How African Americans Can Find a Financial Adviser

Rodney Brooks
November 16, 2016

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.

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Authored By Rodney A. Brooks

TRAFOTFBThe 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.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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