“Having people of color as financial advisors is very important because talking about money, insurance, savings, investments and estate planning is very personal,” said Mayra Rodriguez Valladares, managing principal of MRV Associates, a financial consultancy firm in New York City.

“People need to be with people whom they feel can understand them, can empathize with them and are not judging them,” she said.

People of color, especially immigrants, might not only be taking care of their immediate family but also other relatives as well, which may impact their ability to save and plan for retirement, she said.

“If they are speaking to a financial advisor of their own culture, they may find it easier to share that information and give the advisor the full picture of their assets and liabilities,” she said.

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