‘How do I blow up the industry?’

‘How do I blow up the industry?’
There’s such little diversity of experiences within the profession, says advisor.
FEB 02, 2024

Valerie A. Rivera is passionate about helping clients she believes have been continuously disadvantaged by systemic social structures that make it difficult for certain groups to build wealth.

“For certain people, especially Black people, practices such as redlining have deliberately stopped many from becoming homeowners and building wealth,” said Rivera, founder of FirstGen Wealth in Chicago. “This is not to say they cannot create wealth today and that all is lost. It’s essential to acknowledge the starting point is very different depending on the socioeconomic status you’re born into.”

Redlining is the discriminatory practice of denying mortgages, insurance, loans, and other financial services to residents of certain areas, based on their race or ethnicity.

“[Clients] are navigating spaces, both professionally and financially, that are new territory and haven’t been traditionally the most welcoming,” she said.

Her clients, like Rivera herself, are mainly in their 30s and 40s – the time of life when the complexities of wealth-building begin to crystallize. These individuals aren’t only facing financial adversities but they’re also often traversing new social and economic landscapes.

Despite her individual efforts and successes, Rivera is acutely aware of the industry’s inertia and its narrow definition of who is deemed worthy of financial planning services.

“The big thing I like to think about is how do I blow up the industry. I feel as if the industry is so narrowly focused on ‘this is who we serve’ and ‘this is who’s deemed profitable’ and ‘this is who makes a good candidate.’ I think that because there’s such little diversity of different experiences within the profession, it keeps the status quo in place.”

As such, Rivera wants to implement a form of coaching – a way of educating both those inside the industry and clients looking to invest themselves.

“I’ve heard many advisors say that group coaching isn’t profitable, and I just think they haven’t come up with a smart enough way to do it,” she says. “Even in areas such as the financial coaching space where advisors deem what they do as not being credible enough, they play a huge role within the greater profession of educating groups of clients that many advisors don’t want to work with.”

This is not just wealth management – it’s a movement. And Rivera, with her blend of passion and pragmatism, is at the forefront, reshaping the landscape one client at a time.

Latest News

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

'We are monitoring the situation,' SEC says of private funds
'We are monitoring the situation,' SEC says of private funds

New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline