Meet The New Face Of Financial Services: 24-Year-Old Entrepreneur Issac Hwang
Just when you thought that bespoke suits filled by older white males were the status quo in the financial world, here come young and diverse entrepreneurs like Cali Finance Group, Inc. founder and CEO, Issac Hwang –– a rising tour de force in the finance world.
A new generation of individuals and small businesses no longer want the “Wolf of Wall Street” to handle their financial futures. Hwang and his clients are proving that perhaps people also want financial advice from someone who can relate to them and their needs; someone who looks like them.
Just as obsolete technology and fintech are driving change in financial services, so are the rise of young entrepreneurs like Hwang providing proof of concept and rebranding an old guard industry.
Not only are the leaders changing, so are their priorities.
America is failing at financial literacy
Mounting research demonstrates “that a majority of individuals do not possess the financial expertise needed to make healthy financial choices that will benefit them in the long run,” according to the National Financial Educators Council (NFEC).
Just how bad is America failing at financial literacy? “Overall, people want to make good financial decisions that set them up for success both today and in the future, but most never had the opportunity to learn how to do it. Case in point: two-thirds of American adults can’t pass a basic financial literacy test,” Forbes reports.
“A new generation of individuals and small businesses no longer want the ‘Wolf of Wall Street’ to handle their financial futures.”
Issac Hwang realized the need to for his California-based finance company as he steadily became aware of the general population’s lack of financial guidance. A growing concern for entrepreneurs and organizations who advocate financial health.
“Most people did not know where to start in terms of finance and I was no exception prior to the creation of Cali Finance Group. The most accessible source of ‘financial advice’ they encountered were from accountants,” Hwang says.
“Unfortunately, most accountants did not necessarily elaborate on financial questions for clients because they believe that their sole responsibility was to ‘report’ taxes rather than to ‘explain’ financial questionnaires.”
Meanwhile, many small business owners leave their financial futures in the hands of their accountants or bankers. Hwang observed this trend and realized the negative fallout from reliance on institutions and professionals with varied interests.