Affluent Diverse Communities Report Strong Focus on Giving Back and Setting Up Future Generations
NEW YORK, NY - Today, Merrill Wealth Management published three studies examining the financial challenges, concerns and successes of the affluent Black/African American, LGBTQ+ and Hispanic-Latino communities in the United States. “Diverse Viewpoints: Trends Reports” builds on past research and uncovers how these groups navigated a tumultuous economic environment created by the fallout of the COVID-19 pandemic and rising inflation.
“Merrill has a strong appreciation for the varied financial paths and experiences of our diverse client base,” said Kenneth Correa, head of business and client development at Merrill. “This research series has enhanced our understanding of these communities’ financial needs and how to best support them.”
Conducted by Ipsos, the research found giving back to ones’ community and setting up future generations for success as key themes.
The research broke down key motivators and challenges that impact financial decisions for these communities:
“As with the first iteration of research, we hope these insights continue to spark meaningful conversations and further our ability to meet the needs of the diverse communities we serve,” said Jen Auerbach Rodriguez, Merrill Strategic Growth and Client Development Executive.
In partnership with Merrill, Ipsos conducted multiple waves of research starting in 2019 with the latest wave conducted in 2023, employing a variety of research methodologies. Ipsos synthesized and reviewed an array of publications and academic research on the topics of diversity, wealth and inclusion in financial services and beyond. A quantitative survey was also conducted among more than 1,000 members of each of the communities, with individuals with more than $100,000 in investable assets. Each community was compared to a representative sample of 1,000 affluent Americans, a group referred to in the reports as the affluent general population. Statistical analysis was conducted on all four groups to ensure representation, accuracy, and completeness.
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Julia Ehrenfeld, Bank of America