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