Building Hispanic Wealth and Leadership in Finance

Hispanic Heritage Month is a time to honor the cultural and economic contributions of the Hispanic community. At Citizens Private Bank®, we want to recognize the growing role Hispanic leaders play in shaping the future of finance. As Hispanic entrepreneurism continues to expand, representation in wealth management takes on new importance. Yet Hispanics are still relatively underrepresented in private banking and financial advisory positions.

The few who hold these roles today have an opportunity to inspire trust among Hispanic families and to open doors for the next generation of Hispanic advisors to forge rewarding careers managing wealth and stewarding capital.

The Entrepreneurial Engine of Hispanic Wealth

The foundation of Hispanic wealth in America is built on entrepreneurship. According to the U.S. Census Bureau's 2023 Annual Business Survey (ABS), Hispanic-owned businesses generated more than $653.5 billion in annual receipts and employed 3.6 million people across the country.² Latino-owned employer businesses have seen remarkable expansion in recent years, growing by 44% in number and 36% in total revenue during a period in which the number of White-owned businesses declined by 3%, highlighting the outsized role Latino entrepreneurs are playing in driving business formation and economic growth.³

This entrepreneurial spirit is deeply personal for many leaders in finance, including Roberto Rivera, Executive Managing Director at Citizens Private Bank: "My parents came to this country as immigrants from El Salvador and built a business from the ground up. Entrepreneurship and immigration both require vision, resilience, and a willingness to take risks. Those values have shaped how I lead today, and they're the same values we see driving growth across the Hispanic community."

Hispanic Entrepreneurs Facts and Figures

Hispanic entrepreneurism continues to also expand in the private markets. Today, 43 Latinx-owned firms that are members of the National Association of Investment Companies (NAIC), including many Hispanic-owned investment firms, manage over $126 billion in assets, supporting more than 800 portfolio companies and 225,000 jobs.⁴ These firms span venture capital, private equity, real estate, private credit, and hedge funds. Notably, nine of them have raised 19 oversubscribed funds in the past decade, including Avante Capital, Clearlake Capital, and Valor Equity Partners.³ These companies are delivering alpha while driving impact in communities that have long been overlooked by traditional finance.

Yet despite this momentum, access to institutional financial support remains limited. The current generation of Latino entrepreneurs, continue to rely heavily on personal and non-institutional sources of capital. According to the 2024 SOLE Report, 31% used personal credit cards and 69% used business credit cards to finance their ventures, highlighting persistent barriers to traditional funding.⁵ Imagine the economic growth that would be possible if the entrepreneurial engine of the Hispanic community was met with greater access to institutional capital and advisory resources. The question is, what are the barriers to accessing these resources?

The Underrepresentation Challenge

Within the financial services industry, the lack of Hispanic representation is a multifaceted problem. Hispanic professionals remain underrepresented in private banking and advisory roles, which are essential for building trust, delivering culturally attuned guidance, and shaping the financial futures of Hispanic families and businesses. This absence has real consequences: it limits the availability of advisors who understand the lived experiences, values, and aspirations of Hispanic clients, and it narrows the pipeline of future leaders in financial services.

The Role of the Trusted Advisor: Listening to Lead

FINRA, the investment industry's self-regulatory organization, has acknowledged that certain industry rules may unintentionally hinder diversity and inclusion, and initiatives like the Securities Industry Essentials (SIE®) exam⁶ are steps toward broadening access. But these efforts must be matched by a deeper commitment to visibility and mentorship. Elevating the exposure of Hispanic advisors through storytelling, leadership spotlights, and community engagement is a critical first step.

When students and young professionals see role models who reflect their backgrounds and values, they begin to understand that a career in finance is realistic and attainable. But representation isn't a one-size-fits-all solution. The Hispanic community itself is richly diverse, shaped by distinct histories, migration experiences, and cultural identities.

"The Hispanic community is not monolithic. The experiences of Mexican-Americans whose ancestors came through the Bracero Program, Central Americans who fled civil unrest, and Cubans escaping communism are all distinct. To build trust and inspire future leaders, representation in finance must reflect this diversity so more people can see themselves in the advisors they work with and the investors they partner with."
- Roberto Rivera, Executive Managing Director at Citizens Private Bank

When clients see themselves reflected in their advisors, it opens doors to deeper conversations, stronger relationships, and more effective planning. Advisors who share the lived experiences of Hispanic clients are uniquely positioned to guide legacy planning, business transitions, and family governance with cultural fluency and empathy.

Our Ongoing Commitment to Inclusive Growth

At Citizens Private Bank, we recognize that we don't have all the answers. But we are committed to listening, learning, and leading with intention. Progress begins with elevating the voices, stories, and expertise of Hispanic professionals who are already shaping the future of finance.

We hope our peers and institutions across the industry to do the same. By investing in mentorship, expanding access, and showcasing Hispanic leadership, we can help ensure that the next generation of students and young professionals sees finance as a tangible and rewarding path forward.

This Hispanic Heritage Month, we invite you to engage, reflect, and join us in supporting inclusive growth in finance. Let's build wealth in a way that reflects community, opportunity, leadership, and the full diversity of the clients we serve.