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Financial Experts
The CFS poll released in December 2005 revealed a very serious knowledge gap and a savings gap among Americans who have the finances to save but do not know how to utilize financial tools and do not have contact with financial professionals who can help educate them.
In order to bridge the knowledge gap, one of our main areas of focus is on public and private-sector policies that will help put more financial professionals in contact with hard-working Americans.
Statistics show that in working class neighborhoods, there are simply not enough financial experts to bridge the knowledge gap and provide the tools necessary so that more hard-working Americans will learn about and secure the financial tools that are an important part of achieving the American dream.
Among Americans without an IRA in the CFS poll, 85% do not know anyone who sells them and 88% have never been contacted about them. 89% of Americans without life insurance do not know anyone who sells it, and 80% have never been contacted about it. 90% of adults who do not own investment products like stocks, bonds or mutual funds do not know anyone who sells them, and 86% have never been contacted about them. In order to help bridge this knowledge gap, CFS promotes and encourages states to pass legislation that would help expand the universe of financial experts.
Several states have proposed legislation that will help to integrate more financial professionals into working class neighborhoods. These include the states of North Carolina and California, where leaders passed bills that have helped streamline the life insurance testing process and therefore increase the number of insurance professionals in working class neighborhoods.
By
taking such important steps, leaders in these
starts are helping new financial experts enter
the field. These experts will serve their
communities and help more of their citizens take
control of their financial security.
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