Financial Services Overview
Equity in the financial system continues to be a major challenge in the U.S. Currently, Black families have about 12 cents of wealth for every dollar held by white families, and minority families report lower wages than white ones, despite advances in education and opportunity.1
Furthermore, notable gaps in access to basic financial services persist: Black adults are 13% more likely and Hispanic adults are 11% more likely not to have a bank account than adults overall.2 These embedded and enduring features of disparate racial financial outcomes must be addressed to build a more equitable American economy.
At the same time, we are facing a seismic shift in the composition of the workforce and a generational transfer of wealth, with a unique opportunity to extend financial services to shore-up the financial stability of Millennials.
GENERATIONAL SHARE OF NET HOUSEHOLD WEALTH (%)
AVERAGE HOUSEHOLD NET WORTH BY RACE
OVERALL WEALTH INEQUALITY (GINI)
Vistria’s investments are focused on increasing consumer access to financial services and a secure economy, during a moment of major demographic change and ongoing inequities in our society. As the population ages, there is a differentiated opportunity to ensure our financial ecosystem, including younger generations and diverse communities, are more financially secure. This can be achieved in part by leveraging the trend toward Fintech tools and increasing the availability of subject matter experts and professional investment services.
Lender providing capital access to small businesses with affordable financing.
Provider of governance, risk, and compliance solutions to global financial institutions.
Fee-only independent registered investment advisor (“RIA”) offering comprehensive financial planning, investment management, tax planning & preparation, estate planning, and family office services across the United States.
- Graphic Source 1: https://www2.deloitte.com/content/dam/insights/us/articles/us-generational-wealth-trends/DUP_1371_Future-wealth-in-America_MASTER.pdf
- Graphic Source 2: https://www.federalreserve.gov/econres/notes/feds-notes/wealth-inequality-and-the-racial-wealth-gap-20211022.htm