Authority Magazine Article: Platinum Bridge Wealth Strategies' on The 5 Essentials for Smart Investing
Antwone Harris of ‘Platinum Bridge Wealth Strategies’ On
The 5 Essentials for Smart Investing
An Interview With Jason Hartman
Published in Authority Magazine·10 min read·Jun 1
Beyond spiritual and physical health, financial well-being is typically the third priority for most people. If I could inspire a movement, it would be focused on promoting financial literacy and teaching basic financial principles to as many people as possible. I currently engage in financial outreach by volunteering at high schools, hosting educational Zoom sessions, and speaking at events whenever possible.
Financial literacy profoundly impacts people’s lives, as money represents freedom rather than simply the ability to buy things. With financial security, individuals can send their children to better schools, access improved healthcare for their families, and enjoy a more relaxed and fulfilling life. Therefore, teaching people how to obtain, maintain, grow, and leverage their finances is crucial beyond just their time and labor. I aim to make the most significant impact by leveraging my efforts on a larger scale and utilizing various mediums to spread this message.
As a part of my series about The 5 Essentials of Smart Investing, I had the pleasure of interviewing Antwone Harris.
Antwone Harris, MBA, CFP®, is Chief Planning Strategist at Platinum Bridge Wealth Strategies in Washington, D.C. His firm focuses on retirement income planning for professionals in or near retirement. Prior to launching Platinum Bridge Wealth Strategies in 2017, he spent 12 years as a VP — Senior Financial Consultant with Charles Schwab Inc. Investment Advisory services offered through Triad Hybrid Solutions LLC, a registered investment advisor.
Thank you for doing this with us! Our readers would like to learn a bit more about you. Can you tell us the “backstory” about what brought you to the finance industry?
I came from a small town and was not exposed to finance at all, growing up in a blue-collar family. In high school, I took an economics course and participated in a stock simulation game. My team was given $100,000 in fake money to invest, competing against other students across New Jersey. As captain of the investment team, I discovered my passion for the subject when we performed exceptionally well.
After graduating college, I worked as a pharmaceutical rep and received a bonus check, which I used to invest in real stocks for the first time. That initial investment did well, and I became captivated by the process. I started reading everything I could find on investing and became known among my friends for my interest in stocks. People began to ask me for investment advice and suggested that I become a financial advisor.
For years, I didn’t take the idea seriously as I had a stable job as a marketing manager. However, I eventually decided to combine my passion and career and took the leap to become a financial advisor. Starting with zero clients, I had to rebuild my income and business from scratch. But I’m so glad I made the transition, and now, years later, I enjoy a successful career in the finance industry.
Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or take away you took out of that story?
Absolutely. When I first began my career as a financial advisor, I started with a company that was not a good fit for me at all. So, after two years, I switched firms and landed a job at Charles Schwab. Despite being an established professional with an MBA from Georgetown University, I was still relatively inexperienced in the financial services industry. I had to prove myself and earn my stripes. When I first started, I didn’t even have an office! I was initially assigned to meet prospective clients in the lobby behind a partition.
Despite having a prestigious degree and being an established professional, I found myself in a humbling situation — holding private conversations about people’s wealth in a quasi-public space. Nevertheless, I was determined to succeed, focusing on being the best advisor I could be and adding value to clients.
Incredibly, I experienced success early on at Schwab, eventually earning a promotion to vice president and a corner office. Reflecting on my journey, I realized that my initial struggles taught me a valuable lesson: sometimes you’ll face setbacks and obstacles, but with focus, determination, and resilience, you can achieve great things in life. This is a lesson that I now share with my children, encouraging them to persevere in the face of adversity.
Are you working on any exciting new projects now? How do you think that will help people?
Yes, I am currently working on an exciting project which involves developing a financial planning portal specifically tailored for pharmaceutical executives. This niche group faces unique challenges, such as an unspoken expectation of early retirement and dealing with concentrated stock positions. The portal will address various concerns, including navigating early retirement, reinventing oneself, leveraging contacts, handling health insurance, and determining when to draw retirement assets.
Additionally, the portal will provide educational content on managing company stock grants, restricted stock, stock options, and strategies to mitigate taxes. By addressing these unique financial planning needs, the portal aims to help pharmaceutical executives make better decisions regarding their benefits and improve their overall retirement readiness.
Ok. Thanks for all that. Let’s now jump to the main core of our interview. According to this report in Fortune, nearly two-thirds of Americans can’t pass a basic test of financial literacy. In your opinion or experience what is the cause of these unfortunate numbers?
The primary cause of low financial literacy is the lack of exposure to financial education at both the family and school levels. Many people find math intimidating, and finance can be even more so due to the jargon and complex concepts involved. As a result, when individuals encounter financial media or documents, they often feel overwhelmed.
Additionally, negative perceptions of the financial industry, perpetuated by stories like Bernie Madoff, contribute to people’s hesitance to engage with financial professionals. As a result, many individuals shy away from financial education until they realize its importance for retirement and wealth management. However, lacking a basic background in finance, they continue to find the subject perplexing.
If you had the power to make a change, what 3 things would you recommend to improve these numbers?
First, I would promote the use of market simulation games in schools as a way to expose young people to the markets, making them less intimidated by financial concepts. Second, I would replace some less relevant subjects, such as Roman numerals or Greek mythology, with financial literacy education to better prepare students for their future financial endeavors.
Lastly, I would implement mandatory 401(k) training for all new employees in jobs that offer a 401(k) plan, ensuring they understand the importance of funding it, its potential impact on their future, and the available investment options. These three changes could significantly improve financial literacy and help people make better decisions going forward.
Ok, thank you! Now to the main question of our interview: You are a “finance insider”. If you had to advise your adult child about 5 non intuitive essentials for smart investing, what would you say? Can you please give a story or an example for each?
First, emphasize that time in the market is more important than timing the market. Many media outlets warn about market downturns, but it’s crucial to remember that according to research, the S&P 500 is up 74% of the time. This knowledge can significantly contribute to future wealth-building.
Second, avoid fad investing in trends like cryptocurrencies and marijuana stocks. Instead, focus on consistently investing in the overall stock market through index funds, which requires minimal knowledge and analysis.
Third, when buying stocks, look for those making new highs. This is counterintuitive, as many new investors seek bargains, but stocks reaching new highs often indicate well-performing businesses with promising prospects.
Fourth, seek out great brands facing temporary issues. For instance, a few years ago, Chipotle’s stock suffered due to salmonella poisoning headlines. However, once the issue was resolved, the stock rebounded, offering an excellent investment opportunity.
Lastly, always build up money outside of your retirement plan at work, as relying solely on 401(k) or IRA accounts can be tax inefficient. Building wealth outside of these accounts offers tax flexibility during retirement.
What are your thoughts about day-trading, using apps like Robinhood? Can you explain what you mean?
Before becoming a financial advisor, I was a day trader, and I can say that it is not for the faint of heart. Day trading is essentially a form of gambling since there isn’t enough time for an investment thesis to play out in a short period. Furthermore, instead of investing based on fundamentals, day traders rely more on technical trading, which can lead to trouble for some.
Day trading is highly stressful and is not considered investing. The data points that show markets being up 74% of the time do not apply when trading frequently. Additionally, there are various ancillary expenses that can accumulate. For example, I executed over 1,200 trades in one year, which led to complicated tax implications and difficulties reconciling gains. So no, I am not a proponent of day trading for most people, as it carries significant risks and can be highly stressful.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
Absolutely. Besides God and my family, who are always my priority, the one person I would attribute most of my success to is someone I never met before — Brian Tracy. He has written numerous books about success. When I first started and faced significant challenges establishing myself as an advisor, I sought any information I could find to learn how to be successful. You learn a lot in school, but you’re rarely taught about success itself.
I learned so much from Brian Tracy’s books, reading everything I could find and repeatedly listening to his material in my car. In addition, I implemented many of the strategies I learned from his work. I might have spent around three or four hundred dollars on his books, but the return on investment from the knowledge I gained is immeasurable.
When he passed away, I felt a profound sense of loss. I can honestly say that Brian Tracy had a tremendously positive impact on my life, teaching me invaluable lessons, even though I never had the chance to meet him.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
Certainly. My favorite life lesson quote comes from Calvin Coolidge, which states:
“Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘Press On!’ has solved and always will solve the problems of the human race.”
This quote resonated deeply because focus, discipline, and persistence are crucial to achieving great things. I apply this mindset daily and instill it in my children as well. I praise them for their effort and persistence, regardless of the outcome, because persistence, determination, and focus will lead to positive results over time. This quote is truly the one that I hold dear.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. :-)
Beyond spiritual and physical health, financial well-being is typically the third priority for most people. If I could inspire a movement, it would be focused on promoting financial literacy and teaching basic financial principles to as many people as possible. I currently engage in financial outreach by volunteering at high schools, hosting educational Zoom sessions, and speaking at events whenever possible.
Financial literacy profoundly impacts people’s lives, as money represents freedom rather than simply the ability to buy things. With financial security, individuals can send their children to better schools, access improved healthcare for their families, and enjoy a more relaxed and fulfilling life. Therefore, teaching people how to obtain, maintain, grow, and leverage their finances is crucial beyond just their time and labor. I aim to make the most significant impact by leveraging my efforts on a larger scale and utilizing various mediums to spread this message.