by William Prescott Marshall, Financial Contributor

It should go without saying that sound financial planning is the cornerstone of every household, and more importantly every community.

Even though discriminatory practices have kept us out of the
financial sector, he asserts that our collective resilience will unite
us to work towards goals in our collective interests. He notes that many minorities have not thought about the financial planning process because it is hard to start when you do not know where the starting line is.

Mr. Bell sees many issues facing his minority clients. Mainly, many are choosing career paths that do not support their desired lifestyle and lack of understanding of money in the household.

Even though skin color does not distinguish good service from bad, Mr. Bell is a firm believer in sitting down with a financial planner who is of the same background as yourself. Doing so can lead to an easy and effective conversation that tends to be quite tense.

Wealth is often passed down to successive generations through
comprehensive and efficient estate planning. Unfortunately,
minority communities, blacks, in particular, have been systematically locked out of the financial planning process. Whether it be lack of access to quality financial education or sound financial
institutions, minorities are disadvantaged in this area and must begin to rebuild.

James Bell, a Financial Advisor at the Northwestern Mutual Wealth Management Company, provided some insight as to how we got here, and more importantly, how we can get out.