As easy as it is to recognize a certain and very typical type of financial advisor and the investors they work for, it’s important to acknowledge the vast, diverse world of educated individuals and how finding their niche has led to similar forms of economic success. On a recent Twitter Spaces, VettaFi’s financial futurist, Dave Nadig, led a discussion with multiple guest speakers regarding financial planning for diverse groups.
This panel featured Lindsey Swanson, the “brains + brawn” behind Stripper Financial Planning; Colton Etherton, a financial advisor and founder of Out of the Office Planning, also known as “The Tattoo Advisor;” Dasarte Yarnway, a financial advisor and founder of Berknell Financial Group; and Ramona Major, a certified financial planner who specializes in helping the LGBT and veteran community.
As Nadig explains, hunting for a “niche” is an interesting strategy that can pay off in different ways, but looking at what’s different about the targeting this group aims for is how the demographics don’t always need to fall under similar base concepts – such as coming from a place of wealth.
ADVOCACY MATTERS. It’s financial planning, but it’s also understanding and fighting for the people who need you. @striprfinplan makes the case for why planners need to get political. Do you agree?https://t.co/Denacwhd9Z
— VettaFi (@Vetta_Fi) June 27, 2022
Working with communities that have practically been ostracized from society in terms of their financial needs is certainly another aspect of finding an area that could use a certain kind of assistance and building not only a solid financial through line but a positive relationship to help foster a clear economic goal, regardless of whatever someone’s background may involve.
This is particularly interesting at a time when there’s a wavering taking place in regards to one’s rights, as having advisors on the side of the investors that may have to deal with the ramifications of certain politically-based outcomes means the investors get to work with someone that’s not simply saying they have a neutral position on various topics but are actively fighting for the civil rights of their clients.
Looking at this from a different perspective, when not focused on investors dealing with moral judgments and the like, some function as independent contractors who are also not always matching up to a certain standard some advisors want to hold against them.
“For people that are serving ‘diverse groups’… know your customer, know your clients. It’s almost nonnegotiable to know exactly who you’re serving, how much you can charge, and their outlook on society” – @DasarteYarnway
we couldn’t have said it better!
— VettaFi (@Vetta_Fi) June 27, 2022
Having planners such as Yarnway or Swanson, who focus on individuals working on their own accord, means having people who know how to coach people to understand how to manage their accounts, make smart investments, and other valuable ways to handle their income.
Looking at this panel and seeing what’s been accomplished, while there was more to this discussion, there’s plenty to note in how advisors like these can inspire the industry in unique ways.
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