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Expand and add diversity to your clientele with these expert tips

When it comes to creating financial systems that are built to serve people of color, Emlen Miles-Mattingly knows a thing or two. He joined us on Grow to share how financial advisors can create points of access for those that may not otherwise be able to work with an advisor.

Emlen’s goal is to change the complexion of wealth, and he does this by focusing his advisory firm, Gen Next Wealth, on working with underserved communities of color and encouraging more advisors to move towards a subscription model, instead of traditional assets under management.

While there is growing awareness for financial literacy and education in various communities, the limitations for people of color accessing financial advice and financial services are more common than we may even think. 

Especially since most financial planners target the higher end of the market, many individuals on the lower end of that spectrum assume they must need to have a couple of million dollars in order to even get a meeting with an advisor.

But it’s possible for financial advisors to create what we call access points for individuals that want to start building generational wealth. The first step is to fill the knowledge gap.

Financial literacy, education, and confidence starts at a young age. Growing up in a household where you may have overheard parents, siblings, and family members discuss 401(k) plans, estate plans, or general investment conversations may have made more of an impact than you think. 

More so, the Global Financial Literacy Excellence Center found that, on average, African Americans answered 38% of their joint Personal Finance Index questions correctly, while white Americans answered 55% of the questions correctly.

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So how can financial advisors acknowledge the disparity, share information, and bridge the knowledge gap? 

    1. Offer free advice on your website or publish blog posts aimed at this audience
    2. Send out a newsletter with insights, economic developments, and/or general money-saving tips
    3. Partner with minority-based organizations to share financial insights with their membership
    4. Connect with your community and seek out ways to share your knowledge
    5. Speak or contribute to media outlets that have a primarily diverse audience

By providing guidance, you can help individuals become the hero of their own financial journey.

Wealth and financial security is not just for the uber rich — it’s for everyone. Apart from education, an increasing number of financial planners are serving a less wealthy population by offering free consultations, charging on an hourly basis, or pricing based on a tiered structure.

This is exactly what Emlen is offering in order to make financial planning accessible and financial stability a reality for more people. Emlen has adopted an alternative fee model that allows his firm to expand their clientele and work with a more diverse group of individuals through tiered subscription packages. 

As Emlen says, “we can change the complexion of our industry, change the complexion of wealth, and disrupt what is the status quo right now.” Because knowing you’re financially prepared for what comes your way makes life easier and simpler and relieves so much stress, anxiety, and negativity — for everyone.

To learn more about Emlen and how he nurtures his client relationships, check out him out on The Human Advisor.


About Grow

Grow by Altruist is a show dedicated to bringing business growth advice to advisors, by advisors. I'm your host Dasarte Yarnway and each week I sit down with industry professionals as they share their best ideas around attracting new prospects, building a successful firm, and keeping clients happy. Watch more episodes here.

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