What if you could expand your client roster by 300% without having to spend a fortune on marketing? This week's guest Beatriz Acevedo and her team at SUMA Wealth discovered a hidden growth gem by serving the Latinx community.
It turns out, people in the community tend to bring other clients with them. And as you'll hear Beatriz discuss with Mike Langford, this growth concept is present in many communities.
If you would like to follow up with Beatriz Acevedo, shoot her an email.
Key Takeaways From This Episode:
Serving specific communities requires a community-first approach that understands their unique needs and priorities.
Using culture to explain financial concepts can help build trust and emotional connection with customers.
Understanding the needs and priorities of younger generations, such as Gen Z, is crucial for financial advisors and for developing effective financial products and services.
Adapting strategies and learning from mistakes is essential in connecting with younger generations and embracing change. Pay attention to the younger generation and their financial needs.
Transitioning to a new career requires taking a leap of faith and learning new skills.
A community-first approach is crucial in the FinTech industry.
Life experience plays a significant role in making smart decisions.
Younger generations often manage family finances and can be a valuable target audience for financial advisors.
Using culture can make finance more accessible and engaging.
Expanding the SUMA Wealth app and focusing on enterprise sales are key goals for the future.
Resources Mentioned In This Episode:
How I Built This - Beatriz was a guest on HIBT Lab! with Guy Raz in which she shared more about her journey that led her to starting SUMA Wealth.
Is Your Credit Guacaready? - This is a great example of the culturally relevant marketing that the SUMA Wealth team is using to build a community of over a million people.
Chapters
00:00 Introduction and Background
03:23 Summa Wealth's Community-First Approach
06:09 The Aha Moment for Summa Wealth
10:18 Understanding the Target Audience
13:40 Learning from Mistakes and Adjusting
22:01 Adapting to Changing Consumer Behavior
25:22 Learning from Younger Generations
26:10 The Value of Different Perspectives
27:06 The Importance of Embracing Change and Learning from Younger Generations
29:03 Transition from TV Producer to FinTech Founder
31:16 Recognizing the Lack of Financial Education in Latino Communities
33:01 The Role of Culture and Community in Fintech
36:00 The Power of Life Experience in Decision-Making
37:26 The Opportunity of Connecting with Younger Generations
43:25 Attracting Non-Latinx Users to Summa Wealth
48:39 Future Plans for Summa Wealth