麻豆原创

The information provided in the following story may not be appropriate for the reader鈥檚 particular circumstances and is intended for general information purposes only or under specific conditions.

If your target savings number isn鈥檛 uncomfortable, you鈥檙e likely not saving enough 鈥� especially if you鈥檙e a younger person just beginning your career...

Look for advisors who share your values, whether it is a financial advisor or your accountant, and make sure you have an 鈥渁ccountability partner鈥� 鈥� someone close to you who can hold you accountable to stick to your goals...

Begin discussions about money with your children as early as you can. Children observe our behaviors and attitudes; we are always teaching, even when it comes to money. So we need to be mindful and intentional in our actions...

Those were just a few of the nuggets of wisdom shared in a wide-ranging conversation between 麻豆原创 Trustee Charles Desmond and Myah Moore Irick (M.A. 鈥�06) during a recent webinar on financial management, hosted by the Office of Alumni Relations.

For the most part, Desmond, who heads the nonprofit , which empowers low- and moderate-income families to invest and to succeed in higher education, posed the questions, often deftly framing issues facing minority and low-income individuals and families. Irick, who in January launched her own private wealth management team, , within Merrill Private Wealth Management, provided answers that were both pragmatic and addressed social justice concerns.

[Read a profile of Desmond that appeared in 麻豆原创 Today magazine in 2019. Read a profile of Irick that appeared in 麻豆原创鈥檚 2016 Annual Report.]

For example, Desmond asked, what does Irick鈥檚 team mean in proclaiming a commitment to 鈥渆levating鈥� its clients?  

鈥淭here are not a lot of women or people of color in wealth management. In the world, and in our country, the face of wealth has changed 鈥� but our industry has not,鈥� replied Irick, a first-generation college student who comes from a multiracial family. 鈥淚 have strived to build a team where we are led by our values and where we represent diverse perspectives. I ask myself, how can I better serve clients with the impact-oriented philosophy of doing well by doing good?鈥� While her job description is wealth management, she often describes it as financial coaching.  鈥溌槎乖�创 helped me understand what it means to be an advocate for others, and I鈥檓 still in the business of education and empowerment. Now it is even more important than ever.鈥�

More and more people, and not just people of color, want to support diversity and inclusion and have more of an impact strategy for their investing.

鈥擬yah Moore Irick (M.A. 鈥�06), Senior Vice President, The Irick Group, Merrill Private Wealth Management

But, wondered Desmond, who spent 30 years working in higher education and also served as an advisor to then-Massachusetts governor Deval Patrick, might folks with fewer resources have good reason to consider a financial advisor an extravagance?

鈥淚 believe purpose is what drives all of us,鈥� Irick said. 鈥淲hat you want your legacy to be should drive all your decisions.鈥� She described a female executive that she recently spoke with whose avowed purpose is to ensure that women and girls get equal access to education.

鈥淲e鈥檝e talked about how to align her charitable giving with that purpose. And we looked at her spending. I said, how do you define which companies to support? Maybe redirecting your spend to support companies that are women-owned or have diverse representation in the C suite. We also discussed realigning her investment portfolio. You have to be willing to be intentional and spend more time doing your homework and being an informed consumer, especially when it comes to your investments.鈥�

Maybe the best investment is to spend the money at a crucial period of children鈥檚 development... because these early investments in your children鈥檚 lives are the best ones you鈥檒l ever make.

鈥斅槎乖�创 Trustee Charles Desmond, CEO of Inversant

More broadly, Irick added, 鈥渕ore and more people, and not just people of color, want to support diversity and inclusion and have more of an impact strategy for their investing.鈥�

The session closed with Rosella Garcia, Senior Director of Alumni Relations, asking questions submitted by the online audience. One viewer asked for suggestions on how to save for both childcare and children鈥檚 college education. 

鈥淲hen thinking about your finances, you have to prioritize your goals and come up with a plan. Look for benefits that your company might offer, such as taking advantage of any dependent care flexible spending accounts,鈥� Irick said. 鈥淭he flex accounts often allow you to contribute pre-tax dollars that you can use towards childcare. Every dollar saved helps.鈥� She also emphasized that 鈥測our children are your biggest assets 鈥� they鈥檙e not something you can skimp on. So maybe that 529 plan gets a little less in the early years so that you can afford quality childcare.鈥�

Desmond amplified that thought.

鈥淭his is another of those value choices you have to make. Maybe the best investment is to spend the money at a crucial period of children鈥檚 development and worry about summer programs and the like later on. Because these early investments in your children鈥檚 lives are the best ones you鈥檒l ever make.鈥�

鈥� Joe Levine

Disclosure: This material does not take into account a client鈥檚 particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy.  Investments involve risk, including the possible loss of principal investment.

Impact investing and/or Environmental, Social and Governance (ESG) managers may take into consideration factors beyond traditional financial information to select securities, which could result in relative investment performance deviating from other strategies or broad market benchmarks, depending on whether such sectors or investments are in or out of favor in the market. Further, ESG strategies may rely on certain values based criteria to eliminate exposures found in similar strategies or broad market benchmarks, which could also result in relative investment performance deviating.

Banking products are provided by Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (Bof A Corp.). Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as 鈥淢LPF&S鈥� or 鈥淢errill鈥�) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (鈥淏ofA Corp.鈥�). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC, and a wholly-owned subsidiary of BofA Corp. Investment products: | Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |