In the United States, centuries of systemic racial discrimination have locked communities of color out of the tools and opportunities to build generational wealth. These persistent inequities are evident in the country’s entrepreneurial and financial landscape – only 2 percent of businesses with employees are Black-owned, and only 6 percent are Latino-owned.

Of all U.S. asset management firms – key wealth creators and allocators – those owned by persons of color control just 0.7 percent of U.S.-based assets under management. Despite heightened awareness of bias and calls for equity and justice, the focus has often been on increasing representation in leadership positions instead of enabling more diverse ownership of the businesses and capital that

drive the nation’s economy.

This session explored:

• How do we create pathways to asset building, wealth creation, and ownership for historically excluded communities?

• How can we work together to identify and break down the greatest systemic barriers that have slowed and prevented asset building and wealth creation?

• How can we support the growth of asset allocators, fund managers, and entrepreneurs of color?

Speakers:

• Thasunda Brown Duckett, President and CEO, TIAA

• Janis Lee Bowdler, Counselor for Racial Equity, U.S. Department of the Treasury

• James A. Casselberry Jr., Chief Executive Officer, Known Holdings LLC

• Patty Arvielo, Co-Founder & President, New American Funding

• Alicia Menendez, MSNBC host of “American Voices with Alicia Menendez,” author of “The Likeability Trap,” and host of the “Latina to Latina” podcast

• Nathalie Molina Niño, Co-Founder and Chief Strategy Officer, Known Holdings