DIVERSE VIEWPOINTS:

EXPLORING WEALTH IN
THE HISPANIC/LATINO
COMMUNITY

MERRILL~.
A BANK OF AMERICA COMPANY
 A M ES SA G E
F R O M M E R R ILL
FROM MERRILL
At Merrill, we’ve always focused on putting our clients frst
and understanding them as individuals and as members
of their communities. This body of research furthers our
commitment to understanding the diverse experiences and
fnancial paths of the communities in which we live and
work. We’ve partnered with Ipsos, a global market
A MESSAGE

research and consulting frm, to explore how our cultural,

racial, sexual orientation, and gender identity and
expression infuence our perspectives on wealth, money,
and success. A lot has happened since we conducted this
research in 2019 and the work is even more relevant and
important as a result of events in 2020, including the
COVID19 pandemic and the protests surrounding racial
injustice.

Our research explores the experiences of the Black/African

American, Hispanic/Latino, and LGBTQ+ communities.
We spoke with thousands of individuals from diferent
backgrounds and professional experiences – we even
immersed ourselves in peoples’ homes in 2019, listening
to the personal stories refected in their surroundings.
We spent a lot of time listening and through those deep
conversations, interactive discussions and surveys, we
heard a breadth of diversity and range in stories of success
and wealth creation. Notably, we also heard how these
experiences are ofen missing from the cultural narrative
and popular discourse. To begin to address this gap, we
are sharing many frsthand stories and research fndings
here with you. Our attempt is a humble one: to ignite a
conversation, fueled by the lives of real people.

We look forward to the conversations this sparks, and the

relationships that are further enriched from here.

2
3
IN T ROD UCTI ON
Diversity & Wealth

H
Hispanic/Latinos represent approximately 18% of the
American population and it’s projected that by 2060,
individuals who identify as part of this community could
reach nearly 30%.1 Furthermore, over the last fve years,
there has been an increase in the size of the afuent
segment (household income of $125,000+) in the
Hispanic/Latino community of around 81%, compared
to 53% for the general population.2 To best serve the
Hispanic/Latino population, it is critical we better
understand the experiences, motivations, and goals of
this community.

Understanding the viewpoints of individuals in the afuent Hispanic/Latino community begins with grounding
ourselves in individual stories, circumstances and experiences. People might be familiar with the stories of individuals
in this community who strived and achieved success at the pinnacle of their feld, Jennifer Lopez, singer-actress-
producer powerhouse, or Roberto Goizueta, an immigrant from Cuba who rose to become CEO of The Coca-Cola
Company, or Sonia Sotomayor, the frst Hispanic/Latina Justice on the United States Supreme Court. While the
visibility and success of these fgures is important, there are so many untold stories, driving the 81% increase in the
afuent segment of the Hispanic/Latino community. This paper explores those stories of successful individuals who
have not created wealth from the world of celebrity or fame, but who also need to be celebrated for the inspiration
they are, and what they represent.

1
US Census Bureau. https://www.census.gov/content/dam/Census/library/publications/2015/demo/p25-1143.pdf, page 9.
2
Ipsos Afuent Study 2015-2020, 2020
4
Through our in-person conversations, online discussion forums and survey, we immersed ourselves in the lives of afuent
members of the community to understand their unique and individual experiences. We organized insights around three
major themes – Identity, Work & Money, and Legacy. This paper dives into each (modifying the individuals’ personal
details for privacy) in hopes that it will start a larger conversation around how we can better serve our increasingly
diverse client base.

A Note on Confrmation Bias

Confrmation Bias is a well-studied
human tendency to only embrace
new information that confrms pre-
existing ideas, worldviews, or personal
experiences. This suggests, therefore,
there is a tendency to ignore or reject
new information that does not support
our worldviews. We encourage readers
of this paper to keep this in mind as
they explore the data and stories shared.

5
With frst person stories and data points in hand, we organized
insights around three major themes:

IDENTITY WORK & MONEY LEGACY

“We are Hispanic, but “The more successful I “My legacy is my
we are American too.” become, the greater the success and helping
“Family is the most responsibility I have to each generation reach
important aspect of my family.” new heights.”
my life.” “Hard work was my
inheritance.”

We felded a survey to a representative sample of

512 afuent Hispanic/Latinos. Here is a bit more
about the afuent Hispanic/Latinos we spoke to:

-- --
AGE RELATIONSHIP STATUS
24% 20-34 18% Single

- -
39% 35-54 5% Living with Partner

38% 55+ 69% Married

-- --
GENDER EMPLOYMENT STATUS
46% Female 77% Employed

54% Male 23% Retired

-- --
INVESTABLE ASSETS EDUCATION LEVEL
29% $100K – <$250K 9% High School

-- -
28% $250K – <$500K 58% College or some college

20% $500K – <$1M 32% Post-Bachelor’s degree

23% $1M+

-
PARENTHOOD
38% Have a child under 18 living in the household

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ID E NT IT Y
“We are Hispanic, but we are American too.”

H
Hispanic/Latinos make up the largest part of the overall population growth4 and the growth of the afuent segment
within the Hispanic/Latino community is among the fastest in the United States. In fact, if Hispanic/Latinos living in
the United States were an independent country, their GDP would be the eighth largest GDP in the world.5

The terms ‘Latino’ and ‘Latina’ are ofen used to refer to an individual of Latin American descent.
The term ‘Hispanic’ refers to individuals who speak Spanish or are of Spanish-speaking descent. For the
purposes of this paper, the term ‘Hispanic/Latino’ will be used.

“I have very mixed feelings whenever this

happens – I’ll walk into a branch, and someone
will greet me saying, “hola!” On the one hand, I
appreciate the cultural awareness and wanting
to be inclusive. On the other hand, I think, ‘why
don’t they just say hello? Do they think I don’t
speak English?’ I’m American, but sometimes
those moments make me feel like others don’t
see me that way or that I don’t belong.”
– Juan, Financial professional, 38

4
US Census Bureau, https://www.census.gov/content/dam/Census/library/publications/2015/demo/p25-1143.pdf, page 10.
5
Latino Donor Collaborative, 2020 LDC U.S. Latino GDP Report, page 6.
7
 “When people talk about “Hispanics” they ofen only think about Mexico, but the group is so much broader than
that. We’re from Brazil, Peru, Puerto Rico, Cuba, AND Mexico. We’re so many languages and cultures and it’s not
accurate when we are ofen only represented by one of these identities. What ties us is our shared values around
family, food, music and things that are more universal.”
– Andre, Financial professional, 39

When asked ‘Which identities defne you?’

more afuent Hispanic/Latinos identifed
with their country of origin above being
part of the broader Hispanic/Latino
community.
American 67%

Nationality other than American 46%

Part of the H/L Community 35%

Even though the Hispanic/Latino community is ofen And although 35% of afuent Hispanic/Latinos
thought of as a singular group, it is tremendously diverse, identify with the Hispanic/Latino community, they are
and is represented by a wide variety of nationalities. 30% more likely to identify with their non-American
There are more than a dozen nationalities with which nationality. Afuent Hispanic/Latinos are proud of their
members of the Hispanic/Latino community identify. In cultural heritage, but their American heritage is also
the United States, multiple waves of immigration from very important. Overall, 67% afuent Hispanic/Latinos
across Latin America and the Caribbean throughout identify as an American.
history have resulted in a community with a diverse
economic, demographic and generational profle.

Shifing contexts, shifing identities.

We all have a set of identities that make us, us. These identities shif as a result of our context: we’re more
likely to think of ourselves as a manager when we are at work and less likely to feel that way at home, where
we may think of ourselves as a partner or teammate. Whichever identity is stronger tends to drive our goals,
our attitudes, and the choices we make.
Reed, Americus. “Social identity as a useful perspective for self-concept–based consumer research.
”Psychology & Marketing 19, no. 3 (2002): 235-266.

8
Despite many being born outside of the United States or coming from humble beginnings, Hispanic/Latino individuals
frmly believe in the American Dream. In fact, according to Pew Research Center, Hispanics/Latinos are more likely
than the general population to believe in the American Dream – specifcally the belief that hard work will pay of and
that each successive generation will be better of than the last.6

Afuent Hispanics/Latinos, or their immediate family members, are more likely to have
come from outside the U.S. However, most (76%) identify with the U.S. over any other
country.

Heritage: Country most identify with:

I was originally from another
country

At least one of my parents was

originally from another country
-- 13%

14%
28%

38%
8% 23%

At least one of my 31% 90% 76%

grandparents was originally
from another country 38%
General Population Hispanic/Latino
My grandparents, parents, and 50%
I were all born in the US 22%

■ General Population ■ US
■ Hispanic/Latino ■ Country other than the US

Ultimately, this diversity (in terms of

heritage, race, etc.) has resulted in an
equally diverse set of perspectives,
priorities, and motivations. Moreover,
there is a distinct duality within this
community that results from being
American but also identifying with
a non-American nationality. Afuent
Hispanics/Latinos associate with many
identities but view themselves as a
specifc nationality over being a part
of a broader Hispanic community. And
within those specifc communities,
there are difering perspectives. This
has resulted in a wide variety of
perceptions and priorities rather than
a singular, monolithic community.

6
Pew Research Center, ‘Latinos are more likely to believe in the American dream,’ Sept 2018.
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ID E NT IT Y
“Family is the most important aspect of my life.”

T
The topic that came up more than any other in our discussions with afuent Hispanic/Latinos was the importance of
family. For afuent Hispanic/Latinos, family is the most important aspect in their lives.

Family, culture and community are among the most important aspects of life to the
afuent Hispanic/Latino community.
Important
to more 68%

45% 44%
41%

26%
23% 22%
19%
13%

Important
Family Yourself Kids Hard Work Money Respect for Religion Culture Community
to fewer
Elders

Hispanic/Latinos are 3x more likely

than the general population to be
driven by a desire to make their
family proud.
In fact, Hispanic/Latinos are more likely than
the general population to prioritize respect for
elders (23% vs 19%). Moreover, 35% of afuent
Hispanics/Latinos list providing for their family
as one of their top personal motivators. While
it is not the top priority for most, religion (22%
vs 17% GP) and culture (19% vs 12% GP) are
also more likely to play a prominent role in
many Hispanic/Latinos’ lives.

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 “When my wife and I were looking for a new house
it was important we fnd a place that could host
our family. We have weekly dinners at our house
with all the grandparents and cousins and that
closeness is very important for us, not just for the
time spent together, but because I want my family
to see and be proud of us, and to show my nieces
and nephews what we can achieve with hard work
and dedication.”
– Eric, Lawyer, 41

Though we’ve noted that the Hispanic/Latino

community places a lot of importance on the “We work, save, and begin our family. We sacrifce
pursuit of the American Dream, this community materialism for stability. We care for one another,
also cherishes and celebrates its unique origins then save for future freedoms like retirement,
and cultures. One of the ways this appreciation travel or giving back to our community.”
is demonstrated is in retention of the Spanish
language. For many, language serves as a – Christy, Human resources, 50
connective thread that ties multiple generations
together.

73% of afuent Hispanics/Latinos “It’s the American Dream. Get a degree, buy a
home, own a business. Education is a priority, and
ages 20-34 state they speak English
not forgetting to speak Spanish.”
and another language at home.
– Diandra, Marketing professional, 38

And there are other markers of Hispanic/Latino

culture that show up strongly at the family level
– one being sacrifce. We heard stories from
many people whose parents or grandparents
“I was eight years old when my parents came
immigrated here, ofen with very little. And
here from Cuba. We lef everything behind to
while investing and establishing a secure
fnancial future for the coming generations is try and make a better life here. My parents felt
of critical importance, other aspects of life rose a lot of pressure when we were young, because
to greater prominence. In our conversations this really was a one-way trip. There was no going
with members of the afuent Hispanic/Latino back because the risk of losing everything was
community, family stability was viewed as too great. One of the things my parents always
a great accomplishment. In fact, there was focused on was working hard and saving as much
a strong belief that attaining happiness and as we could.”
stability for the family would, in all likelihood, – Monica, Boutique owner, 52
require signifcant individual sacrifces.

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WO R K A ND MONEY
“The more successful I become, the greater
the responsibility I have to my family.”

T
The frst step towards achieving success is achieving stability. In the Hispanic/Latino community, many immigrants
and children of immigrants recognized that the situation in their countries of origin did not allow for stability. And
for many, accepting that governments and institutions couldn’t provide the stability necessary meant the family unit
became the trusted provider of that stability. In turn, the family unit also became the primary vehicle for achieving
success.

“Money is for providing for family. Assuring the success

of our children is why our parents and grandparents
sacrifced so much. We follow in their footsteps.”
– Robert, Teacher, 45

Whether of immigrant origin or third generation American, there is a strong belief among Hispanic/Latinos that
success is achieved as a community. As a result, there is both a responsibility to the family to be your best, and a pride
and celebration in each individual’s achievements. In fact, afuent Hispanic/ Latinos are more likely than the afuent
general population to say their parents have had a positive infuence on their fnancial choices. Moreover, one out of
ten are driven by a desire to make their family proud, which is 3x higher than the afuent general population.

Afuent Hispanics/Latinos are primarily motivated by the desire to provide for their family
and are more likely than the afuent general population to be motivated by recognition
from family.
43%
35%

15%
12%

Wanting to provide for my Being able to give back to my

family

■ General Population
community/support a cause I
believe in
--- ---
3%

and friends
9%

Recognition of family
4%

Wanting to
6%

start a family

■ Hispanic/Latino

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Afuent Hispanic/Latinos are 25%
more likely than the afuent general
population to say supporting family
is a fnancial stress.
The theme of sacrifce shows up yet again as we
consider the relationship between work, money
and family. Members of the afuent Hispanic/
Latino community show a willingness to
sacrifce aspects of their fnancial future in favor
of the current needs of their children and aging
parents. Hispanic/Latinos are 4x more likely
to list planning to fnancially assist or support
aging parents as a top fnancial goal compared
to the general population. And one out of fve
afuent Hispanic/Latinos are prioritizing leaving
an inheritance to their family.
Providing for one’s family can also be a source
of stress, and this is no diferent for the afuent
Hispanic/Latino community. Members of this
community listed supporting parents, childcare
and paying for the education of their children
among their top fnancial stressors. In fact,
afuent Hispanic/Latinos are 25% more likely
to say supporting family is a fnancial stress.
This resulting stress and prioritization is ofen
to the detriment of some individual goals, like
saving for retirement. Nonetheless, most of the
Hispanic/Latinos we spoke with viewed their
responsibility to their family with a sense of
pride and as a great achievement.

Afuent Hispanics/Latinos are

“My biggest life goal is to provide a stable and
4x more likely than the afuent
comfortable lifestyle for my family and me. It’s my
general population to list planning to everyday life and goal. It’s what I learned growing up.”
fnancially assist aging parents as the – Michaela, Public school administrator, 48
most important fnancial goal.

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WO R K A ND MONEY
“My inheritance was hard work.”

T
The importance of hard work came through loud and clear in our conversations with Hispanic/Latinos. The hard work
ethic is inherited and learned, and it is that sense of responsibility to family that keeps hard work as a pillar of afuent
Hispanic/Latino families across the United States.

Hispanics/Latinos are more likely to feel that they have had to chart their own path to
success, with many having to work harder in order to overcome discrimination:

I tend to chart my own course instead of following an 52%

established path 56%

29%
I have had to work harder than others to succeed
46%

My pay and advancement opportunity has been limited by 9%

my ethnicity, gender or sexual orientation 26%

■ General Population
■ Hispanic/Latino

And working hard isn’t just about providing for the family. For many afuent Hispanics/Latinos, discrimination has
meant that to reach the same levels of success as others requires much greater efort. In fact, 46% of afuent
Hispanics/Latinos feel that they’ve had to work harder than others to succeed and more than a quarter feel their
advancement opportunities have been limited by their ethnicity. As a result, many afuent Hispanic/Latinos want to
support others in building wealth, overcoming inequality, and providing opportunities to their community.

“As a woman of color, I’ve had to be willing to

follow the opportunities to grow in my career.
That has ofen meant picking up my family and
physically moving – we’ve moved 7 times over
the course of my career so far to some random
places – so I could get that next promotion.
It’s hard on the kids, but they see what it takes
to achieve upward mobility in your career.
Sometimes you have to be willing to do what
others are not.”
– Laila, Financial professional, 47

14
 “I joined a new team at work recently and at our frst team
meeting, I looked around the room and noticed I was the
only Hispanic/Latino on the team. I immediately started
to feel some anxiety and worry – am I only here to fulfll
a quota? This isn’t the frst time that I’ve been in this
situation, and it is always stress inducing. I feel like people
look at me as a representative of all Hispanic/ Latinos, and
I feel an intense pressure to achieve – or overachieve – to
prove that the stereotypes of ‘lazy Mexicans’ are not true.
I can’t slip up.”
– Elise, Consultant, 31

64% of Hispanic/ Latinos expressed the importance of taking responsibility by working

hard – the most prevalent world view.
In conversations, many Hispanic/Latinos described hard work as the ‘sweat, blood and tears’ idea of work, but the
survey showed a more nuanced view. In fact, 40% of Hispanic/Latinos agreed that hard work is viewed primarily as
having a lot of responsibility. Moreover, Hispanics/Latinos are more likely than the general population to view hard
work from an entrepreneurial lens, such as owning their own business (15% vs 11% GP) or earning additional money
on the side (17% vs 10% GP).
The afuent Hispanic/Latino community’s hard work is paying of – the total number of Hispanic/Latino business
owners in the United States grew by 34% between June 2009 and June 2019 according to the State of Latino
Entrepreneurship study from Stanford Graduate School of Business.7 According to this same study, Hispanic/Latino-
owned businesses showed an average revenue growth of 14%, growing faster than the US economy as a whole.
However, hard work itself cannot overcome all barriers, and for many in this community, entrepreneurship is a way to
ensure hard work is respected and valued. Many afuent Hispanic/Latinos entrepreneurs and business owners report
that being their own boss can be an efective method for mitigating discrimination in pay or career advancement.

“My father was one of the hardest “My parents always emphasized saving as a kid. They grew
working people I know, and he was big on up with very little and over the years really appreciated
teaching us about the value of hard work. what they worked for and were able to build in this
He started from nothing and by the time country. When my grandma moved here from Puerto Rico,
he retired he ended up owning seven gas she had her own second hand homewares business. My
stations, and growing up, we used to help parents were the frst homeowners in my family. Seeing
him at the stations. I worked with him these achievements as a kid helped me realize that
afer high school and ended up running anything was possible and really motivated me to work
three gas stations by the time I was 20. hard through school and as I have risen in my career. Now
With him, we bought the properties next as a homeowner myself, I try to instill the same values
to the stations and built bodegas to grow in my girls because as the next generation in our family I
the business.” want them to achieve more than we did.”
– Julio, Entrepreneur, 36 – Roberto, Civil engineer, 53

7
Stanford GSB, 2019 State of Latino Entrepreneurship. Jan 2020. Page 4.
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And perhaps because of the hard work, sacrifce, and high levels of entrepreneurship, afuent Hispanic/Latinos are
more likely to be facing stresses and barriers to achieving their fnancial goals. This community is juggling supporting
their aging parents while also saving to provide an education for their children and are signifcantly more stressed
about being able to pay household and medical bills. Many in the afuent Hispanic/Latino community rely on loans
and credit to get what they need or pay for expenses, with 32% of afuent Hispanic/Latino relying on loans and credit
vs. 21% of the afuent general population. As a result, home ownership among afuent Hispanic/Latinos trails the
broader population (67% vs 88% GP) and many are not saving for retirement.

Afuent Hispanic/Latino experience

stress as they seek to address
immediate needs while also trying
to save for long-term fnancial goals.

Types of Financial Stresses:

32%
Saving enough money for retirement 26%

23%
Healthcare (current or anticipated expenses) 23%
12%
Paying day to day expenses/meeting current needs 17%

12%
Supporting my family (childcare/parents) 15%

11%
Education cost for children/family members 13%

4%
Saving to purchase a home 10%

Planning for end of life (e.g. will, funeral expenses) 4%

9%

10%
Too much debt (credit card debt or other debt) 9%

6%
Others asking me for fnancial help 9%

4%
The fnancial system is not set up for people like me 8%

1%
Extra cost due to divorce/supporting 2 households 7%

3%
My education costs/student debt 7%

3%
Having a baby/planning to have a baby 6%

■ General Population
■ Hispanic/Latino

16
 Despite the fnancial stresses, there is optimism among afuent Hispanics/Latinos with many feeling confdent
they will be able to achieve their fnancial goals in the near future. Many individuals in this community are
eager to learn about managing their fnances and leverage a variety of sources, including fnancial advisors. In
fact, afuent Hispanic/Latinos are more than three times as likely as the afuent general population to place
importance on working with a fnancial advisor with a similar background to them. In particular, afuent Hispanic/
Latinos are more interested in learning how to:
- Invest and trade (21% vs. 17% GP)
- Prepare fnancially for healthcare needs (23% vs. 18% GP)
- Create a budget and manage debt (16% vs. 9% GP)

And Hispanic/Latinos want to see fnancial institutions do more for the community, including providing local fnancial
education programs. As afuent Hispanic/Latinos continue to seek out fnancial tools and information, there is an
opportunity for fnancial institutions to build community trust.

There are a number of ways in which fnancial institutions can build trust in the afuent
Hispanic/Latino community:

20%
Provide local fnancial education programs for my community 25%

15%
Give fnancial support to causes I care about
22%

Get to know local businesses and customers 18%

22%

Demonstrate they understand the unique issues of my/ the Hispanic 13%
community 18%

8%
Help/lend to businesses run by my/ the Hispanic community
18%

Hire people who are part of my/ the Hispanic community 11%
18%

Acknowledge that our past experiences with the fnancial system 9%

Infuence my/ the Hispanic community’s outlook 17%

8%
Volunteer to help with causes I support
14%

■ General Population
■ Hispanic/Latino

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 Spotlight on attitudes among Hispanic Women/Latinas:
On hard work:
- Hispanic/Latinas play a critical role in passing down the ideals of hard work and sacrifce. 77% of afuent
Hispanic/Latinas note that it is important for the next generation to understand the value of hard work,
compared to just 70% of afuent Hispanic/Latino men.
- At the same time, Hispanics/Latinas are 10% more likely to agree with the statement that it is important to
work hard for the money they earn compared to Hispanic/Latino men

On fnancial independence:
- Hispanic/Latinas are almost 30% more likely than Hispanic/Latino men to list the desire to achieve fnancial
independence as their top fnancial motivator

On identity, family and community:

- Hispanic/Latinas are 33% more likely than Hispanic/Latino men to list being part of the broader Hispanic/
Latino community as an important marker of their identity
- Hispanic/Latinas are 10% more likely than Hispanic/Latino men to list family as the most important aspect of
their lives

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L E GA CY
“My legacy is my success and helping each
generation reach new heights.”

S
Success is seen as an individual responsibility, but the outcome of that success is refected and shared with the
family. And for many in the afuent Hispanic/Latino community, learning about how to invest wisely and manage their
fnances is a critical way to help secure the future of their loved ones.

Beyond family, many afuent Hispanic/Latinos are committed to the success of other members of their community.
This commitment ofen manifests in a preference among afuent Hispanic/Latino individuals to invest in the
businesses of other members of their community. And in practice, afuent Hispanic/Latinos are 3x more likely than
the afuent general population to invest in a business of someone they know.

“I struggle when I think about what I want to leave

for my kids one day. My parents worked really hard
and made sure I went to good schools, and during
college I did a lot of work study to help pay for it.
But, the kids whose parents paid their tuition had
the next level unlocked and they got a head start
in the game of life. I want to be able to do that
for my kids, but I don’t want them to get lazy if
they know they have some money coming to them.
It’s important to me that they learn about how to
manage money and work hard so I know that our
family’s ability to be self-sufcient and successful
will continue into future generations.”
– Angelo, Healthcare consultant, 38

19
In addition to investing in those businesses, Hispanic/
Latinos are dedicating themselves to attaining more “When I think about what I want to pass on to
knowledge. Hard work again shows up in a ‘can do’
my children, education and schooling are very
attitude around learning about investing and fnances.
important, but to me it is also educating my children
Many in the community put in the work to fnd role
about values: be thankful, share, give back, help, be
models to help shape their decisions and behaviors.
in tune with your surroundings and pay attention.
Hispanics/Latinos are twice as likely as the general
These are the things that infuence the way they
population to say their top role models in managing
treat people and the way they are treated, so that’s
fnances are well known business executives. And 19%
the kind of legacy I want to leave.”
of afuent Hispanics/Latinos say they look up to a
friend or member of their community as a role model – Diana, Entrepreneur, 44
for managing fnances compared to 14% of the afuent
general population.

Afuent Hispanics/Latinos are far more likely to currently be using an online advisory tool
compared to the afuent general population.
General Population Hispanic
9%
9%
■ Yes, currently invest in online brokerage account
31%
■ No, but used an online brokerage account in the past
51%
■ No
18%
82%

In addition to the importance of fnancial education, there was also a big focus on traditional higher education within
the afuent Hispanic/Latino community. What came through in our conversations with members of this community
was the idea that earning a good education was essential. Not only was it necessary for professional success, but
obtaining this intangible possession was a marker of great personal and communal achievement.

“I am already saving for my daughters’ education, I have

education funding and goal setter accounts for them.”
- Claudia, Teacher, 41

“Earning a good education is paramount. College is not

optional.”
-Luis, Financial professional, 45

“My mother always underscored how important education was. She would tell me that no matter what happens
‘they can’t take that away from you.”
- Thalia, Consultant, 36

20
We heard from many fnancial professionals, telling their own stories and those of clients, about the challenges of what
kind of legacy to leave for their children. Millennials and Gen Xers in the community discussed their responsibilities
towards their parents and their children, and whether or not to perpetuate the intergenerational responsibilities. For
afuent Hispanics/Latinos, legacy is deeply complex – and the character-building sacrifces one generation makes
aren’t always the types of lessons they want the next generation to have to learn the hard way. In this regard, legacy
is much more than just fnancial and encompasses the sum of values and impressions the afuent Hispanic/Latino
community leaves upon the next generation. It’s the hope of this community that their overall legacy will help ensure
the success of the next generation in the face of any challenge.

“Personally, I want inclusion. I want to see more

Hispanics becoming wealthy and more in bigger
positions, and their stories being told. I do my part
by mentoring others, we need to speak up about
our success. When I see successful Hispanics at
conferences or in the news, I get really excited
for our community. You have to be proud of your
accomplishments and inspire others to do the
same. That’s how we can change the perception of
our community.
– Melissa, Financial professional, 36

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 C O N C L U D IN G
THOUGHTS
CONCLUDING

When we embarked on this project, we knew it would be

a rich area of discourse and that we were just scratching
the surface. We learned that for many in the Hispanic/
Latino community, being successful goes beyond having
a certain career or enough money – for individuals
THOUGHTS

within the community their focus is on working hard

and sharing their success with family. Success means
building on the hard work and sacrifces of your parents
and grandparents and creating opportunities to support
and fnancially empower the next generation.

The challenge that ofen occurs when we delve into

sensitive realms such as sexuality, gender, race, identity
and money is that they get so complicated, intertwined,
and difcult to unpack that we end up not addressing
them at all – conversations lef to be had another day.
That is not what we want to happen here. Our intention
is to provide enough context to serve as the foundation
for relationship-building dialogue. It is through that
dialogue, with our expertise as a fnancial community,
layered with our desire to better serve clients from all
backgrounds, that we strive to build a stronger, more
inclusive fnancial experience.

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Ipsos is the third largest market research company in the world, present in 90 markets and employing more than 18,000 people. Merrill or any
of its afliates are not afliated with Ipsos. In partnership with Merrill, Ipsos conducted multiple waves of research throughout 2019, employing
a variety of research methodologies, starting out by interviewing Merrill stakeholders who serve and represent the diverse communities. In
parallel, they synthesized and reviewed an array of publications and academic research on the topics of diversity, wealth and inclusion in fnancial
services and beyond.

- The Online Community and the In-Home Qualitative research was conducted from July to September 2019. We spoke with n=6
respondents from each of the three afuent communities in their homes and hosted an Online Community of n=20 respondents from
each of the three communities.

- The Quantitative research was conducted from September to November 2019. We spoke with n=450+ members of each of three
the
communities and compared them to a representative sample of the n=1000 respondents from the afuent general population.
We
surveyed: n=455 members of the afuent Black/African American Community, n=512 members of the afuent Hispanic/Latino
Community, n=509 members of the afuent LGBTQ+ Community

Due to COVID-19 and its impact on the current environment, the United States Postal Service is unable to deliver mail to certain foreign
countries1. As a result, Merrill will be delaying mailings to impacted clients. Click here for additional details.

1
As of July 27, 2020, the United States Postal Service is unable to deliver mail to the following twenty-three (23) countries: Bermuda, Bolivia,
Botswana, Brunei, Cayman Islands, Costa Rica, Cuba, Dominican Republic, Ecuador, Fiji, French Polynesia, Guatemala, Haiti, Honduras, Iraq, Libya,
Mauritius, Nepal, Panama, Papua New Guinea, South Africa, Venezuela and Yemen.

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