How Can Advisors Help Blacks, Hispanics Improve Financial Planning?

Financial advisors sometimes puzzle over how to effectively reach and serve black and Hispanic clients. A Vanguard study released recently suggests they can start by drilling home a simple message: emergency savings accounts are a must.

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Comments (9)
What are we talking about here exactly? The title of the article leads one to think that advisors should approach "blacks and Hispanics" differently, but by the end of the article, it is clear that advisors should help any client based on thier situation, not their ethnicity. The title is misleading, and in my opinion, bigoted.
Posted by Diana S | Thursday, May 03 2012 at 1:37PM ET
As an African-American female estate planner I am offended by this headline; just as I am about "financial bloggers" who make sweeping generalizations about women and financial planning. Despite whether this article's headline was meant to cause a "stir" or was actually considered appropriate, it is relatively ineffectual, tone-deaf, patently offensive writing.

My clients are diverse, with large and modest estates, both estate sizes cutting across the ethnic and white strata. However, returning to the headline and the "editor" who allowed it, does this represent the opinions of Financial Planning? If so, then the publication writers and editors need to be educated as well.

When will people realize that financial planning is not an ethnic issue but, yes, an educational issue? Yes, there are more people of color who are a disproportionate part of modest and low income brackets and, consequently, experience emergencies that would not be emergencies in the high-middle or upper income brackets. However, those experiences are not singularly because of skin color. As William P stated, it is an educational issue, which I also consider my duty. Educating clients as opposed to just gauging them or "churning and burning" as they said in the "old days" is essential to creating long-lasting, mutually rewarding client relationships and a better economic national community.
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