Opening doors for all investors

The spectrum of investors participating in the stock market is expanding. Schwab Financial Consultant Sean Jenkins shares what he’s seeing in his practice and what Schwab is doing to introduce new populations to investing.

I've definitely seen changes in my practice, including an increase in younger African Americans starting to invest. There’s a generational aspect to it. If you get one generation investing, it gets passed down to the next generation—something I’ve seen firsthand in my own family. My father started investing in real estate with investment properties in metro Baltimore. As a kid, I helped maintain those properties by painting the walls before the next tenant moved in, or by mowing the lawns. 

Over time my father started to get exposure to the market. His first investment was during the energy crisis, and he decided to invest in Exxon Mobil. That’s how I got exposure to the market too.

In a lot of cases, African Americans have traditionally invested in insurance, real estate, cash, and savings accounts, but not as much in the stock market. My father is a great example of that. He was a great saver, and investor in real estate, but stocks didn’t come until much later. 

However, I’ve seen things change and participation in the stock market has grown exponentially. In my practice, I have great diversity not only in who is investing, but how they are investing, including in the stock market.

One of the things we are doing is educating the community. Since its inception, Schwab has taken part in the Black Wealth Summit, which brings together professionals from various fields, including real estate, wealth management and business, to educate people about how to grow and sustain financial wellness and wealth. It’s just one way we strive to inspire and enrich families and communities directly. 

And it’s impactful. When I presented at the summit this year, I could feel the optimism in the room. Optimism about exploring avenues that maybe hadn’t been explored before, and optimism about understanding financial concepts that hadn’t been understood before. There was a feeling that, I can use this information to be able to move ahead.

One thing that I’ve noticed as my practice has become more diverse, is that African American investors feel a strong sense of responsibility to use their wealth to uplift their communities and help others achieve success.

The Black Wealth Summit is a great example of one way the Black community is lifting itself up. In fact, I just got off a call with a gentleman I met there, who was introduced by one of my clients. They are now both entrepreneurs who prioritize partnering with other Black entrepreneurs and other people of color so they can grow their businesses and their wealth together.

Working with a financial consultant can help grow your wealth, which provides the opportunity to give back more. And as your wealth continues to grow, you can then open a donor-advised fund for charitable giving to be even more intentional about how you give back.

Personally, I take pride in working with a lot of nonprofits in my practice, many of which serve African Americans. Once donations from nonprofits reach a certain point, the nonprofits need to put the money somewhere, and I like to help them make sure it grows for the future to serve the needs of even more people down the road.

I have a 28-year-old daughter. You know how kids will listen to other adults better than they will listen to their own parents? Well, I’ve been intentionally introducing her to, smart, capable people who will have a good influence on her. After watching her grow into an impressive woman herself, I’m excited to see what the future generation does.