By Brenda Porter-Rockwell
Called “The Banker’s Banker,” Emma S. Allen proudly owns that title. After all, she’s earned it after 30 years in banking, running her own financial empowerment business and finally opening the Emma Allen Insurance Agency (State Farm®). More than just dispensing tips on budgeting and insurance, Allen spends her days “living in her focus,” advocating for improved financial literacy in Charlotte’s underserved communities.
Firsthand realities
Allen’s passion for financial wellness began early. She watched door-to-door insurance salesmen visiting neighbors and offering what she felt were ineffective and overpriced life insurance policies.
“I could see how individuals and families were really mistreated by insurance agents who showed up on their door every week to collect $5 for an insurance policy. Later they discovered that by the end of life most of them had paid more for the insurance and the face value of the [policy] than it would cost to bury them,” Allen said.
That early exposure to finance led Allen to major in business at UNC Charlotte. After graduation, she started her career with State Employees Credit Union (SECU).
“I knew that was really what I wanted to do to — create some change around financial education and advocacy, specifically in our underserved communities,” explained Allen. “I chose to go to SECU because it was on the ground. It was really helping … teachers and principals and custodians and those people who I felt … really needed the most help.”
New avenues
Allen eventually left SECU yet continued to work in finance and support communities at several big banks. But to be a better changemaker, Allen had to step outside the walls of formal banking and start, as she said, “Living in my focus.”
She launched Start Now, Finish Rich, hosting financial workshops for churches and community groups and contributing articles and TV interviews on financial preparedness.
In 2013, Allen pivoted once again, this time opening her State Farm office.
“I decided I really can do this on my own and include the insurance piece of it. This insurance agency allowed me to put it all together,” said Allen, describing work in investment planning, budgeting, financial education and the many insurance options available.
For Allen, the highlight of her daily work is the conversations she has with individuals, families, and often, familial generations.
“You come into my office, you may not buy anything from me, but you’re gonna leave there with a lot of facts and the truth,” said Allen. “This State Farm [office] gives me the opportunity, as the owner, to be honest and really do business with integrity.”
Community-minded advice
Beyond her clients, Allen channels her aptitude for financial wellness into working on numerous corporate boards and committees.
“I do believe that we have to give back and we have to give forward. I’m extremely politically active and I’ve been involved in a number of committees, as well as nonprofits and arts boards. It’s based on what I bring to the table,” said Allen.
In addition to finance, Allen uses her strength as one of the few minorities and, often, minority women, in the room to bring more like-minded individuals to the table.
Looking at her role on the board of the Charlotte Regional Visitors Authority, Allen said she advocates for African American women to have more spend in the conventions space.
“I want that conversation. Maybe it hadn’t been had before. But me advancing that forward, I know, has made a difference in that regard,” she said.
Recognizing the volume of work Allen has contributed as a financial professional, it’s easy to see why more than 50 community groups have sought out and praised her expertise over the last 30 years.
Allen also sits on the board of M&F Bank — the second-oldest African American-owned bank in the U. S. — translating her trademark advocacy into building awareness of M&F offerings with local small business owners.
“I’m not going to sit on someone’s board unless I’m making a difference in the … African American community,” Allen said. “I really think that’s my biggest asset to the bank — to tell that M&F story a lot better.”
Going forward, Allen, a multi-award winner, is considering additional ways to make an impact. She said 2024 was her “Year of No.” She began the year serving on 15 boards and ending up on three. According to Allen, the ‘Year of No’ was not only for her benefit. She aims to help the next generation of leaders rise and be recognized — an act she hopes more of her peers will embrace.
Allen said she believes that somebody who’s never been recognized like she has with a UNCF Maya Angelou Women Who Lead Award or a Charlotte Post Women of Prominence Award should be if their efforts were highlighted.
“There are some great young people who deserve the opportunity to take some of these board seats that some of us have had for such a long time,” she said. “Frankly, we would benefit from having that level of new thought.”