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  • Writer's pictureRianka

Addressing Identity & Culture to Improve Client Services & National Impact

It’s not a secret that identity and culture impact how people view the world - and finances are no different. By taking the time to understand the history of the racial wealth gap, and learning to practice financial empathy with their marginalized clients, financial planners are pursuing a level of growth that will serve to benefit the United States population as a whole. This is especially true as we near a time when the majority of the population will be comprised of minority groups, according to a recent study.

This is why my team and I have put together our latest whitepaper: Addressing Identity and Culture to Improve Client Services and National Impact in the Financial Profession. As financial planners, it’s our job to always focus on how we can provide a better experience for our clients. As the United States becomes increasingly diverse, we need to increase our cultural competency to better understand our clients and to better advise them.

By digging deeper, and focusing on how identity and culture shapes our clients’ view on finances, we’re able to better understand how to advise them in a way that aligns with their values, while still helping them to build wealth that extends to future generations.

Identity and Financial Services

Every culture has a different tradition that informs how members of that community interact with money. As financial planners, it’s important that we not only acknowledge this impact, but dig deeper to understand how cultural identity informs the way individuals view financial success.

Financial wellness isn’t always defined similarly across the board for all people, because everyone has a different financial experience and value set. For example, someone who values their family and is a first-generation wealth builder may view financial wellness as contributing a portion of their income to family members who are struggling financially each month - even if those funds could be used to fund their personal financial goals. Another example could be someone who views financial wellness as being able to contribute to their church community through a monthly tithe, even if it means delaying their debt pay-down.

As advisors, these examples might be challenging for us to understand. For too long, this profession has taught a one-size-fits-all model of financial literacy and personal financial planning. As America becomes increasingly diverse, it’s important that we begin to practice financial empathy. The more we work to understand how minority clients define financial wellness and view money, the more we can serve them in a tailored, exceptional way.

How Does This Impact the Financial Planning Profession?

In this whitepaper, we’re going over many key elements of identity and culture, and how the two interact in the financial planning space. We also review the importance of prioritizing diversity and inclusion in the financial planning community to better serve our minority clients both now and in the future. The more we’re able to fill seats in this profession with diverse planners, the more we’ll be able to grow the profession as a whole and better serve our clients.

Are you ready to learn more? Click here to download our free whitepaper!



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