J.P. Morgan Wealth Management hosted its “Building a New Legacy” event last month in Cleveland, bringing together more than 100 Black, Hispanic and Latina women to learn more about investing for their future legacy.

The evening featured a keynote address by broadcast journalist and television personality Cari Champion moderated by Sarah Daya, Executive Director of Wealth Planning & Advice at J.P. Morgan Wealth Management. It also included educational sessions and a panel discussion sharing actionable steps to help plan and invest for the future. 

This event was part of J.P. Morgan Wealth Management’s roadshow of local educational seminars to help Black, Hispanic and Latina women and communities learn more about investing and drive financial inclusion. Since kicking off in 2022, the series has reached over 1,800 attendees across 13 cities. 

Black, Hispanic and Latina women investors are on the rise

More Black, Hispanic and Latina women are becoming energized, taking control of their finances and starting to invest. J.P. Morgan’s recent Diverse Investor Study found that 51% of Hispanic and Latina women respondents and 46% of Black women respondents started investing outside of an employer-sponsored retirement plan less than five years ago. When asked what motivated them to invest, 72% of Hispanic and Latina women respondents and 69% of Black women respondents said they started investing to build generational wealth.

These women are taking charge of their financial future, and they understand that investing is key. But that doesn’t mean they need to go about it on their own. 

“I think for many women we tend to try to do everything by ourselves, but we don’t need to do it alone. We can have a team,” Daya told the room. 

For some people, working with an advisor can help provide professional guidance and peace of mind.

Getting started: outline your goals and have a plan

The session on planning and investment principles provided attendees with practical tips on how to make their money work for them. Daya discussed how everyone’s financial situation is unique, which is why it’s important to create a strategy built around your specific situation. She suggested setting SMART goals – goals that are Specific, Measurable, Achievable, Relevant and Time-Bound. 

“Financial decisions are personal,” she said. “It can be very helpful to take the time to get a handle on your goals and your current situation, so you understand where you’re starting out.” 

Once you’ve outlined your goals, Daya highlighted the importance of having a plan to work towards them. 

“Dreams can become achievable when you build goals and a plan around them,” she said. 

Daya advised attendees to periodically revisit their plan to help them stay on track and adjust as life changes. 

“Revisit your goals on a regular basis. Have they shifted due to changes in your life? Then revisit your strategy and make adjustments,” she added.

Having a plan can pay off. According to the 2024 Diverse Investor Study, respondents with a plan are significantly more likely to rate their current financial health as excellent or good, say their financial situation is better than five years ago and have conversations with their children about finances compared to those without a plan. 

Empowering the next generation with financial literacy

For many people in the Black, Hispanic and Latino communities, conversations about finances and investing with their parents weren’t common growing up. Cari Champion’s keynote session highlighted why those discussions around the dinner table are so valuable for the next generation.

“Money was never discussed in my family in a positive way. My early, early, early images of money would be of my mother sitting at the dining room table trying to figure out what bills she was going to pay,” Champion recalled. “Money was very ‘heavy’ in our family.”

Champion emphasized the need for open conversations about money. 

“The more I surrounded myself with people who were really successful and talked about it freely, honestly and openly, I realized that was where the freedom was: in sharing,” she said.

Daya echoed Champion’s sentiment adding, “I love that—it’s crucial to have these conversations not just for ourselves, but for the next generation as well. Talking to children about money and financial literacy is crucial. In my work with multi-generational clients, I’ve seen how families who openly discuss finances are better prepared and more confident in managing their wealth across generations.”

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC.

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