HWP and Wells Fargo share a mission to invest in the economic prosperity of Latinos. The importance of this and other institutional and community partnerships advances financial success, strengthens community support, and builds and sustains inclusivity.
The partnership focuses on these three areas:
- Entrepreneurship and Access to Capital: Hispanic-owned businesses have been growing at a rate of 34% over the last decade, far outpacing the national average of 1% for all other small businesses. However, access to capital remains a significant challenge for Hispanic entrepreneurs. To empower Hispanic small business owners, it is imperative to invest in programs like investor clubs, accelerators, and angel investing. Additionally, mentorship and training initiatives can help sustain small businesses and lead to long-term success.
- Investing in Financial Education: Early access to financial education and the development of transferable financial empowerment skills are essential for successful wealth building. Historically, Hispanics have had limited access to tools that build financial expertise, focusing more on immediate financial needs than long-term financial health. Fortunately, financial planning, investment education, and financial counseling are becoming more readily available, and it is vital for Hispanics to take advantage of these resources to protect their wealth and build a better financial future.
- Homeownership: Sustainable homeownership is a key pillar of financial stability, with Hispanic homeowners typically having twenty-eight times the wealth of renters. The Hispanic community is projected to represent 70% of new homeowners by 2040, and with housing accounting for over 16% of the U.S. GDP, it is evident that Hispanics have a vital stake in the real estate market. Closing the homeownership gap for the 8.3 million eligible Hispanics aged 45 and under not only benefits individual families but also serves as an investment in generational financial security and sustainable growth in local communities.
The partnership has shown promising midyear results based on data from national and regional media events, as well as media metrics. The collaboration aimed to address Hispanic wealth disparities and promote financial elevation within the community. As of the midyear assessment, here are the key highlights:Events and Speakers:
- Wells Fargo actively participated in various in-person and virtual events organized by the HWP and NAHREP (National Association of Hispanic Real Estate Professionals).
- In-person events included panel discussions, breakout sessions, and sponsor remarks, with Wells Fargo speakers engaging in meaningful conversations.
- Significant events included the 2022 HWP Summit in New York, NY, the 2022 NAHREP at L’ATTITUDE in San Diego, CA, the Southwest Regional Event in Phoenix, AZ, the Homeownership & Wealth Building Conference in Washington, DC, and the Women Building Wealth Forum in Miami, FL.
- The events collectively attracted 1,527 attendees, fostering engagement and discussions around Hispanic financial elevation and wealth-building strategies.
- Future plans involve continuing engagement through various activities, including regional events, the release of the 2023 State of Hispanic Wealth Report, a San Diego Roadshow with breakout sessions, participation in a National Symposium, and involvement in HWP Investment Clubs.
- Wells Fargo's efforts to close the wealth gap will be featured in a State of Hispanic Wealth Report article.
The partnership between Wells Fargo and the Hispanic Wealth Project has demonstrated a commitment to fostering financial empowerment within the Hispanic community. By participating in a range of events, utilizing online platforms effectively, and planning future activations, the collaboration aims to make a positive impact on Hispanic wealth and financial well-being.
Ensuring access to financial literacy and education tools, diversified wealth-building opportunities, financial stability through real estate, and support for small business sustainability will play a pivotal role in the economic success of the growing Hispanic community, especially as baby boomers retire.
By investing in the Hispanic community, we are investing in our collective future, fortifying America's economic prosperity for generations to come.