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What BIPOC Need to Know Before Working with a Financial Planner

Studies show that, on average, white American families have eight times as much wealth as Black families and five times the wealth of Hispanic families. The COVID-19 pandemic has had a disproportionate financial impact on Black, Indigenous and People of Color (BIPOC), exacerbating the wealth divide. CERTIFIED FINANCIAL PLANNER™ professionals play a critical role in helping BIPOC individuals and families grow and manage their wealth.

BIPOC individuals and couples have unique personal finance and money needs that must be embraced by the financial planning professionals with whom they work.

Here are some tips to prepare for and recommended questions to ask during your first meeting with a financial planner:

  1. Become Comfortable Talking about Money
    Talking about finances is still considered taboo in some households. When working with a financial professional, reversing that mindset can be challenging. However, it’s essential to be as transparent as possible with your advisor so they can provide you with the best advice possible.
  2. Prepare Your Goals
    Come to the meeting with an understanding of your overarching values and goals. You’ll want to put some thought into this before sitting down with your financial planner. They can help you fine-tune your goals, but you will want to be in the driver’s seat. Paint a picture of what your ideal lifestyle looks like so that your financial planner can best help you get there.
  3. Discuss Your Family Dynamics and Traditions
    It’s best to give your financial planner a full picture of your financial obligations. If you send a certain amount of money to family members each month or if you are passionate about certain charities, it is beneficial for your financial planner to be aware. Make your advisor aware of your traditions, cultural beliefs and family nuances so they can factor in these considerations when giving you financial advice.
  4. Ask How Your Financial Planner Will Be Paid
    Make sure you understand and are comfortable with how you will pay the planner. You may not mind that your advisor gets paid a commission whenever they sell you a new financial product. Alternatively, you may want an arrangement where you pay an hourly fee, a flat fee for specific services or a percentage of the assets your advisor will manage.
  5. Ask How Often You Should Communicate
    Confirm the best method for you to contact your financial planner whenever you have a question. Determine how often you should meet and if you prefer to meet in person or virtually. Factor in other methods of communication such as e-mail or text messages. It is important to make sure you feel fully supported.

Are you ready to work with a CFP® professional to help your family plan for your financial future but don’t know where to start? Find your CFP® professional today at

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