BLUEPRINT - Hispanic Wealth Project

B L U E P R I N T

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Table of Contents

1.0 Forward by The Hon. Henry Cisneros. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

2.0 Acknowledgements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

3.0 Preface:AnEcosystemforHispanicWealthCreation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

4.0 Project Approach and Framework. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

5.0 HispanicWealthProjectGoalsandObjectives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

5.1 Component Goal #1: Homeownership. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

5.2 Component Goal #2: Small Business. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

5.3 Component Goal #3: Savings and Investment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

6.0 InauguralNAHREP-DrivenInitiatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

6.1 NAHREP-DrivenInitiativeOne:AddressingUnderrepresentationof HispanicWorkersinFinancialServicesandLendingOccupations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

6.2 NAHREP-DrivenInitiativeTwo:StructuredMentorshipfor Hispanic Entrepreneurs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

6.3 NAHREP-DrivenInitiativeThree:LeadingbyExample– ANAHREPFocusGroupforAssetDiversification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

7.0 Annual Project Reports and Symposiums. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

8.0 Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

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FOREWORD by THE HON. HENRY CISNEROS

Ournation’srecoveryfromtheGreatRecessionhasbeenuneven.Manywhosufferedtremendouslosseshavebeenexcludedfromameaningfuleconomicrebound,andindicatorsofAmerica’srestoredeconomichealthoftenbeliecircumstancesforthoseinourmiddleclasswhocontinuetostruggle.

Eighteenmonthsago,GaryAcostaandIwerediscussingthepost-recessionplightofthemiddleclassandmydesiretoidentifyandsupportsolutionsthatcouldpropelabroaderrecovery.Astheco-founderandCEOoftheNationalAssociationofHispanicRealEstateProfessionals(NAHREP),Garywasmanaginganorganizationthatfeltthefullbruntoftherecessionandhousingcrisis:thelivelihoodofhismembersdependedonHispanichomeownershipthatwasmovinginthewrongdirectionandcausingHispanicstolosegroundintermsofhouseholdwealth.Givendemographicforecaststhatchartedanever-increasingHispanicpopulation,itseemedimpossibletomeasuretheeconomicstateofourmiddleclasswithoutaddressingthefateofHispanichouseholds.Indeed,restoringHispanichouseholdwealthis,evermore,anAmericanimperative.

SowhenGarysharedhisideaforaplantotripleHispanichouseholdwealthoverthenexttenyears,Iimmediatelypledgedmysupport.Likeanygoodplan,Gary’sneededa“blueprint”toserveasaguide,muchasabusinessplanshapestheambitionsofacompany.Thisdocumentisthatblueprint,andtheresultof18monthsofworkbytheNAHREPstaffandagroupofextremelycommittedandcompetentadvisorsandconsultants.Asyoureviewthefollowingpages,youwillseeaveryspecificfocusonhowprogresstowardatriplingofHispanichouseholdwealthcanoccur–howHispanichomeownershipcanrecoverandflourish;howHispanicsmallbusinessformationcansupportwealthcreationandemploymentrecovery;andhowinstitutionalinvestmentscandiversifyandgrowHispanicwealthandsavings.The“blueprint”offersactionableideas,setsoutthefirststepsthattheNAHREPorganizationhasalreadybeguntoundertake,andinvitessupportandparticipationfromindividuals,corporations,government,academiaandothernonprofits.

TheHispanicWealthProjectwasbuiltonthepremisethatallofAmericabenefitsbyensuringtheeconomicwellbeingofourHispaniccommunity.IamproudtoattachmynametothisProject,andIpersonallyinviteyoutoparticipateinanywayyoucan.

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ACKNOWLEDGMENTS

NAHREPisgratefulfortheoutstandingcontributionsandcommitmentsofpeopleandorganizationswhohaveembracedourvisionfortheHispanicWealthProject,whohavehelpedtoshapeourstrategiesandambitions,andwhohavealreadycontributedvaluabletimeandresourcestoourefforts.

Blueprint Author BrianHurley

Blueprint Contributors GaryAcosta Gerardo“Jerry”Ascencio AlejandroBecerra Brad Blackwell MarisaCalderon HenryG.Cisneros Dr.JerryPorras Shawn Krause LandonTaylor

ThepublicationofthisBlueprinthasbeenmadepossiblebythefinancialsupportofourFounder’sCircle,andbythestrategicandpolicyguidanceprovidedbyourProjectAdvisoryBoardandtheNAHREPFoundationBoard:

Founder’s Circle Diamond Partners

Bronze Partners

ProjectAdvisory Board Chair: Hon.HenryCisneros,FounderandChairman,CityView GaryAcosta,Co-FounderandCEO,NAHREP NelyGalan,MediaEntrepreneurandfounderoftheAdalanteMovement DanGilbert,FounderandChairmanofQuickenLoans FrankHerrera,Jr.,Chairman,NewAmericaAlliance LuisMaizel,Chairman,LMAdvisors Dr.JerryPorras,ProfessorEmeritus,StanfordGraduateSchoolofBusiness LandonTaylor,CEO,Base11

NAHREPFoundation Board Chair:Gerardo“Jerry”Ascencio GaryAcosta JohnBeneventi MarisaCalderon FabianCasarez JasonMadiedo JuanMartinez ArmandoTam

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PREFACE: AN ECOSYSTEM for HISPANIC WEALTH CREATION

SinceNAHREP’sfoundingmorethan15yearsago,wehavewitnessedunprecedentedhousingcyclesthathaveillustratedimportantlinkagesbetweenhousingandtheoveralleconomicstatusofHispanics.Asatradeassociation,wehavelargelyalignedourpoliciesandprogramswithamissiontoadvancesustainableHispanichomeownershipasagoaluntoitself.ButtheGreatRecessionandattendanthousingcrisismadeclearthathomeownership—andthelossofhomeownership—havefarbroaderimplicationsforHispanicwealthandforthecapacityoftheHispaniccommunitytofullyparticipateintheAmericandream.

OureffortshavethusmaterializednotintoanHispanichousingproject,butinsteadinto“TheHispanicWealthProject,”aboldplantotripleHispanichouseholdwealthduringthenexttenyears.FormostAmericans—andforHispanicAmericans,inparticular—homeownershipandhouseholdwealthareinterdependentelementsofan“ecosystem”thatincludesemployment,income,credit,savingsandmore.Byunderstandingthedynamicswithinthisecosystem,wecancontinuetoadvocateforHispanichomeownershipthroughprograms,policiesandinitiativesthatnotonlyproposedirectoutcomes,butalsoenhancethecontextforoverallHispaniceconomicprogress.

Diagrammatically,weviewan“ecosystem”forHispanicwealthcreationasfollows:

Underourmodel,wealthcreationcanbeginatany“node,”eachofwhichnodescontributestoasucceedingandprocess-sustainingwealthrepository.Taking“employment”asanexample:jobsproduceincomethatleadstocreditandsavings;income,creditandsavingsallenablehomeownership;savings—andhomeownershipintheformofequity—alsoenableentrepreneurship,whichitselfthenbecomesacatalystforHispanicemployment.

Webelievethatinitiatives,programsandpoliciesthatfocusonany“node”cancreatemomentumtowardHispanicwealthcreation.Throughoutthe10-yearProjectterm,wewillthereforeworktocreateawarenessandsupportforpoliciesthatdrivecontinuingimprovementsintheHispaniclabormarket,supportongoingadvancesinHispaniceducationalattainment,andwelcomenontraditionalmetricsintotheanalysisofconsumercredit.Thatsaid,theHispanicWealthProjecthasframeditsspecificgoalsaroundthethree“nodes”mostalignedwiththeNAHREPmissionandmembership:

• Homeownership,becausesustainableHispanichomeownershipiscentraltoNAHREP’smission

• Entrepreneurship,becauseNAHREPisamembershiporganizationchieflycomprisingrealestateentrepreneurswhohavegainedwealththroughtheformationandexpansionofbusinesses

• SavingsandInvestment,becausetheNAHREPmembershipisamicrocosmoftheprofessionalHispaniccommunityforwhichanunderstandingoffinancialmanagementandinvestmenthasnotsufficientlymaterialized

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PROJECT APPROACH and FRAMEWORK

AlthoughwefullyexpecttheHispanicWealthProjecttobeginanationaldialoguearoundissuesaffectingthecreationandretentionofwealthforHispanichouseholds,theProjectitselfisintendedtodrive—andnotmerelyobserve—outcomes.Therefore,theProjectwillbebuiltaroundmultipleinitiatives,eachofwhichexpressesanactionableplantoaddressoneormoreoftherequirementswesetforthforgoalachievement.

Ofcourse,NAHREPdoesnotholdamonopolyongoodideas,nordowealonerepresenttheresourcesthatmustbemarshaledtodefineandsupportthebreadthofinitiativesthatwill,inaggregate,tripleHispanichouseholdwealthoverthenexttenyears.WethereforedistinguishbetweenNAHREP-recognizedinitiativesand NAHREP-driveninitiatives,andofferaplaceforeachwithintheProjectcontext.

Throughoutthefinancialservicesmarketplace,innovatorsaremakingadifferenceintheHispaniccommunitythroughsuccessfulapproachestolending,affordablehousingandmuchmore.TotheextentwefindthatinitiativesalreadyunderwayalignwiththeProjectgoals,weseektorecognizesuchinitiativesfortheirmeritandcontributions,andtoincludetheimpactofsuchinitiativesamongtheprogresswechart.TheProjectwillthereforeincludeanongoingmechanismforfirmsandindividualstoself-identifyasHispanicWealthProjectcontributorsandtohavetheirinitiativesdesignatedas“NAHREP-recognized.”Datarelatingtosuchinitiatives—scope,progress,quantifiablyimpactinrelationtoastatedProjectgoal—willbesolicitedfromthesponsoringfirmsorindividualsandincludedwithintheProject’sannualreportsandsymposiumcontent.

ThroughoutthetermoftheProject,NAHREPwillalsodriveaspecificsetofinitiativesleveraginginternalresourcesandcommitmentsfromkeyNAHREPsponsors.TheseNAHREP-driveninitiativeswillarisefromatargetedfocusononeormoreoftherequirementsforastatedProjectgoal,andwillbemonitoredcontinuouslyfortheirmeasurablecontributionstoatriplingofHispanichouseholdwealthoverthenexttenyears.

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HISPANIC WEALTH PROJECT GOALS and OBJECTIVES

What does it meantotripleHispanichouseholdwealthoverthenexttenyears?

AccordingtoarecentreportfromthePewResearchCenter1,thewealthofwhitehouseholdsisnowmorethan10timesthewealthofHispanichouseholds,withmedianHispanichouseholdwealthstandingat$13,700in2013.Likealldemographicgroups,Hispanicssufferedprecipitouswealthlossesbetween2007and2010asthehousingandfinancialmarketswitnessedunprecedenteddeclinesinvalue.Butthepathtowardrecoveryhasbeenverydifferentforminoritycommunities:whilemedianhouseholdwealthheldrelativelysteadyforallhouseholds,forHispanics,wealthdeclinedanother14.3%between2010and2013.

Basedonthesefindings,ourgoalto triple Hispanic household wealth wouldtranslateintoeffortstoraisethemedianto$41,100by2024,ortoaddroughly$27,000innew,per-household wealth over the coming tenyears.

But what will that new wealth looklike?Whatformandshapewillittake?Whatpaceofassetaccumulationandappreciationwilldriveitscreation?Andwhatactions—onthepartofHispanichouseholdsthemselves,andofthosewhosupportourefforts—willbeneededforthatoutcometobeachieved?

ThroughoutTheHispanicWealthProject,wearecommittingourselvestogoalsthatareactionable,inclusiveandaccountable.Weaimtomeasureprogresstowardourambitious“tripling”goalnotonlyinaverage,medianandaggregatedollars,butalsowithreferencetospecificassetsandtothespecificacquisitionprocessesandappreciationprospectsfortheseassetsthemselves.

Ourbroadgoalisthereforedrivenbythreecomponentgoalsthatreferenceour“ecosystemforHispanicwealthcreation”andproposespecificassetaccumulationandappreciationoutcomes:

Component Goal #1:

Toachievea50%(orgreater)rateofUSHispanichomeownership

If50%ofUSHispanichouseholdswerehomeowners,thenforthefirsttimeinUShistory,themedianHispanicfamilywouldincludesomehomeequityamongtheirhouseholdassets.Suchanoutcomewouldbetransformational,notonlyforitsmyriadsymbolicimplications,butalsofortheresulting,compoundingbenefitsthathomeownershipwouldbring.IncreasesinHispanichomeownershipwilldriveongoingincreasesinHispanichouseholdnetworth,enablingbroaderinvestmentsineducation,small-businessformationandmore.

Preliminarily,webelievethattheachievementofa50%rateofHispanichomeownershipwillrequire:

1http://www.pewresearch.org/fact-tank/2014/12/12/racial-wealth-gaps-great-recession/

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a. ConsistentaccesstolowdownpaymentmortgagefinancingHispanicfamilieshaveconsistentlyexpressedastrongdesireforhomeownership.Whileincomeandeducationallevelsareincreasing,accumulatingadownpaymentremainsaprimaryhomepurchasebarrierforHispanics.Intheyearsfollowingthehousingcrisis,accesstolowdownpaymentmortgageshasbeenmoredifficultthanatanytimeinrecenthistory.Accordingtoa2014FannieMaehousingsurvey69%ofHispanicsbelievequalifyingforaloanisverydifficult.AsmoreHispanicfamiliesentertheirprimehomebuyingyears,theirabilitytoparticipateinhomeownershipwilllargelydependonreliableaccesstomortgagesthatrequireminimumdownpaymentsof5%orless.TheHispanicWealthProjectisthereforeseekinginnovations,commitmentsandprogramsfromgovernment,lendersandotherentitiesthatwilladdtothesupplyoflowdownpaymentmortgages.

b. AnincreaseinhousinginventoryespeciallyinthestockofaffordablehomesAnundersupplyofhousingunitsinseveralkeymarketswastheprimarybarriertoHispanichomeownership,accordingtoa2014NAHREPsurveyofleadingrealestateagentsandbrokers.TheNationalAssociationofHomeBuildersestimatesthathomebuildingafterthehousingcrisisfellapproximately5millionunitsbelowwhatisneededtokeepupwiththegrowthinhouseholdformations.Inventoryshortageshavecreatedpricebubblesinseveralmajormarkets,causingaffordabilitygapsformanyfirsttimebuyers.ImprovementsinthesupplyanddemandbalancewillberequiredtopreservehomeownershipopportunitiesformillionsofHispanicfamilies,andtheHispanicWealthProjectisseekingcommitmentsfromgovernment,builders,servicersandotherentitiestodeployandsupportprogramsthatincreasethesupplyofaffordablehousing.

c. An increase in the number of formally-trained Hispanics working in the mortgage and real estate industriesThehomebuyingprocessiscomplicatedandconfusing.Languageandculturebarrierscanmaketheprocessevenmorechallenging.NAHREPestimatesthatthenumberofculturallycompetentrealtorsandmortgageprofessionalswillneedtodoubleinthecomingyearstomeetthegrowingdemandfromHispanichomebuyers.TheHispanicWealthProjectisseekingcommitmentsfrom—andpartnershipswith—entitiesthatcansupporttherecruitmentofHispanicsintotherealestateandfinanceindustries,andcansupportHispanicprofessionalgrowththroughtrainingandmentorship.

d. PracticalconsumerprotectionthatreducestheriskforpredatoryactivitywhilesimultaneouslypromotingfairhousingandimprovingcreditaccessPredatorylendingwastheprimaryreasonthatnearly1millionHispanicfamilieslosttheirhomesduringtheforeclosurecrisis.EnhancedconsumerprotectionlawsthatsubstantiallyreducepredatorymortgagelendingareessentialtopreservingHispanichomeownership.Consumerprotectioncanalsoimprovecreditaccessbecauseareductioninunscrupulouscompetitioncanfreelenderstoinvestmoreinserviceandperformance;however,excessiveconsumerprotectioncanalsocauseunintendedconsequences.TradingareductioninpredatorylendingforexpandedgapsinhomeownershipratesforHispanicsandotherunderservedmarketsshouldnotbeanacceptableoutcome.Regulatorsatthefederalandstatelevelsshouldmeasuretheirsuccessnotonlybythedegreethatpredatoryactivityisreducedbutalsobywhetherhomeownershipratesforunderservedmarketsarealsoimproved.TheHispanicWealthProjectseekstofosterandsupportprogramsandpoliciesthatensureanappropriatebalancebetweenconsumerprotectionand mortgage access.

e. DownpaymentassistanceandaplantoassistmoreHispanicfamilieswithaccesstoavailableprogramsTheHarvardJointCenterforHousingStudiesestimatesthatHispanicscanaccountforupto50%offirsttimebuyeractivityinthecomingyears.Downpaymentassistancehasstimulatedfirsttimehomebuyeractivityfordecadeseventhoughmillionsofpotentialhomebuyersremainunawareoftheexistenceofavailableprograms.TheHispanicWealthProjectseekstoincreasethenumberoffirsttimebuyersbysponsoringandsupportingprogramsandpoliciesthatexpanddownpaymentassistanceprograms,increaseawarenessofprogramavailabilitytoHispanicfamilies,andenhanceHispanicborroweraccesstofirst-timehomebuyermortgageprograms.

If50%ofUSHispanichouseholdswerehomeowners,thenforthefirsttimeinUShistory,themedianHispanicfamilywouldincludesomehomeequityamongtheirhousehold assets.

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f. HousingcounselingthatimproveshomeownershipsustainabilityThepositiveimpactthatquality,pre-purchasehousingcounselinghasonhomeownershippreservationisundisputed.Therelativelymodestexpenseofhousingcounselingascomparedtothedevastatingcoststhatasingleforeclosurecancausemakeshousingcounselingoneofthebestinvestmentsthatcanbemadebyhomebuyers,lenders,andgovernment.TheHispanicWealthProjectseekstoidentifyandsupportpre-purchasehousingcounselingprogramsforallfirsttimebuyers,andspecificallyseekstoendorseprogramsthatalignwithHispanicculturalanddemographicpatternsandcharacteristics.

g. StrongCommunityReinvestmentAct(CRA)andaffordablehousinggoalsthataremetthroughprogramsthattrulyservecommunitiesandhomebuyersOnceinconservatorship,FannieMaeandFreddieMacwererelievedoftheiraffordablehousinggoals.Inthesubsequentyears,theGSEs’performanceintheminorityandfirsttimebuyermarketshasbeenabysmal.NowthatFannieMaeandFreddieMachavereturnedtoconsistentprofitability,effectiveaffordablehousinggoalsmustberestoredandimplementedtoensureastableandbalancedhousingmarket.Intheaftermathofthehousingcrisis,strictenforcementofCRAhasbecomeagreaterimperativeascommunitiesofcolorsufferedwidespreaddevastationandbankingindustryconsolidationoccurredatanunprecedentedpace.TheHispanicWealthProjectseekstorecognizeandsupportinnovativeandsuccessfulCRAprogramsandtoendorsepoliciesthatestablishambitiousCRAandaffordablehousinggoalsthatservecommunitiesandhomebuyers.

h. Thecontinuationofgovernmenthousingpolicies,includingthemortgageinteresttaxdeduction,thatfavorhomeownership outcomesThefederalgovernmenthaslongrecognizedthathomeownershipistheprimarysourceofwealthandstabilityformostAmericans.Governmentsupportofpoliciesthatmakehomeownershipmoreaffordableareessentialforfuturehomeownershipgrowth.ArollbackofthesepolicieswouldcreateaneffectivetaxonhomeownershipthatwouldundoubtedlywidenthewealthgapinAmerica.TheHispanicWealthProjectseekstosupportpolicymakerswhowillworktopreservethemortgageinterestdeductionandwillotherwiseadvanceinitiativesthatsupporthomeownershipoutcomes.

Component Goal #2

Toincrease,by50%,thefirst-yearsuccessrateofHispanic-ownedsmallbusinesses

AccordingtotheUSSmallBusinessAdministration,smallbusinessesaccountfor64%ofnetnewprivate-sectorjobs.Amidstwhathaslongbeena“joblesseconomicrecovery”intheUS,andalabormarketwhereHispanicunemploymenthasexceededoverallunemploymentbyatleastonepercent,weviewnewlycreatedHispanic-ownedsmallbusinessesasrepositoriesforentrepreneurialwealthaswellasenginesforincreasingHispaniclaborforceparticipation.Onapositivenote,duringthepastdecade,therateofHispanicsmall-businessformationhasfaroutpacedentrepreneurshipratesamongnon-Hispanics–accordingtodatafromGeoscape,thenumberofHispanic-ownedbusinessesgrewatmorethandoublethegrowthrateforallUSfirmsbetween2007and2014.Tocreateadurableimpactonhouseholdwealth,however,smallbusinessesmustsurvivetheirtypicallychallengingfirstyearsandinthisregard,Hispanicentrepreneursarestillstruggling.TheDepartmentofCommerce’sMinorityBusinessDevelopmentAgencyestimatesthatminorityfirmsaretwotofourtimesmorelikelytofailthannon-minorityfirms.Oftheroughly200,000newlyformedHispanic-ownedbusinesseseachyear,datasuggestthatafull100,000willnotsurvive.AndwhilecapitalfactorsintoHispanicsmallbusinesschallenges,manyanalystsseealackofexperienceandinadequateknowledgeofbusinessrulesandpracticesaskeysourcesofHispanicbusinessfailure.

Wethereforebelievethatincreasing,by50%,thefirst-yearsuccessrateofHispanic-ownedsmallbusinesswillpreliminarilyrequire:

Duringthepastdecade,therateofHispanicsmall-businessformationhasfaroutpacedentrepreneurship rates among non-Hispanics.

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a. Educationprogramsthatcreateawarenessofsmall-businessformationopportunitiesandguideformationactivitiesManywould-beHispanicentrepreneurslackanawarenessoftheprocessesrequiredtoturnanideaintoabusiness.Languageandculturalbarrierscan,attimes,precludeaccesstoagenciesthatsupportsmall-businessformation.Thesamebarrierscanleadtoalackofawarenessastoregulationsandoperatingguidelinesthatmustbemasteredforabusinesstosucceed.TheHispanicWealthProjectaimstoidentifyexistingeducationprogramswithSpanish-languagecontentthatcanbeaccessedviatheInternet.TheProjectalsoaimstosupportcurriculumdevelopmentthatofferslearningonsmallbusinessfundamentals,andtomakesuchcurriculumavailableforusebyawidevarietyofpublicandprivateeducationalinstitutions.

b. Mentorship,bywhichsuccessfulHispanicsmall-businessownersprovidevisibleandtangibleevidenceandsupportforsuccess,andpeer-to-peergroupsthatoffer“mastermind”coachingManyofthechallengesfacedbyHispanicentrepreneurshavebeenovercomebyexistingHispanicbusinessleaders.Butthestoriesofstruggle,survivalandsuccessarerarelyaccessibletonewgenerationsofinnovatorsandrisk-takers.TheHispanicWealthProjectseekstoidentifybusinessleaderswhohaveworkedthroughmanyofthestart-upchallengesfacedbyHispanicbusinessesandtoencouragesuchleaderstosharetheirstories,suggestionsandstrategiesthroughavarietyofProjectinitiatives.TheProjectalsoaimstobeaforumfortheexchangeofideasandformatchingmentorsandmenteesinprogramsaimedtogiveHispanicentrepreneursclearerroadmapsforbusinesssuccess.

c. Incubatorsfortechnologyandfinancialservicesentrepreneurshipthatallowsmall-businessownerstocollaborateInadditiontothevaluecreatedbymentorship,entrepreneursoftenbenefitfromopportunitiesto“comparenotes”withothersfacingsimilarchallengesandstruggles.TheHispanicWealthProjectseekstobuildandsustainforumsforcollaborationwhereentrepreneurscangather,examinebusinesschallengesandlearntoapplyprovensolutions.

d. Availabilityofcapitalforsmall-businesslendingAtcertainbusinessjunctures,capitalisasingularsuccessrequirement,andalackofcapitalaccesspresagesbusinessfailure.Unfortunately,formanyHispanicentrepreneurs,businessstart-upcostsconsumeallpersonalsavings,sowhenadditionalfundsareneededtofinancegrowthorinventory,businessesoftencannotsurvive.WhileSBAandothersponsoredprogramsexisttosupportsmallbusinesslending,manyHispanicentrepreneursfacespecificlendingbarriersincludinglackofcredithistoryandalackofformal,institutionalfinancialrelationships.Whilebothsuchobstaclesthemselvesneedtobeovercome,Hispaniccommunitiesalsoneedlendingprogramsthataddressspecificcommunity,culturalandeconomicpatterns.TheHispanicWealthProjectaimstoidentify,fosterandpublicizesuchprograms.

e. Hispanic access to small-business lending programsOften,financialprogramsdoexisttoaddressthespecificcapitalchallengesfacedbyHispanicentrepreneurs,butmanyHispanicsmall-businessownerslackaccessorawareness.TheHispanicWealthProjectaimstoclosethegapbetweenlendersandwould-beborrowersthroughoutreachprogramsthatencouragesmall-businesslenderstoreachdeeplyintoHispaniccommunities,andthatprovideHispanicentrepreneurswiththeconfidenceandcapabilitytoapplyforbusinessfinancing.

Component Goal #3

Toincreaseby25%thenumberofHispanichouseholdsowningnon-cashfinancialassets(e.g.,stocks,bonds,mutualfunds,401kaccounts)

FormanyHispanichouseholds,currentwealthlevelswouldseemtoobviatetheneedforassetorwealthdiversification.ButtheProjectisnotintendedasananti-povertyinitiative,andsustainableHispanicwealth

TheHispanicWealthProjectaimsto…encouragesmall-businesslenderstoreachdeeplyintoHispaniccommunities.

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ultimatelyhasasmuchtodowithitsdurabilityasitscreation.PrudentialFinancialreleasedadetailedstudyoftheassetallocationofHispanichouseholdsandillustratedalong-heldviewthat,evenwhenholdingincomeconstantacrossethnicgroups,Hispanicsunder-participateinretirement,401kandmutualfundprograms,andholdadisproportionatelysmallshareoftheirassetsinfinancialinstruments(e.g.,stocks,bonds).TheHispanicWealthProjectwillleverageNAHREPmemberstoexploreadiscretesub-setofHispanichouseholds,bothtoidentifyexistingbarrierstofinancialmarketparticipationandtoguidestrategicassetdiversification.

Preliminarily,webelievethatincreasing,by25%,thenumberofHispanichouseholdsowningnon-cashfinancialassetswillrequire:

a. Investmenteducationforsmall-businessownersWhilemanysuccessfulHispanicentrepreneursaremastersoftheirbusinessdisciplines,asmanyhaveneverbenefittedfromformalexposuretoinvestmentcurriculum.TheHispanicWealthProjectaimstoidentify,endorseanddeployinvestmenteducationthatcreatesawarenessandunderstandingofvariousinvestmentinstruments(e.g.,stocks,bonds),explainstheconceptsunderlyingportfoliodiversification,introduceschannelsforaccessinginvestments,andprovidestoolsfortrackingandmeasuringinvestmentrisksandreturns.

b. TrainingprogramsforemployerstodriveincreasesinHispanicparticipationinretirementprogramsTotheextentthatHispanicunderparticipationinretirementprograms(e.g.,401k)stemsfromculturalissues,theHispanicWealthProjectaimstoidentifyandsupportemployeeoutreachprogramsthatovercomeculturalbarriers.Employerinnovationswillbelogged,recognizedandsharedtocreatealibraryof“bestpractices”forincreasingHispanicprogramparticipation.Similarly,theProjectwillidentifyandhighlightconsumereducationmaterialsthatmakeinvestmentsintriguingforaHispanic audience.

c. Formationofinvestmentcirclesorsimilar“clubs”thatallownewHispanicinvestorstolearnandinvesttogetherTheHispanicWealthProjectseekstoidentifyandendorseroadmapsforthecreationoforganicinvestmentclubsthroughwhichfirst-timeinvestorscanlearntogetherthroughsharedexperiences.

d. TaxpoliciesthatcreateincentivesfordiversifiedfinancialholdingsAmericanconsumersunderstandthegovernmentalpriorityplacedonhomeownershipinpartbecauseoffederaltaxdeductionsformortgageinterest.Inordertocreateasimilarembraceoffinancialinvestments,theHispanicWealthProjectwilladvocateforpoliciesthatcreateincentivesforconsumerswhoparticipateinemployer-sponsoredretirementprograms(e.g.,401k),makeinvestments(e.g.,mutualfunds)andotherwisediversifytherepositoriesfortheirhouseholdwealth.

e. Awarenessprograms(includingtechnology-basedsocialmedia)thatengenderinvestmentcuriosityandofferclearpathsfortakingfirststepsAninterestininvestingnecessarilyrequiresanawarenessofinvestmentsandthefinancialmarketplace.TheHispanicWealthProjectwillidentifyandsupportprogramsthatmakeinvestinginterestingandaccessible,thatlowerminimumaccountbalancerequirementsfortheopeningofaninvestmentaccount,thatallowsmall-dollartradesforlow-riskinvestmentexperimentation,andthatattachhigh-touchmulti-lingualcustomersupporttotheprocessofestablishingandsustaininganinvestment-firmrelationship.

TheHispanicWealthProjectaimstoidentifyandsupportemployeeoutreachprogramsthatovercomeculturalbarriers.

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INAUGURALNAHREP-DRIVENINITIATIVES

WearelaunchingtheHispanicWealthProjectwiththreeNAHREP-driveninitiatives:

1. AddressingUnderrepresentationofHispanicWorkersinFinancialServicesandLendingOccupations

AchievinggainsinHispanichomeownershiprateswillclearlyrequiremeasurableincreasesinmortgageoriginationsandapprovalsforHispanicborrowers.WesubmitthatonepossiblebarriertoHispanicmortgageaccessstemsfromtheunderrepresentationofHispanicsinthelendingprofessions.Ifourconclusionsarecorrect,thenHispaniccommunitiessufferontwofronts.First,whetherforreasonsoflanguageorculture,ifapotentialHispanicborrowerdoesnotfeelateasewheninteractingwithlendingprofessionals,thensuchconsumermaynotbelikelytopursuethecreditapplicationprocess.Despitepossiblecreditqualification,Hispanicconsumersmaythereforeself-selectoutofamortgageand,byextension,outofhomeownership.Second,totheextentthatloanofficerandrelatedprofessionsarecharacterizedbyhighpayandcareeradvancementopportunities,bynotpursuingsuchoccupations,Hispanicsmayforegoalegitimatepathtowardindividualeconomicadvancement.

Eachyear,theBureauofLaborStatisticstracksUSemploymentpatternsacrossabroaddatasetthatexaminesnuancesfromoccupationtypetoworkerethnicity.WehaveextractedseveraldataelementsfromtheBLSsummarytablestosupportourinquiry.

Acrossalloccupations,itisworthnotingthat2013HouseholdDatashowsHispanicsaccountingfor15.6%ofallemployedpersonsintheUS,alaborforcemorethan22millionstrong.GivenhistoricaleducationalandemploymentpatternswithinHispaniccommunities,thefactthatHispanicsaccountforadisproportionatelylargeshareofworkersinoccupationssuchasFoodProcessing(33.8%),AutomotiveService(21.7%),andPainting,ConstructionandMaintenance(47.3%)isnotsurprising.AsHispaniceducationalattainmentcontinuestorise,wewillexpecttoseeincreasingHispanicrepresentation,generally,acrossallprofessionaloccupations.

Withspecificreferencetooneprofessionalcategory,“BusinessandFinancialOperationsOccupations,”BLSdatashowsthatHispanicsaccount,inaggregate,for8.3%ofallemployedpersonsinoccupationsrangingfromentertainmentagentstoinsuranceunderwriters.InTableOnebelow,wepresentselecteddatatoillustratevarianceswithinthisaggregateoccupationcategory.

WenotehighHispanicrepresentationamong“TaxPreparers”andcontrastthiswithlowerrepresentationamong“CreditCounselorsandLoanOfficers”and“PersonalFinancialAdvisors.”Inourview,muchoftheobserveddifferencecanbeexplainedbyabroadawarenessoftheimportanceofpayingone’staxes,versusalessinformedorevennonexistentunderstandingofcreditopportunitiesandfinancialplanningadvice.

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EvenwhentranslatedintoSpanish,federalandstatetaxformsandinformationbookletsareconfusing,particularlyforlessformallyeducatedlaborforceparticipants.Therefore,evenamonglower-incomeHispanics,demandforadvisorswhocanassistwiththemandatorytaskoffilingataxreturnlikelysupportssignificantHispanicemploymentparticipationwithinthetaxprepareroccupationalcategory.

What,then,canweconcludebyapplyingthesamelogictoHispanicunderrepresentationamong“CreditCounselorsandLoanOfficers?”IfmoreHispanicconsumerssoughtloans,wouldlendersemploymoreHispaniclendingprofessionals?Conversely,iflendersemployedmoreHispanicloanofficers,wouldmoreHispanicconsumersavailthemselvesofcreditopportunities?

AnexaminationofhistoricalHispanicparticipationinthe“CreditCounselorandLoanOfficer”occupationsmaybeinstructive.In2007,widelyviewedastheyearwhenhousingmovedfromboomtobust,Hispanicsaccountedfor14%oftheUSlaborforceand13.1%ofallCreditCounselorsandLoanOfficers(SeeTable2).

Accordingtoa2014reportbytheUrbanInstitute2theshareofpurchasemortgageoriginationsbyHispanicborrowersbeganasharpdeclinein2007,andshowsnoimmediatesignsofrecovering.Thereportfocusesonlowercreditavailability(inrelationto2001lendingstandards)butthecorrelationbetweendecliningHispaniccreditaccessanddecliningHispanicworkforceparticipationinlendingprofessionssuggestsbroaderinferences.ThedevelopmentofcreditpoliciesandlendingprogramsthatembedaculturalawarenessofuniqueHispaniclabor,income,andhouseholdformationandconfigurationpatternsseemsmorelikelywheninfluencedfromwithintheranksofbanksandmortgagelenders.Hispanicunderrepresentation,evenatentry-levelrolesinsuchprofessions,thusdeprivesthemortgagemarketplaceofopportunitiesforproductandserviceinnovationsthatsimultaneouslypromotehomeownershipoutcomesandensuresafeandsoundlending.

Inourview,remedyingcurrentunderrepresentationpatternsrequiresactiveoutreachwithincommunitiesthatlikelylackanyawarenessofthetargetoccupations,oftheireducationalandtrainingprerequisites,oroftheirincomeandprofessionalpotential.AsyoungHispanicsincreasinglygraduatefromhighschoolandsecureadmissiontocommunityandfour-yearcollegeprograms,theyacquiremanyofthefundamentalskillsneededtosucceedwithinfinancialservicesandlendingoccupations.TheHispanicWealthProjecthasthereforeundertakenaninitiativetodevelopanddeployanoutreachandtrainingprogramtopromoteawarenessoffinancialservicesemploymentandoccupationopportunities,tofosterthedevelopmentofthebasicskillsrequiredforthepursuitofentry-levelemploymentinsuchoccupationalcategories,andtoconnectthosewhosuccessfullycompletetrainingcoursestoemployersseekingtoincreaseHispanicrepresentationwiththeranksoftheirlendingprofessionals.

Theinitiativecomprisesthreespecificcomponents:(1)Curriculumdevelopmentanddeployment;(2)Outreachandparticipantrecruitment;and(3)Employerendorsementandsponsorship.

2http://blog.metrotrends.org/2014/03/housing-bust-disproportionately-hurt-minorities

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2. Structured Mentorship for Hispanic Entrepreneurs

Lackofstart-upcapitalisseen,almostuniversally,astheprimaryimpedimenttoHispanicsmall-businessformation,andthroughouttheHispanicWealthProject,wewillworktoidentifynewcapitalsources,supportinitiativesthatreducebarrierstocapitalaccess,andsupportinnovativelendingandinvestmentprograms.Wenote,however,thatevenunlimitedcapitalaccesswouldfailtoremedythetypicalcausesofsmall-businessfailure.

Aswithhomeownership,smallbusinesssustainabilityiscriticalforgenuinewealthcreation.Theadagethataquarterofallstart-upbusinessesfailwithintheirfirstyearisborneoutbymultiplestudiesandstatistics,andfewcitecapitalaccessamongthechiefcausesoffailure.Incompetenceandagenerallackofbusinessexperience(i.e.,beyondcoreproductorservicecompetency)areamongthemostrecognizedreasonsforfalse-starts.

TheHispanicWealthProjecthasthereforeundertakenaninitiativetobringstructuredmentorshiptoentrepreneursandentrepreneurialaspirants.DrawingfromtheNAHREPmembership—itself,anassemblageofsuccessfulrealestateandmortgageentrepreneurs—theProjectwillannuallyformtheNAHREPEmpresario Council. Comprising proven small businessleaderswithmarketexperienceacrosstheindustriestouchedbyNAHREP,ourcouncilwillsupportourstructuredmentorshipeffortsthrough one-on-one coaching during an eight month program.

NAHREPmemberswishingtojointhecouncilwillcompleteanonlineapplicationhighlightingtheireducationalandbusinessexperience,aswellasthebusinessdisciplinesand/orindustriesinwhichtheirguidancewouldbemostimpactfulforbuddingentrepreneurs.CouncilmembershipwillreneweachcalendaryeartoprovidementorshipopportunitiesforasmanyNAHREPmembersaspossible,andtolimitthetimecommitmentaskedofmentorparticipants.

Entrepreneursseekingtoparticipateinthestructuredmentorshipprogramwillcompeteanonlineapplicationdescribingtheirbusinessorbusinessconceptandtheirperceivedarea(s)ofneedforguidance.AllentrepreneurialapplicantsmustberecommendedbyaNAHREPmember(whodoesnotneedtobeaparticipantintheNAHREPEmpresarioCouncil).

Eachyear,applicantswillbeselectedandinvitedtoattendtheNAHREPNationalConventionandLatinMusicFestival.At“ByInvitationOnly”breakoutsessions,selectedentrepreneurswillmeettheirfellowmentees,beintroducedtotheirmentor,andparticipate(withtheirmentor)intwo,two-hourprogramoverviewsessionsthatwill:(a)teachentrepreneurshipfundamentals;(b)offerexpertinsightsonsuccessrequirementsandavoidablepitfalls;(c)explainhowtomakethemostofthementorrelationship;and(d)detailthetrackingandmilestonestobeachievedduringthesucceedingeightmonths.

Attheendoftheprogram,entrepreneursandmentorswillberecognizedbytheHispanicWealthProject,andentrepreneurswillbeeligibletoparticipateinthefundingandlendingprogramsthattheProjectrecognizesorendorses.

Duringtheten-yeartermoftheHispanicWealthProject,weaimtomentoronethousandHispanicentrepreneursandtotherebyincreasethesuccessratesoftheirventures.

3. LeadingByExample–ANAHREPFocusGroupforAssetDiversification

TheNAHREP“familia”comprisesmanysuccessfulHispanicentrepreneurswhohaveachievedsignificantwealththroughtheownershipandmanagementofrealestatebrokerageandmortgagefirms.OurinitialinquiriesintotheassetdiversificationofthesemembersfoundthemtoberepresentativeofsuccessfulHispanics at large.

DrawingfromtheNAHREPmembership…theProjectwillannuallyformtheNAHREPEmpresario Council.

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In2014,PrudentialFinancialreleasedaresearchreportentitled“TheHispanicAmericanFinancialExperience,”whichaggregatedsurveyresultsfrom1,023Americanswhoself-identifyas“Hispanic.”AmongthedemographicdatapresentedbythereportwasatabulationofFinancialProductOwnershiprevealinggapsbetweenHispanicandgeneralpopulationparticipationinahostoffinancialproducts.

Beyondapresentationofdata,Prudential’sstudyofferedmeaningfulinsightsthatfocusedonagenerallackofinvestmentandunderstandingwithinHispaniccommunities,aculturalaversiontodebt,andpersistentincomeinequality.RemedyingsuchchallengesmaywellrequireinitiativesbeyondthescopeoftheHispanicWealthProject,butwefaceanopportunitytotestseveralofthesolutionsthatPrudentialofferedallwhilesettingexamples—oreveninvestmentrecipes—forothersuccessfulHispanics.

FromtheranksofNAHREPmembers,theProjectwillidentifyfiftyofourmostsuccessfulachieverstoparticipateina2-yearinvestmentprogram.Theprogram,tobedevelopedwithinthecontextoftheProject,willincludeeducationacrossabreadthoffinancialtoolsandresourcesandwilldeviseaspecificinvestmentplanthatalignswitheachmember’sindividualwealthandretirement-planninggoals.Datacollectedfromtheprogram—annualizedreturns,grossassetcategoryvalues—alongwithparticipantfeedbackonthepsychologicalandculturalchangesthataccompaniedaninvestmentreorientationwillhelptheProjectandotherstostructuretargetedinitiativesthatachieveassetdiversificationonevenbroaderscales.

Disclaimer: The Hispanic American Financial Experience is part of Global Communication’s signature research series, which examines the financial needs, resources and priorities of America’s multicultural communities, especially as they relate to planning for their financial future. The full report can be found at www.prudential.com/hispanics. The signature series also includes research on women, African Americans and the LGBT community.

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ANNUALPROJECTREPORTSand SYMPOSIUMS

Fromitsinception,theHispanicWealthProjectwasdesignedtobeactionable,inclusiveandaccountable.Theinitiatives,policiesandprogramswesponsorandendorsewillberootedinideasbutwillbeexpressedfortheresultsweachieve.WewanttowitnessatriplingofHispanichouseholdwealthoverthenexttenyearsnotasspectators,butratherasactiveparticipantswhoseworkcanbedirectlylinkedtoourambitiousoutcomes.

Thatworkisalsointendedtodrawfromthetalent,ideasandeffortsoftheNAHREPmembershipwhoseactiveparticipationisessentialtotheProject’ssuccess.WeembarkontheHispanicWealthProjectpreciselybecauseNAHREPhasdemonstratedthecapacityofourmembershiptomakepositiveanddurableimpactsonthemarketswehavetouched,toadvancepolicyinthedirectionofHispanicprogress,andtocreatemarketopportunitiesforHispanicentrepreneurs.Eachinitiative,policyandprogramunderwrittenbytheProjectwilldrawontheNAHREPmembershipforinspiration,endorsementandaction.

Throughouttheten-yeartermoftheProject,wealsointendtoremainaccountable—totheNAHREPmembership,tooursponsors,andtothemanyothersupportersandadvocateswegain.Eachinitiative,policyandprogramundertakeninthecontextoftheHispanicWealthProjectwillbereviewedforalignmentwithourProjectGoals,willbeassessedforitsspecifictargetedoutcomes,andwillbemeasuredforitsprogress.Thoughcontinuousinnature,measurementwillbereportedannuallythrough:

The Hispanic Wealth Project Annual Report

EachyearduringthetermoftheHispanicWealthProject,wewillproduceanAnnualReportfordistributiontotheProject’sadvisorsandsponsorsandtotheNAHREPmembership.EachAnnualReportwillbeginwithahigh-levelassessmentofoverallprogressonthestateofHispanicwealthand,specifically,withprogressontheProjectGoals.TheAnnualReportwillthen:(a)provideanassessmentoftheinitiatives,policiesandprogramsundertakenduringtheprioryear;and(b)introducethenewinitiatives,policiesandprogramstobeundertakenduringtheyearahead.

Symposiums and Project Gatherings

TheAnnualReportwillbereleasedeachyearduringanHispanicWealthProjectSymposium.HeldinconcertwiththeAnnualNAHREPPolicyandHispanicLendingConferenceinWashington,DC,theSymposiumwillgatherProjectadvisorsandsponsors,alongwiththepeopleandorganizationswhohaveundertakeninitiatives,policiesandprogramsinpurposefulfurtheranceoftheProject’sgoals.TheSymposiumwillopenwithpresentationsfromprior-yearProjectparticipantswhowillrecaptheireffortsandcharttheircontributionsinrelationtothetriplingofHispanichouseholdwealth.TheSymposiumwillconcludewithpresentationsfromthoseparticipantswhoseinitiatives,policiesand/orprogramshavebeenselectedorendorsedbytheProjectforthecomingyear.

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CONCLUSION

PabloPicassooncesaid,“Ibeginwithanideaandthenitbecomessomethingelse.”AndsoitiswiththeHispanicWealthProject,thatanambitiontotripleHispanichouseholdwealthduringthenextdecadehasbecomeablueprintforHispaniceconomicrecoveryandadvancement,aroadmapforbroadeningHispanicparticipationinthefinancialsectorsoftheAmericaneconomy,andaplanforpropellingHispanicprosperitythroughinitiativesthatrecognizeabidingdimensionsofHispanicculture.

Ofcourse,forideastohaveimpacttheymustbenefitfromsolidexecution,theymustmovefromconcepttoaction,andtheirresultsmustcelebratetheideasthemselves.WethereforelaunchtheHispanicWealthProjectthroughthreeNAHREP-driveninitiativesaimedtoaddresshomeownership,entrepreneurshipandfinancialinvesting.Duringthecomingyear,wefullyexpecttheworkweundertaketoyieldmeasurablecontributionstoHispanichouseholdwealth,andwewilleagerlytrackandreportontheseoutcomes.ButwehavealsolaunchedourNAHREP-driveninitiativesasawaytoleadbyexample.Indeed,theideas,initiatives,policiesandprogramsthatbecometheHispanicWealthProjectthroughoutthedecadeaheadareintendedtorepresentthecollectivecontributionsofallwhoviewHispanicwealthcreationandretentionasparamountAmericanobjectives.

Sohowcanyouparticipate?

NAHREP Members

• ReadtheBlueprintandAttendHispanicWealthProjectSymposiums• IdentifyspecificmemberoutreachopportunitiesintheNAHREP-driveninitiativeswithwhichwehave

launchedtheProject• EncourageyounghighschoolgraduatesandcollegestudentstoenrollintheProject’soutreachandtraining

programforfinancialservicesemploymentawareness• ApplytotheNAHREP“EmpresarioCouncil”andworktomentoraHispanicentrepreneur• TracktheassetdiversificationstrategiesmodeledfortheNAHREPfocusgroupandbegintostrategically

participateintheinstitutionalfinancialservicesmarket

Corporations

• ReviewtheProject’soutreachandtrainingprogramforfinancialservicesemployment,andallocaterecruitmentresourcestocreateopportunitiesforprogramgraduates

• Structurefundingand/orfinancingprogramstochannelcapitaltoHispanicentrepreneurs• JoinourFounder’sCirclethroughafinancialcontribution• ReviewfinancialservicesproductofferingstoensureaccessibilityforpotentialHispanicconsumers

Think Tanks and Foundations

• ReadtheBlueprintandAttendHispanicWealthProjectSymposiums• ProposeprogramsandpoliciesthatalignwiththeProject’sgoalsandcansupportedasNAHREP-recognized

initiatives• Shareresearch,dataandfindingswiththeProjecttoassistwithourongoingmeasurementofprogress

towardtheambitiousgoalswehaveembraced• JoinourFounder’sCirclethroughafinancialcontribution

Trade Associations

• ReadtheBlueprintandjoinusatHispanicWealthProjectSymposiums• IdentifyyourownassociationprogramsandpoliciesthatalignwiththeProject’sgoalsandcanbesupported

asNAHREP-recognizedinitiatives• JoinourFounder’sCirclethroughafinancialcontribution

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Entrepreneurs

• Applyforparticipationinourstructuredmentorshipprogram• Considergraduatesfromourfinancialservicestrainingprogramsforentry-levelstaffingopportunitiesas

yourbusinessgrows• TracktheassetdiversificationstrategiesmodeledfortheNAHREPfocusgroupandbegintostrategically

participateintheinstitutionalfinancialservicesmarket

Throughourannualgatheringsandouronlinepresence,weintendtofosteragrowingcommunityofcontributorswhoseideasandproposalsalignwiththeProject’sgoals,andwhosecontributedcontenttherebyenrichtheProjectovertime.ThelegacyoftheHispanicWealthProjectwilltherebycomprise:itsoutcomes;itscomponentinitiatives,programs,innovationsandideas;andacompleterecordofthebroaddiscussionthatinspiredandinformeditslaunchandjourney.

Wehopeyouwilljoinus.

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