In Episode #22 of NAPFA Nation, host Marie Swift speaks with Luis Rosa, CFP®, EA, founder of Build a Better Financial Future. The discussion revolves around empowering first-generation wealth creators, particularly immigrants or children of immigrants, who often face challenges related to financial literacy and family obligations. Rosa highlights the significance of understanding client struggles such as “success guilt” and “lifestyle creep,” advocating for a hands-on, holistic financial planning approach that prioritizes clarity and simplicity. He outlines essential milestones in financial management, such as home purchasing and debt repayment, while emphasizing the benefits of a fee-only fiduciary service to eliminate conflicts of interest. The conversation also touches on the BLX internship program – a vital initiative he co-founded to enhance diversity within the financial planning field – and encourages advisors to actively engage in professional communities like NAPFA, XYPN, and FPA to foster growth and support.

In a nutshell:

• First-Generation Wealth Creators have unique challenges
• While they may be first in their family to graduate college and get jobs with benefits in the US, they lack financial literacy despite good income
• They face challenges of the “sandwich generation” earlier and often struggle with balancing family responsibilities and personal financial goals
• Rosa works to help clients overcome success guilt and lifestyle creep through modular, hands-on planning with professional guidance and a holistic approach beyond investment management to implement plans in manageable steps
• Key milestones include buying a home, paying off debt, building emergency savings

Learn more about Rosa and his company at  www.BuildaBetterFinancialFuture.com.

Luis Rosa came, CFP®️, EA, came to the U.S. from the Dominican Republic when he was 11 years old. As an immigrant, he had to learn two languages: English, and money. He did not learn personal finance concepts at home or in school, so he can relate to professionals who are advancing in their careers as they plan for their futures, yet feel a certain inadequacy around money.

Seeing his parents' journey to create a better life for us inspired him to do better, not only for himself, but for others looking to build a better financial future for themselves. He personally observed how much harder it can be for women. His mother had to do very physical jobs her whole life, while also raising 6 kids (Luis, his brother, and four sisters) and taking care of elderly parents. She also outlived his dad, which further compounded the need for her financial security.

Rosa became a CERTIFIED FINANCIAL PLANNER™️ professional in order to help other first-generation wealth creators like himself pursue their goals. A NAPFA Member since 2020, he does his best to keep it simple, so no fancy jargon or investment terms are used. It’s all about the client’s vision of success and how he can help them on their way to building a better financial future.

Build a Better Financial Future LLC (“BBFF”) is a registered investment advisor offering advisory services in the State(s) of California, Nevada, New York, and in other jurisdictions where exempted.

Learn more about Rosa and his company at www.BuildaBetterFinancialFuture.com.