Our $500 Billion Mission
We’re at the forefront of a movement that is going to change the trajectory of a people in America, forever…
The non-profit organization Wealth and Equity Inc. (WE) has been created to unite the insurance industry on a mission to educate, underwrite, and empower the Black community by leveraging life insurance and enhancing financial education, while also helping Black agents and agencies reach their highest level of career success.
Leading this timely endeavor is Eugene Mitchell, former life insurance industry executive, finance expert, and author of the book Closing the Racial Wealth Gap-7 Untold Rules for Black Prosperity and Legacy.
The non-profit organization Wealth and Equity Inc. (WE) has been created to unite the insurance industry on a mission to educate, underwrite, and empower the Black community by leveraging life insurance and enhancing financial education, while also helping Black agents and agencies reach their highest level of career success.
Leading this timely endeavor is Eugene Mitchell, former life insurance industry executive, finance expert, and author of the book Closing the Racial Wealth Gap-7 Untold Rules for Black Prosperity and Legacy.
"The typical White family has eight times the wealth of the typical Black family"
The non-profit organization Wealth and Equity Inc. (WE) has been created to unite the insurance industry on a mission to educate, underwrite, and empower the Black community by leveraging life insurance and enhancing financial education, while also helping Black agents and agencies reach their highest level of career success.
Leading this timely endeavor is Eugene Mitchell, former life insurance industry executive, finance expert, and author of the book Closing the Racial Wealth Gap-7 Untold Rules for Black Prosperity and Legacy.
SUPPORT THE MISSION – JOIN THE MOVEMENT – ELEVATE BLACK FAMILIES AND COMMUNITIES
WE, led by Eugene, is encouraging companies from across the insurance industry to partner with WE to implement an innovative, long-term diversity, inclusion, equity, and community engagement initiative focused on broad-based collective impact. This new initiative’s goal is to educate, underwrite, and empower two million Black families with $500 billion of life insurance.
As a Black-led non-profit organization, Wealth and Equity Inc. will galvanize the Black community, support Black agents, and partner with organizations committed to the meaningful corporate citizenry. WE will serve as a trusted and unbiased resource for the multifaceted insurance industry, ultimately benefitting companies, agents, and the Black community.
CREATING WEALTH FOR BLACK FAMILIES, AND INDUSTRY EQUITY FOR BLACK FINANCIAL ADVISORS
“The health, wealth, and social justice crises of 2020 disproportionately impacted Black Americans, and placed a spotlight on the need to leverage life insurance as a tool for financial protection and wealth creation,” says Eugene Mitchell. “This is especially the case for many Black families, who could benefit from the financial stability, access to living benefits, and multigenerational wealth this financial tool provides.” However, the fact remains that only approximately 4% of the total annual death claims paid out by major insurance companies goes to Black families, according to independent research.
Similarly, Black insurance agents, brokers, and agencies remain woefully underrepresented in the industry. According to a 2018 study by the Independent Insurance Agents and Brokers of America, only 4% of independent agencies have a Black principal or senior manager – compared to 88% with White agency leadership. There are equally disheartening statistics among the industry’s major companies. Black agents struggle to achieve longevity in their career, Million Dollar Round Table (MDRT) qualifications, and representation in agency management. In addition, many Black agents and managers have encountered systemic challenges and biases, both overt and covert, that are pervasive throughout the industry.
Eugene Mitchell is President and CEO of E. Mitchell Enterprise, LLC, a financial consulting and financial services firm. He is also the author of the book: Closing the Racial Wealth Gap – 7 Untold Rules for Black Prosperity and Legacy!
Prior to starting his own company, Eugene served as the Corporate Vice President and manager of the African-American Market Unit within the Agency Division of New York Life Insurance Company, a unit that he created. For 17 years, he was responsible for developing and executing the company’s national targeted recruiting, sales and marketing campaigns within the African-American community. He also oversaw and supported the development, retention, and promotion of 1,500+ African-American Market Agents and 40+ African-American Managers.
In 2011, Eugene developed and initiated the $50 Billion Empowerment Plan – a 5-year initiative to accumulate $50 billion of in-force life insurance intended to (1) provide significant family business protection; (2) transfer future income; and (3) create a strong and sustainable intergenerational wealth stream within African-American families, businesses, institutions, and organizations. In October 2017, Eugene and his team crossed the $50 billion milestones.
Eugene has been featured in national media and industry publications, including The New York Times, ABC News, and Black Enterprise Magazine. He has been presented with numerous city and state proclamations; he received the “Business Mover and Shaker” award from New Visions in Business Magazine; and the Conference of African-American Financial Professionals also awarded him with their Leadership and Excellence Award in 2018.
Eugene Mitchell
Eugene earned his MBA from New York University’s Stern School of Business, and his B.A. in Finance from Florida International University. He and his family lived in New York City.
We are looking for other key members and volunteers. If know our mission is something you want to be a part of or support, click the button below.
