Ethel J. Davis, a trailblazer in the financial industry, is the first African American woman to own 100% of a Registered Investment Advisory firm in the Midwest. As the CEO and Chief Investment Officer of VZD Capital Management, LLC, she has built a stellar reputation over her 25-plus-year career.   Her approach to investment advising, as unique as her story, is grounded in passion, resilience, and an unwavering commitment to her clients. As a fee-based advisor, her compensation depends solely on her ability to grow her clients’ assets, reflecting a business model centered on trust, performance, and alignment of interests.

Ethel’s professional path took an unexpected turn during her time at the University of Kansas. While working on obituaries—a task that left her yearning for more meaningful connections—she stumbled upon the world of finance. This serendipitous discovery and her admiration for James E. Stowers Sr., the founder of Twentieth Century Investors, sparked her curiosity and passion for the investment industry. Driven by this newfound interest and undeterred by a lack of formal finance training, she boldly approached the company, seeking to break into the investment industry.

Despite facing an initial rejection, Ethel’s resilience and refusal to let this setback define her became her launching pad. She persisted, sought mentorship, and eventually secured a position that paved the way for her future success. This resilience and dedication to learning and excelling earned her industry certifications and numerous accolades, inspiring others with her ability to turn rejection into opportunity. Her story is a testament to the power of resilience and the potential to turn adversity into success.

Ethel’s journey underscores the power of determination to overcome personal and professional barriers. “Rejection isn’t the end—it’s a chance to prove your worth,” she shares. Her story is a testament to the profound impact of faith, perseverance, and a relentless drive to succeed against all odds.

Under Ethel’s leadership, VZD Capital Management, LLC has become a beacon for wealth-building, emphasizing personalized strategies and a commitment to serving diverse clients. For Davis, it’s not just about managing money—it’s about empowering others to achieve financial independence and creating a legacy of inclusion in the finance industry.

How Ethel Davis Found Her Calling

When Ethel transitioned from her corporate experiences to founding VZD Capital Management, LLC, she brought with her a determination to redefine the priorities of the investment industry. Reflecting on her tenure at a prominent investment firm, she observed that the focus often leaned toward how many zeros in the account balances versus building meaningful, lasting relationships. “Every financial advisor had so many clients that building lasting relationships with them was virtually impossible,” she recalls. Leaving the office each evening, she felt unfulfilled, recognizing that commission-based products and compensation-driven priorities overshadowed accurate client service.

VZD Capital Management, LLC was born out of Ethel’s vision to create a more equitable, client-focused financial advisory model. She sought to establish a platform where all ethnicities and genders feel welcome and valued. “No minorities were allowed in the investment arena during my early years,” she notes. “I wanted to ensure that my firm would be a friendly, equal-opportunity platform that prioritized client interests above all else.”

One of the cornerstones of VZD’s business model is its fee-based, discretionary investment management structure. Ethel deliberately moved away from commission-based products, such as insurance or annuities, which she had seen compromise client relationships in corporate settings. “Too often, financial advisors pushed certain products for the commission level they would receive,” she says. “Our compensation is based on the client’s success, ensuring their interests are always our top priority.”

Ethel’s rejection of the “one-size-fits-all” approach prevalent in many large firms is a testament to her commitment to understanding and meeting her clients’ unique needs. At VZD, clients receive a personalized financial strategy tailored to their unique circumstances, goals, and emotional perspectives on money. This personal touch ensures that each client feels valued and understood, enhancing their trust in VZD’s services.

“If you don’t risk anything, you risk even more.”

Although VZD Capital Management maintains a minimum account balance of $250,000, Ethel ensures that wealth is not the primary focus during initial consultations. “The number of zeros in a balance statement doesn’t determine the level of service we provide,” she asserts. “Our number one priority is estate planning to protect families and assets from probate court and to prepare for life’s unexpected events.”

Ethel’s commitment to a client-first philosophy has redefined the investment landscape for her firm, creating a culture rooted in transparency, equity, and trust. At VZD Capital Management, LLC, the client’s financial success is more than a goal—it’s the mission. This emphasis on the client’s needs and goals should reassure the audience of VZD’s commitment to their financial success, making them feel secure and confident in their investment decisions.

A Mission Beyond Numbers

At VZD Capital Management, LLC, the mission-driven focus starts at the top. For founder Ethel J Davis, the firm’s purpose goes far beyond managing assets—creating legacies. Her journey to this realization was born from a moment of professional upheaval. After being unexpectedly terminated from a position, Ethel began to question her purpose. “I didn’t understand how you could go from being an asset to a company to being considered a liability,” she reflects. This period of soul-searching led her to a deeper understanding of her calling in wealth management.

“I realized my mission wasn’t just about numbers,” Ethel explains. “It was about creating a legacy and value for my clients.” This philosophy is the cornerstone of VZD’s approach, treating clients not as mere accounts but as individuals with legacies to protect and build upon. Guided by her core values of integrity, empathy, and service, Ethel ensures that every decision and client interaction reflects these principles. “Wealth management isn’t just about growing numbers—it’s about nurturing relationships and creating a lasting impact.”

Every milestone VZD Capital Management, LLC achieves carries special significance for Ethel, as the firm is named after her parents, Vergie and Zether Davis. “My parents were ordinary people who did extraordinary things for our family, the church, and the community,” she shares. Although they lacked access to the educational opportunities available today, they instilled values of perseverance, generosity, and service that Ethel carries forward in her work.

VZD Capital Management, LLC is more than a business; it’s a tribute to Ethel’s heritage and a vision for the future. As an African American, female-owned Registered Investment Advisory firm, VZD is dedicated to empowering its clients to create, maintain, and pass on sustainable wealth. “I want VZD to be a place where people feel embraced and are given the tools to build a legacy they can pass down for generations,” she says. With this mission, VZD is not just building portfolios—it’s building futures.

A Deeper Look at Wealth Planning

For Ethel, balancing clients’ immediate needs with their long-term legacy-building goals is a deliberate and thoughtful process. “The initial assessment when engaging with VZD is about prioritizing their short- and long-term objectives,” she explains. Many clients come to VZD with a clear picture of their immediate financial goals but lack a deeper understanding of what their legacy could or should be.

Ethel specializes in crafting personalized financial strategies tailored to her clients’ unique life stages, aspirations, and tax considerations. With a deep commitment to aligning investment goals with individual needs, she developed a proprietary stock screener to identify companies that fit her clients’ portfolios. This tool evaluates key metrics, including beta numbers, institutional ownership, price-to-earnings ratios, and price-earnings-growth figures, ensuring that selected companies meet rigorous standards for stability and growth potential.

Ethel takes a meticulous approach to investment management, studying the fundamentals and valuations of each company to determine intrinsic value and assess growth opportunities. Drawing from her experience shadowing some of the industry’s most respected portfolio managers, she employs a bottom-up strategy, often favoring the Growth at a Reasonable Price (GARP) methodology. This approach bridges the gap between growth and value investing, offering clients a balanced strategy that seeks growth opportunities without overpaying while avoiding the slower growth prospects sometimes associated with pure value investing.

At VZD Capital Management LLC, where Ethel leads with her thoughtful and methodical philosophy, the GARP methodology ensures a well-rounded investment approach. Unlike pure growth investing, this strategy avoids overpaying for future growth. Unlike pure value investing, it does not limit the screening process to potentially undervalued companies. Instead, this balanced approach aims to deliver strong performance while minimizing risk, ensuring that portfolios remain both dynamic and resilient.

Ethel’s belief in personalized wealth management reinforces her clients’ confidence in her commitment to their financial success. “We do not believe in a one-size-fits-all approach to wealth,” she emphasizes, highlighting her dedication to developing bespoke strategies that adapt to the evolving needs of her clients while pursuing long-term financial growth and stability.

Aligning Wealth with Values and Aspirations

“Legacy is something more profound than most people initially grasp,” Ethel shares. “It takes time to help clients uncover what legacy means to them and how to align their wealth with a mission statement that reflects their values and long-term aspirations.” This requires going beyond traditional financial planning to explore wealth’s emotional and personal dimensions.

“The best investment you can make is an investment in yourself….The more you learn, the more you earn.”  – Warren Buffett.

To bridge the gap between short-term wants and long-term needs, VZD incorporates principles of behavioral finance. “We use tools and resources to help clients distinguish between their immediate desires and their overarching goals,” Ethel notes. “It’s a process that requires patience and guidance, but we’re here to walk with them every step of the way.”

By aligning financial strategies with clients’ values and aspirations, VZD helps individuals and families build sustainable legacies that transcend balance sheets, ensuring their wealth serves a purpose for future generations. “If clients don’t have a clear vision of their legacy at the outset, that’s okay,” Ethel says. “We work together over time to help them define it and put the pieces in place to make it a reality.”

Tailored Financial Strategies

Ethel takes pride in tailoring financial strategies that evolve with her client’s unique life stages and aspirations. “We do not believe in a ‘one-size-fits-all approach’ to wealth,” she asserts. “Each client is different, and our role is to let them paint a picture of their lives, their standard of living, and their retirement aspirations. From there, we craft a personalized strategy that aligns with their goals.”

Many of VZD’s clients are self-made millionaires with diverse experiences and perspectives on wealth. During portfolio reviews, Ethel’s team focuses on understanding any changes in their clients’ lives, from shifts in their living standards to unexpected life events. “The one area of wealth that remains unpredictable is health,” Ethel notes. “Life can throw curveballs that disrupt even the best-laid financial plans, and it’s our job to adjust accordingly.”

“I have concluded that wealth is a state of mind; anyone can acquire a wealthy state of mind by thinking rich thoughts.”

This adaptability often involves recalibrating budgets, spending patterns, and diversification strategies. It may also require addressing career adjustments or reevaluating risk levels to ensure clients stay on track to meet their goals. “Communication is key,” she emphasizes. “Keeping the lines open and asking the right questions, we help clients navigate life’s uncertainties and still cross the finish line.”

Customization is the cornerstone of VZD’s approach, as clients have varying risk tolerances, time horizons, incomes, and lifestyles. “Attempting to fit everyone into the same investment solutions simply doesn’t work,” Ethel explains. “True customization involves designing a financial recipe specifically for each person, taking their well-being into account while ensuring their goals remain within reach.” This personalized philosophy ensures that VZD Capital Management serves its clients and supports their journeys to sustainable wealth and meaningful legacies.

Guiding Through the Unexpected

Ethel has spent 27 years navigating the complexities of wealth management, guiding clients through life’s most unexpected twists. She has witnessed how unforeseen events can dramatically reshape financial priorities and well-being throughout her career. “The unexpected death of a family’s breadwinner can significantly impact their financial stability,” Ethel explains. In such cases, we often help clients downsize their homes or adjust their financial strategies to align with their new realities.

Similarly, divorce presents a unique set of challenges. Ethel emphasizes the importance of flexibility and resilience in these situations. “Divorce settlements can drastically alter a client’s financial landscape,” she notes. “Our role is to help clients make significant U-turns, rebuild their financial strategies, and navigate the complexities of asset division until they’re on the other side of the divorce decree.”

On the opposite end of the spectrum, Ethel also guides clients who suddenly come into significant wealth through inheritance or a rapid rise to fame. “Whether it’s a professional athlete or a movie star, overnight success often leads to overspending on unnecessary luxuries,” she observes. “Our responsibility is to provide structure, incorporating a budget, a comprehensive estate plan, and collaboration with tax advisors and business attorneys. Together, we create a plan that ensures their newfound wealth is sustainable.”

Ethel’s depth of experience allows VZD Capital Management, LLC, to handle the full spectrum of financial scenarios with care and expertise. Her approach prioritizes adaptability and collaboration, ensuring that no matter the circumstances, clients receive the guidance they need to build and protect their financial futures. “Every client’s journey is different,” she says, “but our commitment remains the same: to be their partner in navigating life’s financial complexities with integrity and clarity.”

A Personalized Approach

Ethel emphasizes the power of maintaining a low client-to-portfolio manager ratio to foster a deeply personalized and high-quality advisory experience. “We deliberately keep our client base limited to deliver a level of service beyond numbers,” Ethel explains. “This approach allows us to balance the needs of our clients while staying on top of evolving regulations, integrating new technologies, and continuously enhancing our service offerings.”

The boutique nature of VZD Capital gives it a unique advantage over larger firms burdened by thousands of accounts. “We’ll never compromise the client experience by taking on more than we can handle,” she says. Ethel believes in being selective, acknowledging that not every prospective client aligns with VZD’s principles and methods. “Occasionally, we encounter individuals who expect overnight wealth growth or advocate for strategies that conflict with our values. In those cases, we respectfully part ways and guide them toward an advisor better suited to their expectations.”

This intentionality allows VZD to provide a client-centric environment focused on genuine relationships. “Unlike conventional firms stretched too thin, we prioritize thoughtful gestures like handwritten letters, personalized birthday cards, and congratulatory calls for promotions or achievements,” Ethel shares. “We celebrate milestones with our clients, whether through lunch, dinner, or even attending family gatherings.”

Ethel sees this personalized touch as more than just a business strategy—it reflects VZD’s ethos. “We’re not just managing assets; we’re honoring legacies,” she says. “This human-centered approach sets us apart, enabling us to consistently deliver a bespoke experience that prioritizes our clients’ well-being, both financially and personally.”

Aligning Success

For Ethel, success is intricately tied to her clients’ achievements. “Being a fee-based, discretionary Registered Investment Advisor means our success is directly aligned with our clients’ success,” she explains. This client-first philosophy is at the heart of VZD’s operations. “We don’t sell commission-based products, which removes any potential conflict of interest. Instead, we succeed when our clients thrive.”

Ethel underlines the importance of transparency and mutual growth in defining success. “We regularly review our acquisition clientele to measure our growth factor, not just in assets under management, but in the trust and relationships we build over time,” she says. Unlike many firms, VZD does not rely on third-party business development professionals or companies to bring in new clients. Instead, referrals from satisfied clients serve as the primary driver of growth. “The trust and confidence our clients place in us are the ultimate markers of success.”

Annual reviews of clientele and performance provide a clear picture of progress. “We evaluate our client base yearly to ensure we’re growing in alignment with our values and delivering on our promise to help clients achieve their financial goals,” Ethel explains. “Success is not just about numbers—it’s about the meaningful impact we create in our clients’ lives and the legacies we help them build.”

The Power of Mentorship

Ethel underscores the importance of mentorship and intergenerational knowledge-sharing in shaping the future of the financial advisory industry. She believes younger advisors can benefit immensely from the guidance of seasoned professionals. “The industry will thrive when younger advisors are taught the nuances of balancing technical, financial skills with the wisdom and experience of older advisors,” she shares. Recognizing the need for structured learning, VZD Capital Management has introduced an Executive Mentoring Program to support emerging talent in the investment field.

“Our program equips young people with the tools they need to succeed in a competitive industry,” Ethel explains. The initiative covers a broad spectrum of essential skills, including the fundamentals of becoming a financial advisor, understanding organizational infrastructure, mastering compliance construction, and adding a personal touch to differentiate oneself in the marketplace. “Young advisors need mentors who genuinely want to see them thrive,” she says.

By fostering a culture of learning and mentorship, VZD ensures its advisors are well-prepared for the challenges and opportunities of the investment arena. “It’s not just about technical proficiency—developing a well-rounded perspective and creating meaningful client relationships. Through mentorship, we build a foundation for advisors to succeed and sustain excellence in their careers.”

Building Legacies

Ethel’s journey from a small-town upbringing in Iola, Kansas, to the founder of a successful Registered Investment Advisory firm, VZD Capital Management, LLC, exemplifies resilience, faith, and determination. “The road to becoming the owner of a Registered Investment Advisory firm was not easy, but the rewards outweigh the risks,” she reflects. Her path highlights the transformative power of belief and the courage to endure challenges in pursuit of a dream.

“If people are doubting how far you can go, go so far that you can’t hear them anymore.” – Michele Ruiz.

For Ethel, wealth transcends a specific number of zeros. “The definition of wealth does not mention a certain number of zeros. Everyone can create their definition and level of wealth based on their goals, objectives, determination, resiliency, and work ethics,” she emphasizes. With over $42 million in assets under management and fewer than 40 households under her care, Ethel’s boutique approach ensures that each client receives personalized attention.

Most of VZD’s clients didn’t come from affluent backgrounds but shared a steadfast commitment to saving and investing for a better future. “They’re creating a legacy based on their humble beginnings with the belief that wealth can be obtained when you plant your seeds in fertile ground so that your harvest will grow more prominent than the seeds,” she explains.

Ethel’s success did not come overnight. Her dedication to playing “full out,” coupled with her unwavering faith, has enabled her to transform VZD Capital Management from a simple dream into a respected firm. “Our growth, the story behind the firm’s name, and the incredible clients we serve daily make this journey meaningful. It’s about creating legacies and building wealth with purpose and intention,” she says.

Planning for Sustainable Growth

Ethel has a clear vision for the future of VZD Capital Management and the financial industry. She believes every successful company must have a succession plan to ensure sustainable growth. “Every generation of financial professionals comes with new ideas, technology, and a thirst to be successful,” she states. At 61, Ethel seeks the right person to lead VZD into the next phase after her retirement. While she does not plan to step down anytime soon, she understands the importance of preparing for the future. “You must be forward-thinking about the sustainability of your firm because you never know what tomorrow will bring,” she advises.

“Don’t chase money, love, or success.  Become the best version of yourself, and those things will chase you.”

Ethel’s vision is to grow VZD by adding qualified candidates who can collaborate with the current team to engage the younger generation and prepare them for wealth inheritance as the baby boomer generation passes on their assets. She notes that women are making significant strides in various industries, including professional sports and media, and she wants to see this momentum continue in the financial world. “I want other women to walk boldly into firms that believe in the power of the purse and don’t feel intimidated by the ‘good old boys network,’” she asserts.

“Don’t be a woman that needs a man.  Be a woman a man needs.”

Moreover, Ethel is passionate about fostering diversity and creating opportunities for minorities and underserved populations. “I want to see more minorities and underserved populations achieving wealth faster than ever before,” she states. She believes the financial and investment sector must attract a diverse pool of talented professionals dedicated to helping others build, grow, and sustain wealth. “We need to educate people on financial literacy and the principles of wealth management in a method available to everyone, not just the elite,” she emphasizes, aiming for a more inclusive and accessible future for all.

Ethel looks forward to the next chapter of VZD Capital Management’s continued success by ensuring the company grows into a first-class, mission and purpose-driven boutique firm that delivers a national footprint by expanding into new territories and collaborating with like-minded professionals who share her vision for the future.