Mompreneurs: Building Wealth With Michelle Richburg

Meet Michelle Richburg, the incredible mom who built a thriving financial services enterprise despite a sudden setback that derailed her career in private banking. She is proof that starting over can lead to greater opportunities. Richburg is the president and CEO of Richburg Enterprises, a New York-based firm providing business management and financial services to wealthy clients, including figures in sports and entertainment. While her success speaks for itself, Richburg navigated rough waters to get where she is today, all while raising her son. She shares her story with host Nancy Redd on this episode of Mompreneurs.

Richburg’s journey is defined not only by her financial expertise but her remarkable ability to build relationships with clients that span decades. She overcame every obstacle with a resilient mindset, determined to provide the life she envisioned for her son. “He is my motivation, my why, and always has been,” she tells Redd. “I was a single mom so there were definitely many, many challenging times.” 

Richburg started out in banking, racking up three decades’ worth of experience in the industry since she was in high school. She soared through the ranks and reached the executive suite by leaning into new opportunities. At the height of her career as Senior Vice President at Signature Bank, Richburg managed around $100 million in assets for hundreds of clients.

Starting Over And Creating Her Own Lane

It seemed like nothing could stop Richburg’s momentum until she encountered a setback that would force her to reevaluate her future: she was let go by Signature Bank. Suddenly, out of a job, “my world came crumbling down, and I was beyond shaking in my boots,” she recalls. “I still remember the shock, the emotion, the depression. That was one of the hardest times of my life. But as I sit here now, I recognize that it was the best day of my life because God was protecting me. Not only that, he was setting me up for what my real purpose is. And that’s very clear to me now.” 

While difficult, her sudden departure from Signature Bank revealed itself to be a blessing in disguise. The bank was later shut down by federal authorities in 2023, marking the third-largest banking failure in U.S. history. However, by that time, Richburg was already years into developing her company, Richburg Enterprises. Her firing allowed her to miss all of the drama.

Even while she was working as a successful private banker, Richburg cultivated her company on the side. She built Richburg Enterprises on a loyal clientele, relationships that she maintained for years. Once she was out at Signature Bank, she was able to devote more time to her business. “As a mom, I needed to figure out how to bring additional income into the household, and these people (clients) had a need,” she says.

Building Her Enterprise With Her Son By Her Side

As a single mom, she brought her son along to clients’ homes, setting him up with toys, books and TV to keep him entertained while she worked. Richburg’s clients trusted her with their most personal affairs. In the early years of Richburg Enterprises, she was opening and organizing clients’ mail and handling bookkeeping. “Our clients are really like an extended family to us. A lot of the people we work with now are 20-year relationships, from the beginning when I was their banker,” she says.

Richburg Enterprises has since established itself as a trusted firm that provides all-encompassing financial services for high-net-worth clients across various industries, including sports and entertainment. “We manage and handle every aspect of their lives. And that’s so they can focus on their creativity and what they do best,” Richburg says. “We really are the infrastructure for all of our clients — for their businesses as well as for their personal lives. We work with folks in entertainment and in the sports area, but we have a lot of entrepreneurs, regular small business folks, or high net worth individuals.”

‘A Setback Is Only A Setup For Your Comeback’

Richburg attributes her success to the guidance she received along the way. She believes in the power of mentorship and sharing wins. “I had amazing mentors who guided me,” she says. I absolutely believe that we have to pass the torch and share our knowledge.”

Having made this journey with her now-adult son by her side, they are able to enjoy the rewards of years of hard work. Richburg is a proud mom whose son holds her as his biggest inspiration. “I think that what he has seen is resilience,” she says. “And that a setback is only a setup for your comeback. These are some of the things that he has learned and will forever be a part of his mindset as a young man.”

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