Updated: Jul 7, 2020
Welcome to episode 36 of The Innovating Advice Show.
I’m joined by Angel Rich, who accomplished more by the age of 30 than many people do in a lifetime.
In this episode, Angel shares her incredible story, from authoring the first ever African American Financial Experience study and saving her company US$6 billion, to inventing the top financial literacy product in the world, and being named the “Next Steve Jobs” by Forbes magazine.
Angel is the founder of The Wealth Factory where she wants to revolutionize financial literacy education and we discuss why the apps she’s created, Credit Stacker and Credit Fixer, should be part of every advisors toolbox.
We also touched on a shared hot button issue that highlights the importance of financial literacy and areas where innovation in financial services is in dire need. Will you be the one to follow in Angel’s steps and create a solution that helps to change the world?
Creating an algorithm for the stock market to win Goldman Sachs Portfolio Challenge, selling her first marketing plan to Prudential, becoming a founding employee of FINRA, authoring the first ever African American Financial Experience study, inventing the top financial literacy product in the world, and being named the “Next Steve Jobs” by Forbes – all by age 30, Angel Rich has earned the title Wealth Pioneer.
In 2009, Rich became a Global Market Research Analyst for Prudential Financial. While there she conducted over 70 financial behavior studies including the Obama’s Veterans Initiative. During her final year at Prudential, she helped the company’s Annuities division grow from #16 in Service to #4, helping the company save $6 billlion.
After leaving, Rich founded The Wealth Factory with a mission to provide equal access to financial literacy across the world. Today her company designs WealthyLife financial literacy education technology games, gaining world-class recognition for their first product, CreditStacker. It has been coined the best financial literacy product in the country by The White House, Department of Education, and JP Morgan Chase. Google named it one of the Top 10 Apps in the world of 2017.
In early 2017, Rich also released her first book – The History of the Black Dollar – with the foreword written by Dr. Maya Rockeymoore. The book takes readers on an economic journey through history to depict the major milestones, historic figures and upcoming leaders.
00:38 – Introducing Angel Rich
02:42 – Why Angel walked away from her comfortable job
05:19 – Being aware of biases
07:34 – Pivoting into something new
09:58 – How Angel chose her path at 6 years old
11:34 – Launching the CreditStacker apps
13:50 – How the app works
14:50 – Some surprising app users
20:40 – The system around payday loans – a hot button issue
28:10 – The financial market in developing countries
32:20 – Research shows clients need financial education
37:31 – Why financial advisors should bring Credit Stacker and Credit Fixer to all of their clients
38:20 – The different profiles of clients
41:45 – Angel’s advice for financial advisors that want to have a bigger impact