The Financial Planning Association awarded Loojimps Marcius and Miranda Reiter merit scholarships for their efforts to help diversify the financial advising industry at the 2018 FPA conference.
They were among four people who received the awards, which cover fees for attending FPA's annual conference. Advisors who are recognized have raised awareness of the profession in diverse communities, have served diverse communities with financial planning and have increased professional opportunities for diverse individuals interested in the financial planning profession.
Marcius, an independent financial advisor and CEO of Georgia-based Fiducia Financial Group, commits much of his time to working within the Haitian community, the greater Caribbean community and immigrant communities. As a Haitian-American born to a Haitian father, Marcius saw how the non-existence of financial planning in a community could gravely impact someone.
Before deciding to be a financial advisor, Marcius witnessed his father’s $150,000 retirement savings dwindle down to $10,000 because his father didn’t know how to manage his retirement plan, or even know who to speak to about it. Marcius and his siblings jumped to their father’s aid and his father is doing well today, said Marcius, but the experience inspired him to sign up for a financial advisor program.
“I said to myself, ‘How many people, immigrants, low-income … don’t know how to read or understand what’s going on?’” he said. “I do not want to see anyone fall into the same situation as my dad.”
Marcius believes that culture, whether it’s based on a country of origin or someone’s ethnic group, plays a role in how people interact with their finances. Some cultures are “terrified of life insurance.” Some communities don’t believe in retirement because back home the life expectancy is low and some cultures don’t like to discuss money, said Marcius.
“The whole concept of how money works in the U.S. and how to work it properly seems to be a challenge,” he said. “Once you understand their culture, you’re able to have a better conversation with them.”
Marcius completed an 18-month internship at AXA Financial in its Atlanta branch and later opened Fiducia Financial in 2006. His firm offers retirement planning, life and health insurance products, tax planning and other financial planning services.
Marcius provides financial services and financial literacy workshops (that are mostly for free) throughout Georgia, Florida and Tennessee. He’s mentoring two of his employees to succeed him, and he’s also working on his doctoral degree in business development.
“Financial planning needs to be available to those who need it most,” he added.