The City of Memphis is taking economic education on the road.
Through its Economic Empowerment Tour, the city’s Office of Community Affairs, led by Dr. Reginald Boyce, is holding a series of neighborhood-based events focused on building financial literacy, wealth and generational stability — particularly in Black and underserved communities.
Each Thursday evening, residents gather at churches across Memphis for free dinner, followed by a one-hour session led by local financial professionals. Topics range from home ownership and financial planning to wills, trusts and estate strategies.
It’s all part of Mayor Paul Young’s broader push for equity and access, making sure those who most need the information don’t have to go far to find it.
“Seventy percent of African Americans don’t have a will or an estate plan,” said Evan Stephens, a financial advisor with Merrill Lynch, who led the August 21 session on Wealth Management alongside fellow advisor Nate Ollie at Grace M.B. Church in North Memphis.
In a candid, forward-looking conversation, Stephens and Ollie spoke with The Tri-State Defender about the urgency of estate planning, misconceptions about wealth and how even younger people — especially creatives and entrepreneurs — can take early action to secure their legacy.
TSD: What was the goal of your session tonight?
Evan Stephens: The goal tonight was mostly educational — just letting people know about these financial instruments, especially those who may not know. As I mentioned earlier, about 70% of the African American community does not have a will or an estate plan. So having conversations about estate planning and some of those foundational topics is mission critical. Especially when we talk about generational wealth and wealth transfer. Those are the ABCs of building and protecting wealth. It’s really about making sure that the legacy and values that align with your family get properly transitioned to the next generation.
TSD: I couldn’t help but notice the size and age of the crowd. Not a huge turnout and skewed a bit older. What does that say to you?
Stephens: I think you’re spot on. A lot of younger people — who aren’t even that young — don’t see this stuff as relevant to them. And that’s unfortunate, because it absolutely is for them. It’s never too early to plan. There’s a wealth of knowledge out there that, frankly, our community hasn’t always had access to. We didn’t grow up having these conversations at the dinner table. So it’s important to be intentional about learning how to build wealth.
Everyone talks about generational wealth, but it has to start with a generation. And it has to start with knowledge. That’s why we’re here. I wish there were more younger people in those seats because I get asked all the time: “When should I start planning for retirement?” And the answer is: yesterday. But the next best time is today.
Nate Ollie: I agree with that 100 percent. Part of our job is to be advocates for the next generation and to dispel a lot of the myths that keep people from even engaging with this stuff. Like this idea that estate planning is only for wealthy people. That’s just not true. A lot of folks are in what we call the “accumulation phase.” They’re just getting started building their assets. But that’s exactly when you need to be thinking about this. Avoiding these conversations now can create real problems down the line.
And honestly, even if there’s only three people in the room, that’s three lives we may have helped change. That’s three additional generations that might have access to wealth because of one conversation. So I’ll keep showing up, even if it’s a small room, because this knowledge needs to be shared.
TSD: What about younger creatives or entrepreneurs who feel like they don’t have anything to protect? Say someone’s just making beats or posting songs online. They might not think about estate planning at all.
Stephens: That’s a great question. I teach financial literacy in high schools, and I always try to get kids to understand: There are multiple pathways to wealth. You don’t have to be a rapper or an entertainer. But if you are creating something, whether it’s a brand, your music, even your ideas, you need to protect it. That’s intellectual property. You never know what it might be worth later.
But the first step is exposure. A lot of young people haven’t seen examples of wealth building outside of sports or entertainment. So they default to that. I don’t fault them; it’s just what they’ve seen. That’s why our job is to love on them, meet them where they are and show them other pathways.
Ollie: And if they could just understand the power of “compound growth” — man. That would change everything. Like Albert Einstein said, compound interest is the eighth wonder of the world. If you start investing early — even just small amounts — you can build wealth with less effort over time. But in our community, the average person doesn’t open an investment account until age 34.
So we’ve got a lot of work to do. But we’re making progress. And it starts with getting this information to people earlier. Helping them understand how money grows when you’re disciplined. When you don’t touch it. When you save the right way, with the right tools.
Stephens: That’s the message we’re preaching. It’s not just about money. It’s about mindset. And if we can shift the mindset, we can shift the trajectory of whole families and communities. That’s why we do this.
— The City of Memphis Economic Empowerment Tour, presented by the Office of Community Affairs, continues each Thursday through September 11, with sessions hosted at churches across the city. The next stop — focused on estate planning — takes place Thursday, August 28, at Golden Gate Cathedral, 3240 James Road, with a free dinner at 5 p.m. and the program beginning at 6 p.m. To RSVP, visit: https://www.surveymonkey.com/r/WMHSKPT.
