Marcus Lemonis Lemonade-Fund

Page 56

by bobby l. hickman

IMPROVING FINANCIAL LITERACY SKILLS

BETTER MONEY KNOW-HOW IMPROVES OUTCOMES F Financial literacy continues to

provide challenges for American families, despite industry-wide efforts to strengthen consumers’ understanding of basic money management techniques. An October 2020 study by the FINRA Investor Education Foundation found that financial literacy skills are a significant predictor of future financial outcomes. However, FINRA also found little change in financial literacy levels over its six-year study period. According to a recent Gallup poll, only 24 percent of Americans use professional financial planners. The National 56 / ADVISORS MAGAZINE

JAN 2021

Foundation for Credit Counseling’s 2020 Financial Literary Survey also indicated 78 percent of Americans felt they could benefit from professional guidance. Providing educational training and tools to improve financial literacy was the driving force behind creating Trusted Capital Group (TCG) in Austin, Texas, according to John Pesce, CEO and co-founder. He said his own experiences as a youth and his early days working in the financial industry convinced him that people from all walks of life need objective advice to help them better manage their money. TCG began as a consulting advisory firm

to address that need. “It's in our fabric of our company to be out there educating people,” he said. “We have always felt if we educate people and they know what we're truly about, they would come to us and the money will take care of itself. That's how we built this company.” Pesce said TCG primarily works with two types of clients. One group consists of institutions including private and public (such as school district and local governments) sector organizations where TCG manages both retirement and pension plans along with operating capital cash management strategies


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