WealthMore Aims to Bridge Racial and Gender Wealth Gaps

In a bid to address the persistent racial and gender wealth gaps, Jeanlys-White has launched WealthMore, a platform she describes as "Peloton meets wealth management." Drawing inspiration from her grandmother, who struggled with low-interest savings, Jeanlys-White emphasizes the importance of accessible financial advice in building generational wealth. The stark disparities in wealth among different racial groups highlight the urgency of her mission, with Hispanic households averaging $62,000 in wealth, compared to $295,000 for white households and $536,000 for Asian American households. Jeanlys-White points out that women, particularly Black women, face significant financial hurdles, losing out on up to $1.2 million due to the gender pay gap. Furthermore, only 49% of Black women have access to a 401K, compared to 62% of the general adult population. To tailor her platform to user needs, she conducted a survey of over 300 potential users, which informed the pricing structure and website design. WealthMore offers three subscription tiers, starting at $25 per month for a minimum account size of $5,000. The platform also prioritizes diversity among its wealth advisers, recognizing that many potential clients do not see themselves represented in the industry. WealthMore fosters community engagement through initiatives like #firstgenwealth and #newinvestors, encouraging users to connect and participate in events. Jeanlys-White aims to launch the platform from beta mode by the end of the year, aligning with users' financial New Year’s resolutions.