Melissa Williams, owner of Star Financial & Insurance Services Inc., says getting people to talk about money is a difficult and often emotional process. 

“Finances are very personal and stir up all kinds of emotions,” says Williams. “That’s why it’s so important to me to get to know my client’s needs and explain things in terms they can easily understand.” 

Located at 400 S. Jefferson, the company assists clients in financial, retirement, estate, and legacy planning, as well as group benefits and business planning. It also offers life, disability, and long-term care insurance as well as annuities. 

Williams says that although the company is still rather new, at just two years old, it’s doing well, with revenues up 200 percent from last year, and the majority of clients being from the Spokane and Coeur d’Alene areas. 

Williams says the company earns most of its income through commissions on transactions, although clients can choose to pay an hourly rate for certain services, depending on an individual’s needs. She declined to disclose the company’s overall annual revenues. 

Star Financial staff includes Williams, producers Jim Rund and Scott Keno, and one additional full-time office employee. Each of the company’s producer’s works on commission, with Rund specializing in small business succession planning, and Keno specializing in group health insurance and planning. Williams meanwhile, considers herself the company’s jack-of-all-trades. 

“I mostly assist families and individuals, but I do dabble in some of the other areas, like business planning,” she says. 

This year, Star Financial has also begun offering securities and advisory services through a new broker-dealer, Centaurus Financial Inc. Williams says Star Financial assists clients in buying individual stocks when appropriate, but usually only does so as part of an overall plan. 

“Centaurus provides a platform from which to trade securities, and they also serve as advisers so that we can maintain compliance with FINRA (Financial Industry Regulatory Authority),” says Williams.  “Through them, we can offer clients greater flexibility.”

This year, Williams received a Women in Business Leadership Award from Catalyst Magazine, and Star Financial earned silver in Best Financial Services Company for the city of Spokane from Spokane Coeur d’Alene Living Magazine, as well as an AGORA award from Greater Spokane Incorporated.

Williams says many clients are intimidated by a process that can seem complicated, not realizing how easy it is to learn the basics. 

“Parents sometimes have a difficult time talking with their kids about money, and kids aren’t taught much about finances in school,” she says. “Occasionally I’ll also see unexpectedly widowed, or recently divorced women who had previously relied on their husbands for financial planning.” 

Born and raised in Spokane, Williams began working toward a history degree with a philosophy minor at Copper Mountain College in California, but didn’t complete the degree, instead she returned to Spokane and found herself working with American Express Financial Advisors. 

“They had me take some tests and it turned out I scored high for having the qualities looked for in a financial adviser,” says Williams. “So they offered to train me and I went on to receive my Series 7 securities license in 2000.” 

Following her time with American Express, Williams went on to work with New York Life Insurance Co. for 10 years, and then for FRP Financial, a small firm in Spokane Valley. She founded Star Financial in 2013.

Williams has earned a Life Underwriting Training Counsel Fellowship designation, and is certified in long term care planning. She also is working toward earning a chartered adviser in philanthropy designation. 

Williams says what she enjoys most about working as an independent agent is the freedom it gives her to represent individual clients’ needs.

“I felt it was time to spread my wings. I had begun to feel that working as part of a larger firm wasn’t as good for the client,” she says. 

She says each client’s portfolio is customized to meet the individual’s needs.  “I take a macro approach to clients’ portfolios,” says Williams. “I begin by making sure they’re covered by various insurances and then we plan how to manage their current finances.”

Williams is proud of the fact that Star Financial doesn’t place a minimum figure on the amount clients need in order to invest through her company. 

“Many firms won’t accept clients who don’t at least have $250,000 to invest, but I have taken on clients who have less than that,” she says. “They need my help, and they often turn out to be some of my best clients.”

Williams says she sees all kinds of clients, from college students just beginning to save small amounts and single mothers planning for their children, to clients with millions of dollars to invest. 

“Anyone who’d like to work with us, we want to try to make it happen for them,” she says. 

Usually, Williams says clients come into her office with a vague goal of obtaining life insurance, and end up receiving her advice in many other areas, particularly budgeting. 

“One of my specialties is helping people find those extra dollars they didn’t know they were missing,” says Williams.  “Looking at their budget, maybe we discover they’ve been paying too much in taxes or insurance. I can help them identify that money and divert it to other areas like savings or charitable giving.” 

Williams says she is also a big proponent of life insurance, even for clients with low income. 

 “Everyone is going to die sometime, but no one wants to think it will happen to them,” she says.  “I really believe the greatest gift that you can give your family is a life insurance policy. You personally won’t ever benefit, but it’s there for those you love.”

Williams says it also can be gratifying to see planning come full circle.

“When a client passes on and we’re able to see that careful planning has ensured their family doesn’t have to worry, it’s rewarding to know I was a part of that plan, and it worked the way it was meant to,” she says. 

Williams says legacy planning is another concept that can be difficult for clients to envision, as most assume they don’t have one. 

“I always tell them, everyone has a legacy. It’s not about how much you give, but rather where your heart lies,” she says.  “Whether it’s giving to churches, schools, or other organizations, I show them strategies to maximize their contributions, however large or small, to the causes they care about.” 

In one of her own community-focused endeavors, Williams serves on the board for Daybreak Youth Services, an organization that helps youth to overcome drug problems. 

While most of the clients Williams sees average around 50 years old, she says her favorite clients are young families with children. 

“I love catching those clients early and encouraging them to start saving now. Whether it’s saving for retirement or for your children’s education, it’s never too early to start,” she says.  

Reflecting more broadly on investors’ current mindset, Williams says, “Investors do seem more confident now than they were five years ago, right after the recession. They are still cautious though, especially in light of recent international events, like the attacks in Paris. When events like that happen, people tend to want to tighten up again.” 

Overall, Williams says her goal is to find ways of keeping people educated about financial planning. 

“It’s important to me that people at least have an understanding of the basics,” she says. “Money is something we all have to work with eventually.”