eMoney: “Amplifying 8 Asian-American Voices in Financial Planning”

eMoney, May 1, 2023 — Marguerita Cheng, CFP® Pro, is featured in today’s article by Celeste Revelli who explains: When asked about how they started in the industry, many of the Asian-American financial planners I admire say the same thing: At first, they didn’t even know the profession existed. There is power in the phrase “to be it, you need to see it.”

Only 4 percent of Certified Financial Planner™ professionals identify as Asian American or Pacific Islander (AAPI), though they make up 6.2 percent of the American population.1,2 Despite the small numbers, AAPI professionals remain the largest ethnic minority within the financial planning profession.

The AAPI experience is difficult to pin down because it can vary widely. The term AAPI includes almost 50 ethnic groups from East and Southeast Asia, as well as the Pacific Islands.2 We all have unique beliefs when it comes to talking about (or not talking about) money. Also, the fact that many AAPI clients are first-generation Americans emphasizes the importance of cultural awareness for financial planners.

For these reasons and more, the work of these trailblazing financial planners deserves a spotlight for Asian American and Pacific Islander Heritage Month.

Here’s what Marguerita says: “Being a financial planner is intellectually stimulating, emotionally gratifying, and financially rewarding, plus it allows the planner to make a positive impact on the community.”

Once named a “Woman to Watch” by InvestmentNews, Cheng uses her high profile for the betterment of the profession, spreading a message about the benefits of skilled and ethical financial planning. Currently a member of the Diversity Advisory Group for the CFP Board, she demonstrates thought leadership in the profession through her regular columns for news outlets, as well as her podcast, Margaritas with Marguerita Cheng. Learn more about Cheng and how culture and empathy inform her approach in the article, Helping Couples Manage Money in Marriage.

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