The Art of Finance wants to share some important things with you. As we move through an increasingly socially-aware world, we think you deserve to know where we stand on a few issues as they relate to systemic racism and economics.
1.There is a deep discrepancy of wealth between white households and households of color. This was created intentionally and systematically over many generations. For more reading on the subject, here is an incredibly comprehensive study by the Brookings Institute that delves into the devaluation of assets in specifically black neighborhoods.
2.This issue has had a stark effect on the demographics of financial professionals. The year that Philip received his CFP certification, less than 3.5% of his fellow CFPs were Black or Latino. We see this and acknowledge it for what it is: the byproduct of systemic racism.
3.Our firm is not immune to underlying bias. We are an entirely white staff and have attracted, to this point, a majority white clientele base. This is something that we notice and intend to address. While we don’t have a specific strategy worked out in full yet, we do intend to bring in voices other than our own to help us craft it. These changes are not being made for the purpose of having more clients and making more money. This is to make sure that we are doing all we can to create a safe and empathetic place for all types of people to talk about their money.
It is also important that we consistently use our platform to promote the ideas, thoughts, and teachings of non-white financial educators, not just our own. Here are just a few of our favorites that we would love you to follow and learn from as well.
- Worth Listening by Lauryn Williams (She’s a personal friend who also happens to be a multiple summer & winter Olympic medalist!)
- The Clever Girls Know Podcast by Bola Sukunbi
- Brown Ambition by Tiffany Aliche & Mandy Woodruff
We now have a favor to ask of you. You, dear reader/follower/client, have the right to hold us, and other businesses putting out similar statements, accountable. Ask for receipts. This is not a one-and-done-we’ve-checked-the-box sort of thing. We will do our best to keep you informed of any important internal work and strategy. If you have constructive feedback to share, we are open to it. No matter how we go about this work, it will not be perfect. But it will be progress.
We hope you and those you love are staying healthy and holding each other accountable for doing good work inwardly and outwardly.
The Art of Finance (aka: Philip Olson, Julia Lorenz-Olson, Helen Novielli, Chloe Gray & Erin Galloway)