Financial Planning’s Post

Wealth management still has great strides to make when it comes to diversity, equity and inclusion. We'll continue to report on the work being done there. But for Black History Month, we're honoring the pioneers who took those crucial first steps. Great work by Tobias Salinger for spearheading this project, as well as Dan Shaw, Nathan Place and Cat Auer. #wealthmanagement #dei #blackhistorymonth #blackhistorymonth2024

In the spirit of not only Black History Month but being a Black Woman in Finance, two instantly come to mind in regards to being virtual mentors to my growth in this space. Mellody Hobson co-CEO and President of Ariel Investments, and Thasunda Brown Duckett, President and CEO of TIAA. Both of these powerhouses not only inspire me to advise people humanly but also maintain my essence of self no matter the space. From working in finance to now building my own, hearing not only their words but also their motions has given me fuel to keep showing up in finance. They both have been critical to not only closing the wealth gap but also standing in the gap to give insight into how each African American can close their personal wealth gap. Not only do they call out the gaps in how we money, they become indicators of change for how money looks for us in the generational format. I quote them often in not only my work but also my platform. Being a woman in finance, let alone an African American Woman in fiance — can fill a bit of a soiled experience, but looking to them has made me hold what I'm building to the same standard as they operate their entities and companies within. Their voices echo, to bring change not only in the change that Black Women are paid compared to other cultures but also to change the narrative for us all. Mentors don't necessarily have to be within your day-to-day, but they can be in your viewpoint to let you know not only what is possible but how to align to your goals via their vantage point. It's been amazing watching them both dominate this space and I look forward to what's to come from both of them, respectively. #BlackHistoryMonth2024

 𝐃𝐢𝐝 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰? ...𝐈𝐧 2022, 𝐟𝐨𝐫 𝐞𝐯𝐞𝐫𝐲 $100 𝐢𝐧 𝐰𝐞𝐚𝐥𝐭𝐡 𝐡𝐞𝐥𝐝 𝐛𝐲 𝐰𝐡𝐢𝐭𝐞 𝐡𝐨𝐮𝐬𝐞𝐡𝐨𝐥𝐝𝐬, 𝐁𝐥𝐚𝐜𝐤 𝐡𝐨𝐮𝐬𝐞𝐡𝐨𝐥𝐝𝐬 𝐡𝐞𝐥𝐝 𝐨𝐧𝐥𝐲 $15. During Black History Month, it's crucial to reflect on this stark reality alongside the progress made in black wealth accumulation. From 2001 to 2021, black wealth quadrupled to $6.3 trillion, outpacing white family growth, according to a recent BlackRock study. Projections indicate it could reach $103.47 trillion by 2050, as noted by the Association of African American Financial Advisors. These figures underscore the importance of continued efforts towards financial inclusion and equity. As we celebrate the achievements and resilience of the black community, let's also commit to addressing the systemic barriers that perpetuate the racial wealth gap. #BlackHistoryMonth #BlackWealth #FinancialInclusion #Equity #RacialWealthGap #FinancialEquality #CFP #CertifiedFinancialPlanner #BlackCFP #FinancialPlanning #FinancialLiteracy #WealthManagement #FinancialWellness

On the last day of #blackhistorymonth 2024, the Association of African-American Financial Advisors advocates for a transition from a history-centric to a heritage-inclusive approach to reflecting on our accomplishments. Heritage holds significant implications, particularly in the context of Black wealth generation and transfer in the U.S. AAAA projects that Black wealth could reach an astounding $103.47 trillion by 2050. This forecast, partly based on a Federal Reserve study, accounts for growth in Black wealth from 2001 to 2021. The projection encompasses improved representation in wealth management, economic advancements, policy interventions, generational wealth transfer, entrepreneurship, financial market participation, and demographic shifts. Read more about that here —>>: https://lnkd.in/e9cN9P2C #blackhistorymonth #financialadvisors #wealthmanagement #financialservices #wealthbuilding #financialsuccess #equityandinclusion #leadershipdevelopment #assetmanagement #blackexcellence #blackwealth #diversityequityinclusionandbelonging

🔍💡Explore how embracing the economic influence of Black Americans boosts our economy and upholds values of justice and opportunity. Dive into James S. Bridgeforth's article to learn how this vital economic force drives growth and innovation🌍 📈 : https://bit.ly/3AGI88l

While we need practical, business and entrepreneurial skills to build black industrialists, there are challenges which are out of the control of industrialists, such as eliminating red tape and commitment to attract investors and make our country a preferred investment by taking proactive and practical steps to develop and transform the economic base, reduce poverty and create prosperity for the citizenry

While approximately 15% of White Americans hold some business equity, this is true for about only about 5% of Black Americans, according to research from the McKinsey & Company Institute for Economic Mobility. Check out a recent article in The Wall Street Journal where my colleague Shelley Stewart III, discusses the impact of a new local Black Chamber of Commerce in Albany, New York that has been boosting Black entrepreneurship, and helping to close the wealth gap between Black and white Americans. #EconomicMobility

ICYMI - This past weekend, AEO CEO & President Natalie Madeira Cofield, presented at Harvard Kennedy School’s 19th Annual Black Policy Conference on a panel covering the racial wealth gap and how it affects minority-led business enterprises and Black communities. The racial wealth gap in the United States stands at more than $10 trillion and has persisted for several decades. The median net worth of a black household is about $20,000, while that of a white household is approximately eight times higher, at an average of around $176,000. Sadly, the majority of black households have not been able to build asset-driven wealth. Revenue generated by black-owned businesses accounts for just 1% of small business revenue. If the population were at parity, it would be 10 times higher. Closing the racial wealth gap is crucial for the economy since it injects more money into the system. Learn more: https://lnkd.in/gWAAsvHa #wealthgap #wealthequity #minorityowned #blackowned #underserved

Did You Know? Black Generational Wealth. It's not just history; it's about shaping our future! 📚 The Foundation of Black Generational Wealth: Did you know that Black generational wealth began in the face of immense adversity? Despite the challenges of systemic barriers, African Americans have made significant strides in building economic power. 💼 Business Ownership: A key driver of Black generational wealth has been entrepreneurship. From small family-run businesses to large enterprises, WE have been a cornerstone of community strength and wealth building. 🏡 Homeownership and Real Estate: Real estate has historically been a major component of wealth in the Black community. Owning property not only provides a home but also a valuable asset that appreciates over time and can be passed down through generations. 📈 Investing and Financial Literacy: The rise in financial literacy and investment within the Black community is a game-changer. By understanding and participating in the stock market, bonds, and other investment vehicles, Black families are securing and growing their wealth for future generations. 🤝 Community Support and Networking: One of the most powerful aspects of Black generational wealth is the strong sense of community. Supporting black-owned businesses and networking within the community helps circulate wealth and resources, strengthening economic foundations. 💬 Let's discuss! Do you have stories or insights about building Black generational wealth? Share them in the comments to inspire and educate our community. #BlackGenerationalWealth #EconomicEmpowerment #BuildingOurFuture #FinancialLiteracy #CommunityStrength

Black History Month is an annual observance originating in the United States, where it is also known as African-American History Month. It has received official recognition from governments in the United States and Canada, and more recently has been observed in Ireland and the United Kingdom. It began as a way of remembering important people and events in the history of the African diaspora. Let's honor the trailblazers, visionaries, and activists who have shaped history and continue to pave the way for a brighter future. From the civil rights movement to groundbreaking contributions in arts, sciences, and beyond, their legacies remind us of the power of perseverance and the importance of representation. Let's stand together in celebration and solidarity, acknowledging the richness of Black culture and its indelible mark on society. Let me share one of the entrepreneurs who made an impact as a Black Marylander - Reginald F. Lewis was born on December 7, 1942, in an East Baltimore neighborhood he once described as “semi-tough.” Lewis was strongly influenced by his family. His parents, grandparents, uncles, and aunts always encouraged Lewis to “be the best that you can be. Reginald’s grandmother would teach him the importance of saving, even cutting and peeling strips from the bottom of a tin can and nailing it to the floor of a closet to protect his savings. The rest is history. 👉🏾 info@breakingtheice.co 👉🏾www.breakingtheice.co #BlackHistoryMonth #InspiringChange #BusinessConsultingJourney #BusinessSuccess #BlackEntrepreneursUnite #YoungBlackHustlers #EntrepreneurLifeMD #DCBlackBiz #SierraLeoneEntrepreneurs #MDCEntrepreneurship #BlackMillennialBiz #InnovateDMV #SierraLeoneStartups #DMVYoungProfessionals #BusinessConsulting #StrategyOptimization #freeconsultation #proconsultant #strategyplan #consultationservice #breakingtheice