of his success and how he continues to impact his clients and community.”

Without guidance from Lin and fellow New York-based Northwestern representative Rick Hu, Williams said it wouldn’t have been possible to be the lead advisor at the new location. Several of the staff members grew up in Harlem or the Bronx, and the team plans to focus on recruiting prospective employees and offering financial education and advice to area business owners.

“I have a vision, I have a passion about this work and I think this is just the stepping stone,” Williams says. “This is just the beginning.”