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Editors Note: With this column, we kick off a new series on the intersection of financial advice and different cultures, historical backgrounds and identities. Morningstar Office clients can find more of our DEI coverage by logging in here.
We can’t talk about money without talking about culture.
Every culture and identity has different ways of approaching the issues central to managing finances. There is no one-size-fits-all way to think about retirement, home ownership, paying for college, debt, family and community obligations, and even trust in financial institutions and the government.
What many advisors think of as conventional wisdom around these subjects is actually a white-centric approach to financial planning.