Two retired sisters' effort to collect the story of their family and its legacy as entrepreneurs and educators hold lessons for financial advisors seeking to help clients build generational wealth.
Jewel Waller Davis and Joyce Waller Baden's book, "
The Association of African American Financial Advisors distributed copies of the work
"Despite the prejudice and bigotry they endured, three generations of Wallers and Dungees persisted," Waller Davis and Waller Baden, wrote in a note included in the book for attendees. "They developed a jewelry trade, built other businesses, secured an education and supported their families."
In recognition of Black History Month, the two authors and their other sister, Betty Waller Gray, spoke with Financial Planning about the values that made their family successful in passing down wealth across generations.
"Countless African Americans have made similar achievements, but their stories have yet to be told," they told FP.
The Waller sisters completed the following lightly edited conversation via email responses. The book written by Jewel Waller Davis and Joyce Waller Baden, "Our Shining Legacy: The Waller-Dungee Family Story 1900-2020,"
FP: What is the meaning behind the title of your book "Our Shining Legacy?"
Jewel Waller Davis, Joyce Waller Baden and Betty Waller Gray: We believe our legacy is the values passed on to us. These values primarily have been that of developing entrepreneurial enterprises and the desire for educational achievement and success. No less important are the values of faith, decency, and ardent work necessary to achieve a goal.
Paternal Grandfather [M.C.] Waller, a trailblazing entrepreneur, collected insurance. He owned and operated a grocery store before establishing his jewelry business. His entrepreneurial spirit was embraced by our father and two uncles. They learned the trade and ran this successful firm together. Our brother Richard followed in these footsteps; as well as Richard Jr.'s sons.
'Shining' is a part of the title because of the shining, glowing, sparkling jewelry displayed in the Waller family's 123-year-old company in Richmond, Virginia.
Our Grandmother [Fannie Williams] Dungee, who completed the Richmond Colored Normal School in 1900, had a high regard for educational achievement and set an excellent example for all of her descendants to emulate. Despite not being allowed to teach after her marriage, she used her training and skills to open and operate a private kindergarten/nursery school for the children of working parents.
We note that many of our friends and acquaintances have been bequeathed land, farms and other tangible properties; however, we are proud to have as our legacy the entrepreneurial spirit and the pursuit of education.
FP: What has made your family so successful in running a jewelry business for more than 100 years?
Waller sisters: Integrity, honesty, service, and customer loyalty are integral to the family's success in running this business. Waller and Company's commitment to excellence and trusted customer service for sales and repairs contribute to its longevity. Today's customers are often the offspring of parents and grandparents who shopped at our store or utilized its services.
From the beginning, silver-plated products, ink pens and trophies supplemented the repair business. Currently, the store provides a unique variety of fine jewelry. Nearly five decades ago, the company began to sell merchandise to members of various college Greek letter organizations. Many of them have returned to make jewelry purchases after their college years.
The Waller family has participated with and has supported numerous business, civic and community organizations. In return, various members of these groups continue to be loyal Waller customers.
FP: The themes of hard work, education and faith really stood out to me in reading about your family's history. Which of your relatives especially embodied those values as you think about them all these years later?
Waller sisters: The ardent work and dedication of our Grandfather Waller; our father, Richard Waller Sr.; our brother Richard Waller Jr.; our Grandmother Dungee, and our mother, Florence Waller, embody these values — hard work, faith and education, as we think about them all these years later.
Grandfather Waller was self-educated. What a remarkable business pioneer! He invested funds in a budding insurance firm and also in real estate. His tenacity was amazing. He was a dedicated churchman his entire adult life, and in his middle years, helped organize a church in Richmond.
Our father, Richard Sr., was innovative and always seeking to improve the business. Though he did not enjoy good health, he worked diligently at the store. He attended to customer's needs by delivering new items and repairs to those who could not shop during regular business hours. Our dad had extraordinary rapport with both customers and suppliers.
Following in the footsteps of his father and grandfather, our brother Richard did not have the financial resources that some other business owners enjoyed. However, with hard work, faith, skills, motivation and ambitious goals, he established Waller and Company Jewelers in downtown Richmond in 1968! Customers continue to shop
Mother emulated our Grandmother Dungee. Mother's college courses during two years at Virginia Union University well-prepared her to teach kindergarten students and to operate her own pre-school. Although widowed in 1955, with six children under age 18, mother had exceptional faith and commitment to her children, church and to the community.
FP: February is Black History Month. How do you view your family's proud history in the context of the African American experience?
Waller sisters: Our family survived terrifying and threatening conditions during the eras of Reconstruction and Jim Crow in the former capital of the Confederacy. Although the challenges were enormous, they were not insurmountable. Our fervent faith, having excellent role models and confidence in ourselves and our abilities have allowed Wallers and Dungees to progress and to achieve.
Countless African Americans have made similar achievements but their stories have yet to be told. While Black History Month is a time when recognition is given and achievements are highlighted, our history should not be confined to a single month, but celebrated all year long.
As stated by Dr. Hiawatha Fountain in his review of Our Shining Legacy, 'This book will bring to light and to life the many families whose stories will never be published, but will shine through this recorded history and legacy. Our Shining Legacy will serve as a guidepost for generations who will journey this way.'
FP: What lessons can your family's history teach about the best means of building generational wealth?
Waller sisters: Wealth accumulation is achieved through people at work (employment) or money at work (saving and investing). For the Waller-Dungee family, generational wealth building started with our grandfathers in the early years — around 1900.
Our paternal grandfather utilized both of these approaches to building generational wealth. Our maternal grandfather, an employee of an iron and steel company, was known for his frugality as he amassed funds needed for home ownership. His tenacity bore fruit as he cared for his family and purchased a home.
Generations of our family, regardless of income level, observed such principles as the following which led to home ownership and preparing for their children's stable financial future: planning and setting financial goals, as those who fail to plan, plan to fail; budgeting and spending wisely; saving, investing and exercising financial discipline.
These ancestors set a fine example for those of us who came along later. They 'passed the baton of entrepreneurship, integrity, family and spiritual values, and the desire to generate wealth' to the next generation. It has truly been family cohesion and faith in God that have brought generations of the Waller-Dungee family this far.
