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What is a Financial Planner? | We need more black financial planners. - YouTube
Channel: The Bemused: Making Sense of Money 馃挵
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in my few short minutes that I have to
do this morning I want to start first
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with my business case for diversity now
the reason I want to talk about the
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business case first is that I find it
interesting that 30 years into this
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conversation in corporate America around
diversity I still hear people saying we
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have to prove the business case for
diversity we have to make sure that we
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talk about the business case for
diversity and I'm there scratching my
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head because it's pretty obvious in my
mind and it's never been obvious before
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it certainly is obvious now because
there is not one industry that is not
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competing today around innovation not
one I challenge you to think about so if
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you will agree with me that we are all
competing around innovation here's your
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business case you mean a lot of ideas in
order to get to that one innovative idea
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that will allow you to obtain and retain
a leadership
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in your industry so innovation more for
my bids well if you need a lot of ideas
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in the room you need a lot of
perspectives in the room because ideas
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are born from perspectives and if you
need a lot of perspectives in the room
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you need a lot of experiences in the
room because perspectives are born from
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experiences and if you need a lot of
experiences in the room you need a lot
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of different people in the room because
experiences are born from people so you
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must start with a lot of different
people in the room in order to get to
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that one idea that will allow you to
innovate and obtain and retain a
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leadership position that is your
business case for diversity
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okay wealth builders
welcome back to The Bemused and right now
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as you can see we're on the train and I'm with Leah and we are on our way to New York
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right now because we are heading to the CFP Board Diversity Summit in the morning
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more details on that later. You guys have no idea what the CFP Board is.
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You guys have no idea what a CFP is
but I'll explain all that later on
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in the vlog - just thought I'd show you guys what's going on.
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those of you who do not know CFP board
we are the professional body that sets
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standards for financial planning and the
administer of the CFP certification
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program we do all of this to benefit the
public and so that the public has access
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to competent and ethical financial
planning advice we currently have over
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82,000 CFP professionals here in the
United States all right guys so what is
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a CFP so CFP stands for certified
financial planner and the CFP is kind of
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like the gold star certification for the
field of financial planning so just like
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you'd expect an accountant to have a CPA
you'd expect any well known competent
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financial planner to have their CFP
certification so yesterday we took to
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Instagram and asked you guys in the poll
whether or not you knew what a certified
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financial planner was and so not many of
you took the poll but those of you who
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did it was a very mixed reaction so
literally half of you guys said you
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didn't know and half said you did not
know what a certified financial planner
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was so I'm here to tell you all about it
and if you don't follow us on Instagram
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yet I will link it somewhere on the
screen follow us at live amused now what
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does a financial planner actually do and
there's a lot of misconceptions out
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there if you guys have been around the
channel for a while you know that I work
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as a financial planner and I'm currently
pursuing my CFP certification in fact
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I'm taking the exam next week so print
church financial planning is one of
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those fields where it's pretty dynamic
there's a lot of different tracks and
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career paths you can go down as a
financial planner a lot of people will
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just think that financial planning is
all about sales and product and selling
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insurance and investments and things
like that but that is not what financial
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planning truly is a personal financial
planner helps people achieve their goals
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in life using financial
tools some of these goals can include
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taking a big trip saving up for a house
retirement saving for college whatever
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goals you have in life financial
planners help teach you and educate you
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and advise you on the proper tools that
you can use and the way to manage your
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money in order for you to reach those
goals if you want to achieve in life
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financial planners have to be
knowledgeable and compensating a lot of
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different area from retirement to
taxation to college planning we need to
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know a lot of different things in order
to help you make the most of your
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financial life and make the best
decisions and that's why it's super
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important to make sure that when you
work with the financial planner when you
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become a financial planner you have as
much knowledge and credible experience
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as possible and a great way to do that
is by becoming a certified financial
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planner we formed the center to address
three systemic issues in the profession
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the first is the need for more women and
more people of color the need to create
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pathways into the profession for the
next generation of financial planners
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and the need the dire need for more
faculty to teach and lead our programs
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so that we're generating the the next
generation of financial planners today
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we're focused on just one of those areas
and that is the significant shortage of
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black and Latino financial planners our
challenge is underscored by our own
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datum less than three and a half percent
of CFP professionals in the United
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States as of 2017 were black and Latino
obviously this is significantly less
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than the representation of blacks and
Latinos
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in the US population which stands at 13
and 17.8% respectively
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this is a systemic problem that cannot
be solved by any one organization any
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one firm any one academic institution or
in any one individual alone it requires
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all of us have a stake in delivering
competent and ethical advice to our
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nation's consumers to become engaged to
identify solutions and to take action so
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why did I as a part of the less than
three point five percent of blacks and
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Latinos who hold a CFP stratification
and decide to go into this field it all
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really started when I decided I wanted
to go to college and by going through
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the whole financial aid process
realizing how much I really didn't know
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about money and so that's what created
that spark for me right there I always
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knew I wanted to do business going into
college but I didn't really know exactly
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what sector and through that experience
I did a lot of research Google was my
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best friend and that's how I discovered
the career of financial advising and
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financial planning and realizing okay
this is something I really really
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impatient about and I think that I can
do now what makes financial planning
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such a great career and why should you
consider a career financial planning
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first of all financial planning is a
helping profession there are lots of
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other helping professions out there like
in the medical field like nursing like
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psychology like Social Work education
there's a lot of helping fields out
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there financial planning is just another
one of them and that's what I really
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love about the profession and also while
you're helping people you're also
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challenging yourself like I mentioned
earlier financial planners have to know
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a lot of things about a lot of things
there's so much breadth to the industry
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and to what you need to know to be a
really great financial
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Planner that you're constantly
challenging yourself especially in the
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face of constantly changing regulations
we just had a massive change in our tax
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law this year some things like that that
we always have to be abreast of and so
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it's always a good challenge thirdly
there is good income potential in
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financial planning there's so many paths
you can go down you can either work for
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yourself
you can work for an established
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financial planning firm you can do
freelance work there's just so many
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paths you can choose in financial
planning there's so many different ways
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you can structure your employment set up
your freelance set up yours solopreneurs
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set up that you know the possibilities
are really limitless the field of
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financial planning is a really nice
blend of technical and people skills
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because as much as you need to know the
technicalities of the tax law and you
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know the rules and regulations is just
as much as you need to have those soft
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skills and communication skills with
your clients it's really crazy how your
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clients come to you in the face of hard
times even if it has nothing to do with
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their finances what I've come to realize
is that clients will call you you'd be
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the first person that they call when
stuff hits the bed trust me there are a
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lot of things that I never thought I
would be doing as a financial planner
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that I've ended up doing and it's just
crazy the breadth of things that you can
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come across in this field a lot of
people like to say being a financial
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planner is part planning and part
therapist and honestly that's so true
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and that is why even if you don't come
from a business undergrad maybe you came
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from a psych background or Social Work
background or education background like
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even a technology background there's so
many opportunities even within FinTech
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that it's crazy any one of those
backgrounds gives you a leg up when you
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enter the field
planning's as part of this diversity
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initiative the CFP board has also
created a series of videos highlighting
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minorities that are certified financial
planners and so I'll link to some of
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those videos in the description box
below if you want to learn more about
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what a day in the life of a financial
planner is actually like and to see what
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it's like to be a minority in the
industry so why are minorities and
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blacks and Latinos in particular so
hesitant to enter the field of financial
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planning we gained a little bit more
insight later on in the day at the
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diversity summit so take a look root
causes emerge should be due to this
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issue one has to do with economic
inequality for people of color as well
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as cultural norms now we're going to see
that though that general issue
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results at a couple of things lack of
confidence on the part of people of
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color attracted to the profession lack
confidence in their financial skills and
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be in their ability to fit in to this
profession and that's the second one
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fear of not fitting into a profession
that is predominantly white male pay
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structure panic
all which leads to the profession simply
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not being on the radar for prospects
potentially joining the profession. so how does one become a
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certified financial planner and I'm
gonna drop a bunch of links in the
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description below so just go down there
to find loads of information about the
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profession about how to become a CFP but
in a nutshell you have to go through
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this training program essentially that
covers a lot of the domains and areas
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that we work with so you'll take classes
on estate planning and you know the
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general principles of financial planning
retirement taxation investments things
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like that there are lots of CFP board
registered programs out there um as you
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guys know I'm graduated with my masters
in financial planning back in May if
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you haven't seen our vlog from
graduation you can go check that out too but
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by doing my masters in financial
planning that satisfied the educational
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requirements for me to become a
certified financial planner and so the
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only other requirements there are
there's they call it the four e's so
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there's the education which I've
completed the exam which like I
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said I'm taking a couple of weeks that I
have to pass it's a six hour exam
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comprehensive exam covering all those
areas that I just mentioned then there's
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ethics there's definitely an ethics
requirements to being a certified
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financial planner basically saying that
you act in the best interest of your
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client always and then there is the
experience requirement and the
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experience requirement varies it can be
two years or three years depending on
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the type of experience that you have and
so that is the portion that I'm
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currently working on the last little
piece after I passed the exam to become
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certified as a financial planner so
that's how it all goes in a nutshell but
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like I said I will definitely leave
links in the description box below where
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you can learn a lot more about the
profession so all in all I want to
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appeal to you the viewers of the bemused
to at least
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consider a career in financial planning
it's a really rewarding career I love it
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and hopefully I'll get more of you guys
to love it as well and if it wasn't on
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your radar before now it is as you guys
heard this diversity thing in this
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profession is an epidemic trust me I
know I'm currently the only black person
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at my firm of 80 plus people so that
should tell you something but we are
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working very intentionally to change
that which is great so we need people
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like you my students my recent college
graduates especially those of you are
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minorities who identify as minorities we
need you guys in the profession so I
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hope you guys learned a lot from this
video if you have any questions about
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the field but anything to do with
financial planning
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leave them in the comments below I'd
love to hear from you guys thanks so
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much for watching and I'll see you guys
in the next video
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