RBC financial advisor helps communities thrive through mentorship and financial literacy

RBC Wealth Management Financial Advisor Reggie Turner speaks at a 2021 ribbon-cutting ceremony celebrating the restoration of a log cabin that has been part of Hagerstown’s African-American community since the 1700s.

Reggie Turner had two dreams growing up: to become the next famous basketball player or a financial advisor.

“Well, there’s only one of those two things I’ve been doing for over 20 years,” laughed Turner, financial advisor at RBC Wealth Management.

Turner has worked in the financial services industry for over 21 years and joined RBC Wealth Management in 2021 at the Hagerstown, Maryland branch, where he has rooted in the community for over three decades.

From an early age, Turner was intrigued by stocks. While learning fractions in fifth grade, he began investing when his father introduced him to his stockbroker and helped him open a brokerage account.

“My dad planted seeds in me many times and that’s the one that took root and blossomed,” Turner said. “It piqued my curiosity and I’ve always had a fascination with the market. I took the newspaper to school every day and read two sections: Sports and Money. I always followed the stocks I bought.

Connecting with Black Youth

Turner is easy to get along with and easy to talk to, and his ability to educate customers and connect with anyone from any background has positioned him well for the company.

Turner, who is African-American, is passionate about mentoring black youth and educating them using new technologies — like apps and games that teach students about the market — that he didn’t have growing up. . He says it’s important to understand that financial literacy is part of deepening relationships with communities of color who have long been suspicious of financial institutions due to systemic racism. It could also hinder the creation of a pipeline for future Black, Indigenous and Color (BIPOC) financial advisors.

The financial services sector is still not as diverse as RBC Wealth Management’s executive committee had hoped. Currently, about 5% of financial advisors in the United States are black, according to the American College of Financial Services. The Securities Industry and Financial Markets Association (SIFMA) estimates that people of color make up about 12% of financial advisors.

“One of the things that attracted me to RBC Wealth Management was how much the company values ​​diversity, equity and inclusion, and community involvement, all of which are very important to me,” he said. “One of my missions is to close the racial wealth gap here locally.”

Racial Wealth Gap

Turner is passionate about helping his community, serving on two state commissions, including the Maryland Commission on African American History and Culture. He also volunteers on the board of the local Robert W. Johnson Community Center, where he plans to teach financial education topics to his community. The goal of the various positions he holds is the same: to help lift marginalized communities out of poverty and close the persistent racial wealth gap.

About 25% of Hagerstown residents live in poverty, according to 2020 census estimates. Additional data from RBC Wealth Management shows the racial wealth gap is more widespread, with Black Americans having 8.3 trillion less than they would if wealth were evenly distributed, regardless of race.

RBC Wealth Management’s Q1 2022 Responsible Investing Report says that for decades investors have looked for ways to use their investments to drive positive change through an approach known as responsible investing. impact following the transformative events of 2020. But tackling racial inequality requires global efforts. The report, which quotes author Shawn Rochester, also states that black Americans have $1.5 trillion less in retirement assets, $2 trillion less in business equity and $4.8 trillion less in equity in their principal residence.

Turner has seen this inequality firsthand in her community, including the effects poverty can have on a person’s ability to achieve financial stability.

“My mission is to build these communities and help elevate them to increase opportunities for economic development, entrepreneurship and home ownership,” Turner said.

Economic prosperity for all

One of the ways Turner has worked to revitalize the community is through historic preservation. He was instrumental in preserving one of Hagerstown’s oldest log cabins dating back to the 1700s and linked to the town’s founders. It was passed down through several African-American generations before being badly damaged in 2018 when a police car rammed it.

So it was important to Turner and his community partners to preserve this underrepresented piece of history that had been such a big part of the neighborhood for so long.

“One of my beliefs is that historic preservation can spur economic development in many disadvantaged communities, especially those rich in history,” Turner said. “Better understanding the under-recorded history of black communities can lead to tourism, revitalization and improved housing markets.”

It’s a message he sends to his mentees as well: this combination of historical preservation, economic development and financial literacy is a comprehensive approach to tackling such a difficult issue as the racial wealth gap. For Turner, it boils down to a statement that has always kept him going: “The sense of knowing what your ancestors have overcome should encourage you to be all that you can be.”

RBC Wealth Management, a division of RBC Capital Markets, LLC, Registered Investment Advisor and Member NYSE/FINRA/SIPC.

Learn more about RBC Wealth Management.