Washington Informer: Trust. Education. Eliminate fear. Build wealth.
Those are some of the buzzwords and phrases used at the 16th annual Conference of African American Financial Professionals at the Omni Shoreham Hotel in northwest D.C. This year’s conference, held in person for the first time since the outset of the coronavirus pandemic in 2020, attracted its biggest crowd ever with 1,000 people.
This year’s conference hosted by the American College of Financial Services in the District reflects this year’s theme, “Homecoming: Empowering our legacy.”
Blacks represent less than 10% of the entire financial industry, which doesn’t just include investors or finance counselors but also those in the fields of marketing, social media and information technology.
Those numbers decrease when it comes to leadership positions, said Hermon Mason, a regional director with Prudential Advisors in Atlanta.
“When you talk about the financial industry, it is a relationship built on trust,” he said Tuesday. “It is going to take all of us working together to increase representation so we can continue to build the trust in the African American community so we can get this industry to mirror that community.”
Workshops during the three-day conference that began Monday and ends Wednesday include “Being Black in a white industry,” “The Future of Wealth: Building Inclusive Client Experiences” and “Black women in wealth: dispelling the myths.”
One of the main guest speakers is NBA star Dwight Howard, who is scheduled to attend Wednesday to highlight his Grand Champions Foundation that he launched last year.
The foundation provides resources for children and single parents in underserved communities. It also created a partnership with Women’s Life Insurance Society to offer financial literacy education and life insurance products.
Some colorful conversations on Tuesday came from Deborah Owens, founder and CEO of “WealthyU” and who resides in Laurel in Howard County, Maryland. She led a session on retaining and marketing to high-earning women of color.
Owens, known as “America’s Wealth Coach,” categorized some women such as the “rich and retired auntie” who’s retired from the government or a corporation. However, her pension and other investments aren’t keeping up with the pace of inflation.
One of the questions for her: “How can she create more income and who will take care of her if she becomes ill and needs care?”
Owens insisted attendees will need to become teachers.
“I’m just telling you, if you do this, you will attract your community because you are doing the right thing,” said Owens, the author of three books. “You are that cheerleader. You are that financial freedom fighter. If you are not careful, we will have a permanent underclass.”
Broderick Young, a financial planner, wealth manager and co-founder of Reveal Wealth Management in Columbia, Maryland, said most people value their house, 401(k) and other retirement plans.
He offered advice on what should be a person’s main benefit.
“There is no greater asset on this Earth than you,” said Young, who’s been in the financial industry for 24 years. “When you understand and internalize that and give that to your children and your grandchildren, you will learn a lot about dealing with your money and your health.”
This article was written by the Washington Informer read more articles like this here.
Photo: From left: Dr. Pamela C.V. Jolly, Salene Hitchcock-Gear, Kristi Rodriguez and Maggie Anderson lead a discussion on Black women and wealth during the 16th annual Conference of African American Financial Professionals at the Omni Shoreham Hotel in northwest D.C. on Aug. 9. (Robert R. Roberts/The Washington Informer)
