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Thursday, May 19, 2022

Black Entrepreneurs Month: Lamar Hudson

Lamar Hudson Lamar Hudson Financial 5959 Topanga Canyon Blvd., Woodland Hills(818) 436-3146 • Email: lamar.hudson@lpl.com Website: www.lamarhudsonfinancial.comLamar Hudson, who runs his eponymous financial advisory firm in Woodland Hills, provides financial advice to a variety of clients – individuals, business owners, nonprofits and charities.

And his service is comprehensive, meaning he does all manner of retirement planning, investment management, tax planning and even insurance planning.What’s more, his clients range in age from 20 years old to 97 years old. His second-oldest client is 94.

Question: Tell us how you got your business started.Answer: After working for a few large financial services firms, I decided to become an independent financial advisor, so I would have the ability to give my clients nonbiased advice. I had great relationships with many of my clients and they were happy to leave with me. From that point I built my business from client and professional referrals.Do you like being your own boss? Do you ever think about trading it all in for a steady paycheck?I love being my own boss and would never trade it in to work for a company.What’s the best aspect of running your own business?The best aspect is the freedom to run it my way. I get to run it in a way that puts my client’s best interest first. There is no pressure from a company or upper management to push or recommend things that might not be in my client’s best interest. I truly get to take care of my clients.And the worst?The worst aspect is that I’m responsible for everything in my practice. But I gladly accept the responsibility.What’s the biggest challenge your business has faced? And how did you deal with it?Fortunately, my business has not faced many challenges. I believe that my 33 years of experience has probably mitigated many of the challenges that a less seasoned financial advisor might face.What advice would you give someone who’s about to start their own business?I would tell a person who wants to start their own business to make sure they do their homework. First, they need to make sure that the business is viable. They need to make sure that they can afford to start a business. They should have an ample cash reserve and credit lines.

Also, make sure that the business offers a product or service that is needed, and that the business will generate enough revenue to sustain itself. I don’t believe that everyone is suited to be a business owner. Some people are much better off working for someone else.Has being African-American affected your business?I’m sure it has, but that can be both positive and negative. I focus on the positive aspects and don’t worry about the negative ones. If someone chooses not do business with me because I’m African-American, it’s their loss. I believe the majority of people don’t care what I am. Their main concern is whether I will do a good job helping them reach their financial goals.Do you think you’ll ever start another business?This one keeps me busy and is rewarding, but perhaps I will in the future.How has the pandemic affected you and your business?I believe the pandemic affected my business in a positive way. People started to prioritize and think about what was important. Also, people were home and more accessible.

How do you think your business will change, post pandemic?The only change I anticipate is that people will feel more comfortable meeting face to face again, post pandemic. But, I believe, virtual meetings will continue to grow and become a standard way of conducting business.

– Mark R. Madler

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