How African Americans Can Find a Financial Adviser
One of people’s biggest worries about retirement is that they will run out of money. It’s a legitimate concern, considering that most people haven’t saved nearly enough for retirement and many have saved nothing.
Still, according to a survey by Voya Financial, less than a third of the Americans work with a financial professional, even though people who did saved three times more for retirement.
When it comes to African-Americans, the numbers are even worse. Just over 1 in 10 African-Americans work with a financial professional, according to Prudential’s 2015-2016 African American Financial Experience. Most say they don’t have a relationship with a financial adviser because they don’t have enough assets, or they prefer to manage their own money.
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
