The Insidious Truth About the Wealth Gap: A Scathing Takedown of the Financial Industry
In a shocking exposé, Mical Jeanlys-White, a former Wall Street executive, has revealed the dark underbelly of the wealth management industry. Her company, WealthMore, is a revolutionary platform that seeks to democratize access to financial planning and investment advice, but its very existence is a scathing indictment of the broken system that has perpetuated the racial wealth gap for centuries.
The Systematic Suppression of the 99%
Jeanlys-White’s journey began on the trading floor, where she witnessed firsthand the gross inequality that plagues the financial industry. She recounts the frustration of trying to find a wealth adviser who would cater to her needs, only to be met with exorbitant fees and account minimums that priced out the majority of Americans. "Seventy percent of Americans do not have access to a wealth adviser due to high account minimums and high fees, yet those with a wealth adviser grow 2x more wealth," she told TechCrunch.
The Racial Wealth Gap: A National Crisis
The numbers are stark: 80% of wealth in the United States is held by white households, while Black families hold a paltry 4.7%. The median wealth of Hispanic households is $62,000, while Asian American households have a median wealth of $536,000. The racial wealth gap is not only a moral outrage but also a ticking time bomb that threatens to destabilize the very fabric of our society.
The Gender Pay Gap: A Double Whammy
Women, particularly Black women, are also disproportionately affected by the wealth gap. They face a gender pay gap that can result in losses of up to $1.2 million over the course of a lifetime. Only 49% of Black women have a 401(k), compared to 62% of overall adults. The wage gap is a key contributor to the retirement savings and wealth gap, making it a critical issue that must be addressed.
WealthMore: A Bold Challenge to the Status Quo
WealthMore is a platform that requires only a $5,000 minimum to connect customers with adviser-led portfolios, licensed wealth advisers, and financial planning services. By offering affordable and accessible financial guidance, WealthMore seeks to empower the 99% to take control of their financial futures. The company has partnered with Apex Clearing Corporation to provide brokerage services and has released lifestyle products, such as clothing, to help build the brand.
A Call to Action
The launch of WealthMore is a wake-up call to the financial industry, which has long profited from the suffering of the marginalized. It is a reminder that the wealth gap is not just a numbers game but a human rights issue that demands immediate attention. As Jeanlys-White so eloquently put it, "When more people do better financially, the social and multiplier impact is significant." It is time for the financial industry to take responsibility for its role in perpetuating the wealth gap and to work towards a more equitable future for all.
