On the link between economic inequality and social injustice

I’m doing a lot more listening and almost no talking this week given what’s going on in this country.

Two things I wanted to share, related to the mass demonstrations across America, deal with the fact that economic realities are often the underlying causes for social injustice. Why does one population get policed one way, while another community is policed in an entirely different way? Often, the difference has to do with the resources available with which a community defends itself, makes itself heard in government. It shouldn’t be that way, but a lot of things that shouldn’t be have been left to stand for too long.

Financial advisor Lazetta Rainey Braxton relays a story of blatant racism from a prospective client that went unchecked at a firm she worked at because money talks…

You may challenge the notion that the experience of one black CFP reflects the complete picture. But there is a reason blacks are underrepresented in the profession. Like all human beings, we seek dignity, intellectual challenge, opportunity for advancement, fair compensation for our work and an environment in which we can flourish. As a profession, we clearly have missed that message.

Out of more than 85,000 CFPs in the U.S., only 1.5% are black; of the more than 550,000 people classified as personal financial advisors by the Bureau of Labor Statistics, just 6.9% are black.

My colleague Nick Maggiulli wrote his usual Tuesday post this morning and it looks at some incredibly eye-opening statistics…

For example:

the typical White household has 10 times as much wealth ($171,000) as the typical Black household ($17,000) in the U.S.

And

the median Black household with a college degree has a net worth similar to the median White household without a high school diploma.

These two facts alone, along with a lot of the supporting data and charts, make it clear that the racial wealth gap is a major contributing factor to the different experiences of life in America. If you can find a few minutes to read and think about what Lazetta and Nick are pointing out, I think it’ll be worthwhile.

Sources:

 Lazetta Rainey Braxton: It’s past time to advance black advisors (Financial Planning)

How Big is the Racial Wealth Gap? (Of Dollars and Data)

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. rolex replicas swiss made commented on Sep 18

    … [Trackback]

    […] Read More here to that Topic: thereformedbroker.com/2020/06/02/on-the-link-between-economic-inequality-and-social-injustice/ […]

  2. Personalised Drink Bottles commented on Sep 19

    … [Trackback]

    […] Here you will find 53886 additional Info to that Topic: thereformedbroker.com/2020/06/02/on-the-link-between-economic-inequality-and-social-injustice/ […]

  3. click here commented on Sep 21

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2020/06/02/on-the-link-between-economic-inequality-and-social-injustice/ […]

  4. blazing trader review commented on Sep 28

    … [Trackback]

    […] Info on that Topic: thereformedbroker.com/2020/06/02/on-the-link-between-economic-inequality-and-social-injustice/ […]

  5. scotia bank online commented on Nov 24

    … [Trackback]

    […] Read More Information here to that Topic: thereformedbroker.com/2020/06/02/on-the-link-between-economic-inequality-and-social-injustice/ […]

  6. Functional Testing commented on Nov 27

    … [Trackback]

    […] Find More here on that Topic: thereformedbroker.com/2020/06/02/on-the-link-between-economic-inequality-and-social-injustice/ […]

  7. rolex imitacion commented on Jan 14

    … [Trackback]

    […] Read More Information here on that Topic: thereformedbroker.com/2020/06/02/on-the-link-between-economic-inequality-and-social-injustice/ […]

  8. wigs commented on Jan 22

    … [Trackback]

    […] Read More Information here to that Topic: thereformedbroker.com/2020/06/02/on-the-link-between-economic-inequality-and-social-injustice/ […]

  9. Zebra Thermal paper manuals commented on Jan 23

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2020/06/02/on-the-link-between-economic-inequality-and-social-injustice/ […]

  10. paito warna sgp commented on Jan 30

    … [Trackback]

    […] Read More Info here to that Topic: thereformedbroker.com/2020/06/02/on-the-link-between-economic-inequality-and-social-injustice/ […]