Updated: Feb 12, 2021
NerdWallet's Laura McMullen asked Rianka her thoughts about the banking industry, and new money goals after 2020.
We were fortunate enough to connect with six financial experts who are big on helping people with their money. While they range in their professions — including certified financial planners, podcast hosts and authors — they all had to think about how to move forward after 2020.
They offered their thoughts about people of color and the banking industry, as well as advice related to the financial setbacks that came with COVID-19.
Responses have been edited for length and clarity. Learn more about each financial pro below the questions.
In the FDIC's 2019 "How America Banks" study, about one-third of unbanked households cited “don’t trust banks” as a reason for not having an account. Did you ever mistrust banks? If so, how did you get over it?
Rianka R. Dorsainvil (co-CEO, 2050 Wealth Partners): I have never mistrusted banks personally, but I know the sentiment of mistrust is shared by some of my family members and the larger Black community. I’ve found that the root cause often links back to hidden fees that felt egregious, fine print that wasn’t explicitly called out or the disappointment of being denied a small loan in a time of need.
We need to elevate that current level of trust and repair these important relationships. To put family members at ease, I encourage them to ask their banker very specific questions and make sure they walk away understanding exactly what they are signing up for. Whether individuals choose a large national bank, a virtual one or rely on their local bank or credit union, there are plenty of options to suit their specific needs.