James R. Veal is striving to help African Americans increase their financial literacy and successfully plan for retirement.

Veal heads the JRV Wealth Management Group, LLC, a Center City-based independent financial planning and investment firm.

Veal says many African Americans run the risk of retiring in poverty, because they didn’t plan adequately during the early stages of their employment.

“A lot of people in the community still believe that the government and their employers are going to take care of them in their retirement,” says Veal, who has 15 years of experience in the financial industry.

To that end, Veal says its important that workers avail themselves of 401(k)s and 403(b) retirement plans.

“The 401(k) is your pension. That 401(k) or 403(b) is a way to generate wealth, slowly but surely,” Veal stressed.

Veal says it’s important that workers start socking money away in their 401(k) plans as early as possible, especially since people are living 20 to 30 years in retirement.

“You’d be surprised how much you could generate from a 401(k). If you could contribute $200 to $300 a month in a 401(k) for 20 years, you’d probably have a quarter of a million dollars,” he stated.

He suggests that people invest between 8 to 10 percent of their salary into a 401(k) plan. By participating in their employer plans, he noted that workers have the chance of taking advantage of the pre-tax contributions and matching contributions from their company.

Veal also encourages people to invest in mutual funds — even if they have to start as small as saving $25 per month.

“Even if you’re not making as much money, you can still participate in the stock market and build wealth, just by consistently contributing every month to a mutual fund or a stock or some of these other investments, and eventually it’s going to grow — but you have to do it consistently,” he said. “You have to be disciplined.”

The Philadelphia native launched his firm in 2009, after garnering more than 10 years of experience as a stockbroker and financial advisor.

Veal manages approximately $10 million in assets for his clients, 85 percent of whom are African-American. The majority of his clients are women.

Veal noted there is a dearth of African-American financial advisors in the industry. He attributes this to the difficulty of the business and the lack of African-American mentors.

“It is a very difficult business. You have to be a true blue hustler. If you do not hustle in this business, you’re done,” Veal pointed out.

In keeping with his focus on educating members of the community, Veal frequently conducts workshops and seminars. Veal teaches financial literacy courses through the Temple University Pan African Studies Community Education Program.

The next course titled “Ways to Pay Yourself First” will be held February 21 from 7 p.m. to 9 p.m. at 1700 North Broad Street, Room 301. The course covers financial planning and retirement preparation.

Contact staff writer Ayana Jones at (215) 893-5747 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it. .