Chelsea Ransom-Cooper

speaker

62 appearances 1 recordings 1 series first heard Jan 2023 last heard Jan 2023

Chelsea Ransom-Cooper’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

WSJ Your Money Briefing · Closing America’s Racial Wealth Gap · 13 Jan 2023 podcast

We can talk about the lack of trust in financial institutions that led to Black individuals not necessarily leaning on financial institutions to build wealth and looking for other opportunities that potentially didn't compound in their favor, and also just not having the equity or the access.

J.R., thank you for having me.

Day to day, this really, you can see this in the expenses that they have, but also you can see this specifically in their net worth.

So specifically as an advisor who works with wealth accumulators who are building wealth, and they're trying to make sure they're making smart and impactful financial decisions, we can see that they're faced with

the challenge of, OK, how do I make sure I cover my necessary expenses on a daily basis versus putting money towards investing and growing my assets?

So because they have to make that kind of decision pretty quickly and they don't have the assets or the flexibility, it can be pretty challenging to help them continue to build wealth.

So, J.R., we can specifically talk about the challenges that people of color and specifically black people have faced as they've tried to build wealth.

You know, we can talk about redlining, which happened specifically in the past, which hindered black people from purchasing homes.

We can talk about the lack of trust in financial institutions that led to black individuals not necessarily leaning on financial institutions to build wealth and looking for other opportunities that potentially didn't compound in their favor.

and also just not having the equity or the access.

So all of that has compounded over decades, if not centuries, which has led to the challenges where now we're seeing black families who are ready to make the steps.

But unfortunately, they're still playing catch up from years and years of miscompounded growth.

So I think that's exactly why firms like ours, Zenith Wealth Partners, and also similarly other firms are incredibly important because habitually we know that specifically Black consumers and Black individuals have been underserved by the wealth management industry because there's been a lack of equity and a lack of access when it comes to financial institutions.

So specifically what we're doing is, number one, we're eliminating

the asset minimum.

Typically, a lot of wealth management firms have a requirement where you need to have X amount, potentially a million dollars of investable assets.

So we're meeting people where they are by offering fee-based planning.

And then we're also investing in their education.

So taking the time to take a step back and have conversations about why you should invest in a Roth IRA versus a traditional IRA.

Or why should you allocate money towards a retirement account or towards a 529?

Showing 1–20 of 62 · page 1 of 4