What's up everyone. We are doing a contest with T.I. and we are giving away $1200 a day for the next 10 days. Just wanted to give you all a heads up.

Financial Advisors that look like ME

bbkg79 Members Posts: 613 ✭✭✭✭
edited May 2017 in Strictly Business
Morning brother and sisters. I've been doing some (very little) research in my spare time (3 jobs now) to understand the market and to find a "reputable/certified/knowledgeable" Financial Advisor. One caveat, they have to look like me. I'm in the Tri-State area, even though nowadays, due to technology help can be provided from Antarctica. I'm sure it's best to sit down with them, look them in the eyes to get a feel for them.

I was hoping this thread could serve as Directory for Melanin skinned Financial Advisors all over the country. This is one area where I can support black businesses while benefiting as well. So if you have any recommendations good or bad please...

In a quick search I came across


James R. Veal-Founder,President & CEO

JRV Wealth Management Group, LLC

1515 Market Street – Suite 1200

Philadelphia, Pa 19102

Office: 215-854-6308

The Association of African American Financial Advisors


I emailed them in hopes of receiving a Directory of Advisors throughout the country I could share here.

Some things to consider

The question “do you need black financial advisors?” has two components:

Should race should be a consideration in selecting a financial advisor?
Do you need multiple black financial advisors or just one?

It is well documented that the financial condition of most Americans suggest that significant improvement is needed. The results typically show that women and people of color are doing even worse.
All black financial advisors are not equal

The dizzying titles and the misleading words in financial services can easily give you a false sense of security. As Vice President of the Association for African-American financial advisors I have a unique insight. The organization was founded by the LeCount Davis, the first African-American CERTIFIED FINANCIAL PLANNER™ professional. While many members are CERTIFIED FINANCIAL PLANNER™ professionals some are not. While some advisors require you to invest with them in order to receive their services while others do not. Our members include those who only receive a fee for working with their clients work and others receive commissions. Some have insurance licenses and some do not.

You may think that financial advising means investments. While it can mean that, there is a world that is much bigger. How do you protect your family from the risks of disability and death. How do you lower your costs of borrowing and reallocate to wealth building goals. Some advisors are only licensed to sell insurance or to sell you investments (Registered Representative). I believe that advice means that it should keep your interests first. The legal word is fiduciary. Advisors that are Registered Investment Advisors or their investment advisor representative. Writing a blog or book does not mean that the person is being regulated in any way. I highlight ways to evaluate advisors not just black financial advisors in “Are you being victimized by a predatory wealth adviser?
Black financial advisors and your money language

The recent controversy over Stacy Dash’s comments quickly show that all black people do not think the same. We are a diverse population with varying life experiences and the conclusions we draw from those experiences. That being said your behaviors are the most important part in the implementation of any wealth strategy. In many cases having someone who can relate to your experience and speak to your unique needs, pressures and desires is key. Some people connect with us right away. That does not mean they have the credentials to help you or your best interests in mind. It is important that you understand your advisor’s credentials and whether or not they are legally bound to put your interests ahead of yours. Your gut can mislead you in money matters as it can with matters of the heart. (Been there and done that). I previously wrote a blog Do you need the empathy of an Africa-American Financial Advisor.
Black financial advisors and your money language

Don’t be misled by some who may boast of wealthy clients. This does not indicate their competence. It can easily mean that they were previously connected to that person because they were a former NFL athlete or NB athlete. Research by Meschede and Shapiro at Brandeis University highlight that even for the top 5% of black Americans there is a significant gap between their financial and wealth portfolios compared to their white brothers and sisters. Some of this can be attributive to the lack of exposure and financial education that appears to have been available to our white brother and. Some of this also can be attributed to cultural norms or what has become accepted as a cultural norm. Certain foods that have been adopted soul food have to do with making the best out of only being given access to scraps. Leveraging the one of the many black financial advisors who has been exposed to strategies that are higher up the hog can increase your wealth.
Final thoughts on black financial advisors

It has been said that it takes a village to raise a child. Wealth is complex. One person can’t know it all when taxes, legal systems such as estate planning, investments, insurance, collide. Your team does not have to include all black financial advisors. I work with some extremely competent advisors that are ethnically, racially and gender diverse. It is key that your team understands you or that you have a central architect advisor that does. I believe that person should be knowledgeable in all areas. A CERTIFIED FINANCIAL PLANNER ™ professional has passed a comprehensive exam, verifying their competence in subjects such as financial foundations planning (debt, insurance, etc.) retirement planning, estate planning, tax planning and investment planning. Please contact us or check out the Association of African American Financial Advisors website.