Find financial advisors specializing in serving Hispanic and Latino Americans who are ready to help with your financial planning needs so you can enjoy life more with less money stress.
As an American of Hispanic and Latino descent, you may be thinking about hiring a financial advisor who understands your heritage, family priorities, and unique financial planning needs. Fortunately, an increasing number of financial advisors specialize in serving Hispanic and Latino clients.
Before hiring a financial advisor, it’s important to first consider your own financial planning priorities. In this guide, we’ll share a few quick tips to help you get started in your search and introduce you to financial advisors featured on Wealthtender you may want to add to your shortlist.
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Get to Know Financial Advisors for Hispanic Americans
📍 Click on a pin in the map view below for a preview of financial advisors who specialize in serving Hispanic and Latino clients and can help you reach your money goals with a personalized plan. Or choose the grid view to search our directory of financial advisors with additional filtering options.
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Smart Tips for Finding a Financial Advisor Who Specializes in Working with Hispanic Clients
Before hiring a financial advisor, here are a few quick tips to help you find the best advisor for you.
1. Decide Which Services You Need
Before hiring an advisor, determine what services you need from them. Whether it’s full-service investment management or a plan focused on a specific area of your finances, put together a list of what you’d like help with before contacting an advisor.
Though most people use a financial planner simply to invest for retirement, this is only a small part of what many advisors offer. Here’s a quick rundown of potential services a financial advisor may offer you:
- Budgeting and money management
- Debt management
- Insurance planning
- Retirement planning
- Other investment planning
- Inheritance planning
- Estate planning
- Tax planning
As you can see, financial advisors can help you with your entire financial picture, not just investing. As you start to plan for life’s bigger milestones, you should consider finding a financial advisor that specializes in those areas.
Finding the right advisor can help you minimize risk, maximize gains and take advantage of tax breaks while investing for your future. They can also help you protect your assets with the right kinds of insurance and help you pass on your financial legacy with a proper estate plan.
2. Consider Your Budget and Payment Preferences
Once you have a list of services you would like, review the fee structures financial advisors offer. Finding a balance between the services you need and the cost of those services will help narrow down the field of advisors you may want to work with.
If you are looking for a full-service advisor to manage all of your investments, consider searching among fee-based financial advisors. If you want to manage your money yourself, consider the flat fee and monthly subscription advisors for ongoing support.
3. Interview Multiple Financial Advisors
Once you have chosen the services and fee structure you prefer, it’s time to contact a few advisors and interview them. Here are questions to ask financial advisors:
- What services do you provide?
- What are all the ways you get paid? (fee transparency)
- What is your investment strategy?
- How do you measure investment performance?
- How do we communicate about my plan?
Interview multiple advisors to get a feel for who you want to work with. A combination of fees, services, and customer service will help you determine the best fit for your financial advice.
4. Review Financial Advisor Credentials
Once you find an advisor (or two) you feel comfortable with, it’s always a good practice to check their credentials and the firm’s details. You can do this at the Investment Adviser Public Disclosure (IAPD) website.
You can check both the individual and the firm to view their background and experience details, as well as any disciplinary action taken against them or their firm.
As licensed financial professionals, there is oversight into how financial advisors conduct business, so running a quick (free) check on them is recommended.
For additional information about advisor credentials, read our article to learn the most popular designations held by financial advisors, as well as specialized credentials which may be important to consider if you have unique financial planning needs.
Quick Facts About Hispanic and Latino Americans
The following facts are possible thanks to U.S. Census Bureau surveys and the U.S. Department of Health and Human Services Office of Minority Health.
The Top 10 States with the Largest Hispanic and Latino Populations
- California
- Texas
- Florida
- New York
- Arizona
- Illinois
- New Jersey
- Colorado
- Georgia
- New Mexico
Profile of Hispanic and Latino Americans
Overview (Demographics): This ethnic group includes any person of Cuban, Mexican, Puerto Rican, South or Central American, or other Spanish culture or origin, regardless of race. According to 2020 Census data, there are 62.1 million Hispanics living in the United States. This group represents 18.9 percent of the total U.S. population, the nation’s second largest racial or ethnic group after non-Hispanic whites. In 2020, among Hispanic subgroups, Mexicans ranked as the largest at 61.6 percent. Following this group are Puerto Ricans (9.6 percent), Central Americans (9.3 percent), South Americans (6.4 percent), Other Hispanic/Latino (including Spanish) (5.8 percent), and Cuban (3.9 percent). In 2020, states with the largest Hispanic populations were Arizona, California, Colorado, Florida, Illinois, Nevada, New Jersey, New Mexico, New York, and Texas. In 2020, 25.7 percent of Hispanics were under the age 18 compared to 53 percent of non-Hispanic whites.
Language Fluency: Language fluency varies among Hispanic subgroups who reside within the mainland United States. 2019 census data shows that 71.1 percent of Hispanics speak a language other than English at home, including 70.4 percent of Mexicans, 58.9 percent of Puerto Ricans, 77.7 percent of Cubans, 86.2 percent of Central Americans. 28.4 percent of Hispanics state that they are not fluent in English.
Educational Attainment: According to 2019 U.S. Census Bureau data, 71.8 percent of Hispanics in comparison to 94.6 percent non-Hispanic whites had a high school diploma or higher. 18.8 percent of Hispanics in comparison to 40.1 percent of non-Hispanic whites had a bachelor’s degree or higher. 5.7 percent of Hispanics held a graduate or advanced professional degree, as compared to 15.1 percent of the non-Hispanic white population.
Economics: According to a U.S. Bureau of Labor Statistics 2021 data, 22.9 percent of Hispanics, in comparison to 15.0 percent non-Hispanic whites, worked within service occupations. 24.5 percent of Hispanics in comparison to 42.8 percent of whites worked in managerial or professional occupations. Among full-time year-round workers in 2020, the average Hispanic/Latino median household income was $55,321 in comparison to $74,912 for non-Hispanic white households. In 2020, the unemployment rate for Hispanics was 10.4, as compared to 7.5 for non-Hispanic whites according to the U.S. Bureau of Labor Statistics. In 2020, the U.S. Census Bureau reported that 17 percent of Hispanics in comparison to 8.2 percent of non-Hispanic whites were living at the poverty level.
Insurance Coverage: It is significant to note that Hispanics have the highest uninsured rates of any racial or ethnic group within the United States. In 2020, the Census Bureau reported that 49.9 percent of Hispanics had private insurance coverage, as compared to 73.9 percent for non-Hispanic whites. Among Hispanic subgroups, examples of coverage varied: 47.9 percent of Mexicans, 56.3 percent of Puerto Ricans, 57.4 percent of Cubans, 41.7 percent of Central Americans. In 2020, 35.9 percent of all Hispanics had Medicaid or public health insurance coverage, as compared to 33.8 percent for non-Hispanic whites. Public health insurance coverage varied among Hispanic subgroups: 36.4 percent of Mexicans, 43.7 percent of Puerto Ricans, 33.7 of Cubans, and 33.0 percent of Central Americans. Those without health insurance coverage varied among Hispanic subgroups: 20.3 percent of Mexicans, 8.0 percent of Puerto Ricans, 14.0 percent of Cubans and 19.4 percent of Central Americans. In 2020, 18.3 percent of the Hispanic population was not covered by health insurance, as compared to 5.4 percent of the non-Hispanic white population per Census Bureau report.
Health: According to 2020 Census Bureau projections, the 2060 life expectancies at birth for Hispanics are 86.5 years, with 88.2 years for women, and 84.8 years for men. For non-Hispanic whites, the projected life expectancies are 85.6 years, with 87.4 years for women, and 84.0 years for men. Hispanic health is often shaped by factors such as language/cultural barriers, lack of access to preventive care, and the lack of health insurance. According to 2019 data from the Centers for Disease Control and Prevention, some of the leading causes of death among Hispanics include cancer, heart disease, unintentional injuries (accidents), stroke and other cerebrovascular diseases, diabetes, and Alzheimer’s disease. In 2020, the leading cause of death for Hispanics was COVID-19. Some other causes of mortality that significantly affect Hispanics include chronic lower respiratory diseases (including asthma and chronic obstructive pulmonary disease), liver disease, influenza and pneumonia, suicide, and kidney disease.
Other Health Concerns: Hispanics have higher rates of obesity than non-Hispanic whites. There also are disparities among Hispanic subgroups. For instance, the rate of low birthweight infants is higher for the total Hispanic population in comparison to non-Hispanic whites, and Puerto Ricans have the highest rates of low birthweights among Hispanics.
🙋♀️ Have Questions About Financial Planning for Hispanic and Latino Americans?
Frequently Asked Questions & Additional Resources
How do I know if I’m ready to hire a financial advisor?
You should strongly consider hiring a financial advisor if you have a significant amount of money available for saving or investing. This could occur after years of making annual contributions to a retirement plan like a 401(k) through your employer or suddenly if you receive a large inheritance or sell your house for a large profit.
But even if you don’t have a lot of money saved, many financial advisors and planners provide reasonable pricing options and valuable services you should consider, especially if you’re facing a significant life event. For example, if you’re starting a new job, getting married, starting a family, getting divorced, lost your job, starting or selling a business, or approaching retirement age, working with a trusted financial advisor or planner may prove worthwhile.
Before I hire a new financial advisor, should I fire my current advisor?
You don’t need to fire your current advisor before beginning your search for a new financial advisor. In fact, your new advisor can help coordinate the transition of your assets from your previous financial advisor.
Where can I read reviews about financial advisors written by their clients to help me decide if I should hire them?
After 60 years of regulatory prohibition of financial advisor reviews in the US, a rule issued by the Securities and Exchange Commission (SEC) became effective on May 4, 2021 that means both financial advisors and directory websites that help consumers search for a financial advisor can collect and display financial advisor reviews, an important factor worth considering when choosing who you’ll hire to manage your investments and life savings.
Wealthtender is the first independent advisor review platform designed to be fully compliant with the new SEC rule, and we look forward to helping you evaluate financial advisors based on reviews written by their clients.
I’m a financial advisor interested in being featured in this guide. How do I get started?
Thanks for your interest. We look forward to learning more about your practice and helping you attract your ideal clients where you may be a good fit based on their individual needs and circumstances. Please click here to learn how you can join local financial advisors featured on Wealthtender.
About the Author
About the Author
Brian Thorp
Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian