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Portfolio > ETFs > Broad Market

Advisor serving an underserved boomer market

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James R. Veal, founder and managing member of JRV Wealth Management Group, LLC in Philadelphia, has built his client base by reaching out to a subsector of the boomer market that he feels needs it most: the African-American community.

Of his roughly 400 clients, about 85 percent are African-American. According to Veal, many in that community lack a basic understanding of their 401ks or how the stock market works.

Therefore, Veal holds workshops and seminars to educate them on their finances. From these classes Veal, a registered investment advisor, has gotten many of his clients.

“Mostly my clients are baby boomers who are retiring,” Veal says. “They do not know what to do with the money or that it may have to last 30 years or so. That’s why we are here to help them stretch the money out.”

Many African-Americans put their money into a bank when they retire, Veal says. “I don’t mean an IRA account; they are actually putting it into a bank and they are getting taxed,” he says. “They don’t understand the ramifications of taxes and investing. There is a big gap there and we trying to close it. We really want to educate them, that’s strictly what we want to do,” Veal says.

Read more on the special characteristics of the boomer market in the upcoming May issue of Senior Market Advisor.

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