Founder and financial planner,
- Wanted to be a comedian, among other careers, growing up.
- Has traveled internationally for months with just a backpack.
- Three people she’d like to invite to a dinner party: Whitney Houston, Adele, Yuri Kochiyama.
Phuong Luong, the daughter of Vietnamese immigrants, has dedicated herself to disseminating the idea of culturally proficient financial services — those that incorporate, for example, education about structural poverty issues that impede wealth creation.
“I want to help financial planners feel more fluent and comfortable talking about financial history in relation to our work,” said Ms. Luong, 33, founder of Just Wealth. “I’m trying to get that information out there.”
For example, she wants advisers to be aware of the generational impact on people of color, of barriers such as discriminatory mortgage lending practices and the systemic tax advantages that have helped white homeowners retain wealth. Sharing and acknowledging this history will help alleviate the shame that people with lower wealth sometimes feel, Ms. Luong said.
A former teacher, she serves on the CFP Board’s Diversity and Inclusion Advisory Council, and is vice chair of the Board’s Council on Education, assisting in the development of educational standards and certification requirements for all CFP professionals.
She is also interested in socially responsible investing and racial justice investing.
“I want to look at, how do we align our investments to help close racial and gender wealth divides?” Ms. Luong said.
— Deborah Nason