{"id":20832,"date":"2023-10-12T02:47:36","date_gmt":"2023-10-12T02:47:36","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2023\/10\/11\/6-ways-financial-advisors-can-empower-hispanic-american-clients\/"},"modified":"2023-10-12T02:47:36","modified_gmt":"2023-10-12T02:47:36","slug":"6-ways-financial-advisors-can-empower-hispanic-american-clients","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2023\/10\/12\/6-ways-financial-advisors-can-empower-hispanic-american-clients\/","title":{"rendered":"6 Ways Financial Advisors Can Empower Hispanic American Clients"},"content":{"rendered":"
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This means there\u2019s an opportunity for us to share what the benefits are to leveraging these types of tools, including having more security than storing cash at home, growth opportunities (even low-interest accounts earn some money), and modern conveniences (debit cards mean clients don\u2019t have to carry cash everywhere).<\/p>\n

As financial advisors, we know that taking advantage of opportunities offered by the financial system will help clients make their money work harder for them, now and in the future.<\/p>\n

4. Explain how credit scores work, and why they matter.<\/h2>\n

A person\u2019s credit score impacts the price of some of the most significant purchases they will make in life, like cars or homes.<\/p>\n

Hispanic Americans are the least likely of all those queried in the Motley Fool survey to know their credit score: Only 55% said they did, compared to 70% of all other respondents.<\/p>\n

Furthermore, through guiding my clients, I\u2019ve found that many of them don\u2019t know how their credit score is established.<\/p>\n

Clarify with your clients that their score is determined by a combination of factors like payment history, length of credit history, and current and old debt.<\/p>\n

Discussing credit scores with clients is also an opportunity to educate them on savings and investing as well as sound debt management.<\/p>\n

5. Show clients the opportunities in front of them.<\/h2>\n

If a family sees that making meaningful financial decisions and building wealth over time \u2014 and having an estate that can be passed down to loved ones \u2014 is an attainable goal, most will develop a plan to do so.<\/p>\n

By showing them how incremental changes in spending, saving, and investing have outsized effects over time, you can help families chart a path for their long-term financial goals and priorities.<\/p>\n

6. Reinforce the importance of generosity.<\/h2>\n

As a Latino, I\u2019m passionate about caring for my family and the community, which I know is true for many of my Hispanic clients.<\/p>\n

As a culture, we value being able to support the people who matter most to us as well as those who are in need.<\/p>\n

This reinforces why having financial clarity is so important: because it allows clients to express acts of generosity while leaning into their values.<\/p>\n

Have your clients discuss ways they\u2019d like to give back and incorporate those goals into their financial plan.<\/p>\n

And don\u2019t forget to remind them that giving back doesn\u2019t always have to be a financial donation. They can care for others through their time and talents as well.<\/p>\n

As financial advisors, our job is to help our clients build wealth \u2014 not as an end in itself, but as a way to create a life full of meaning and purpose.<\/p>\n

Through education and guidance, we can help empower Hispanic Americans and close the gap.<\/p>\n

\n

\"MiguelMiguel Angel Ramos Guerrero<\/a> is a financial advisor with Thrivent<\/a>.<\/em><\/p>\n

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The National Park Service created this poster to promote its Hispanic Heritage Month Activities. Credit: National Park Service<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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