U.S. advisor Cassandra Cummings left high-end brokerage firms that serve affluent clients after 20 years to better serve her own community – Black women – with their finances.
She founded The Stocks & Stilettos Society, which has a membership of more than 100,000 Black women, and is the author ofMs. Cummings, who is based in San Francisco, spoke recently with Globe Advisor about obstacles facing many in the Black community from obtaining wealth.I wanted to have an opportunity to show the importance of what was possible financially to my community.
Being Black women, we have certain things that play against us as a double minority. We’re paid less than our counterparts, typically. We have many demands on our time in terms of family.. They tend to lead their households, so they’re the sole breadwinner. So, there are a lot of factors that also impede our ability to build wealth. Many financial services firms just don’t take things like that into consideration. Their plans are designed primarily to help men continue to prosper financially.They have many competing priorities, family obligations, and community responsibilities. They usually put themselves last and that translates into them seeing managing their money as one more thing to do.
I think women want to find someone who can relate to them in their language, women who know their struggle. I think they need more women who can help hold their hand and not do it in a condescending or undermining way. So, the reception has been overwhelmingly positive.That they’re the best thing that will ever happen to their money. Once they get that, then they take ownership of taking care of their money so that the money can then take care of them.