01.23.24
Minority Communities Are Financially Comfortable, Merrill Says
by: Josh Welsh
According to a Merrill Lynch report, members of the African American and Hispanic communities are confident in their wealth management planning, with 94% and 96%, respectively, saying they have a financial plan in place. That compares to the 91% of the general population who say they don’t have a financial plan. Even though trust in financial institutions among the affluent Hispanic-Latino community significantly exceeds that of the general population across all types of firms, the report found that 16% cite not knowing how to find an advisor and 13% are concerned about finding an advisor who can relate to their culture and community. “One of the core ways in which we believe advisors will have a leg up in serving these communities is through a deep understanding, and a long-standing commitment to understanding the financial priorities, the financial challenges and the outlook that the affluent members of these communities have,” said Jennifer Rodriguez, strategic growth and client development executive at Merrill.
Read the full article on InvestmentNews