NAPFA Nation Podcast
NAPFA Nation is a monthly podcast bringing you inspiring conversations and key insights from leaders in the Fee-Only financial planning profession.
Join Marie Swift, Founder and CEO of Impact Communications, as she interviews a variety of NAPFA members and professionals.
In Episode #22 of NAPFA Nation, host Marie Swift speaks with Luis Rosa, CFP®️, EA, founder of Build a Better Financial Future. The discussion revolves around empowering first-generation wealth creators, particularly immigrants or children of immigrants, who often face challenges related to financial literacy and family obligations. Rosa highlights the significance of understanding client struggles such as “success guilt” and “lifestyle creep,” advocating for a hands-on, holistic financial planning approach that prioritizes clarity and simplicity. He outlines essential milestones in financial management, such as home purchasing and debt repayment, while emphasizing the benefits of a fee-only fiduciary service to eliminate conflicts of interest. The conversation also touches on the BLX internship program – a vital initiative he co-founded to enhance diversity within the financial planning field – and encourages advisors to actively engage in professional communities like NAPFA, XYPN, and FPA to foster growth and support.
- First-Generation Wealth Creators have unique challenges
- While they may be first in their family to graduate college and get jobs with benefits in the US, they lack financial literacy despite good income
- They face challenges of the “sandwich generation” earlier and often struggle with balancing family responsibilities and personal financial goals
- Rosa works to help clients overcome success guilt and lifestyle creep through modular, hands-on planning with professional guidance and a holistic approach beyond investment management to implement plans in manageable steps
- Key milestones include buying a home, paying off debt, building emergency savings
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