Financial Planning: “First-generation immigrants are a lucrative but untapped market for wealth managers”
Financial Planning, Feb. 3, 2023 — Marguerita Cheng, CFP® Pro, is featured in today’s article by who explains, “All advisors with a more geographically diverse clientele take into account the different perspectives their customers have on money. While Americans are more used to saving for retirement and investing in the stock market, many immigrants are more comfortable holding cash, gold, and real estate. Many of them come from countries with political and economic instability, making it hard for them to trust their finances to governments and markets.”
Marguerita said she always acknowledges that many foreign-born clients may be more “collectivist” when undertaking financial planning. “So telling them to save for retirement, for example, can come across as being selfish. I usually explain that they can both invest in themselves and send money to their family back in their countries. You have to understand that the client is not just the one sitting across from you.”