“How can you expect to get anywhere without a road map?” Nichole Dorch-Cannon, investment advisor representative at World Financial Group, reasons rhetorically when discussing her work. It is precisely her practice of mapping out plans for her clients’ pathways to financial fitness that has resulted in her being ranked among Forbes’ Top Financial Security Professionals this year.
Annually, the ranking identifies top performers in the field, in their respective states, based on a range of criteria that includes industry experience, compliance records and revenue produced. In short, Dorch-Cannon is ethically and effectively getting significant results while helping people, some of whom, before working with her, may not have realized that they needed it.
“The biggest challenge facing our community is our mindset,” Dorch-Cannon emphasized. “Frankly, we have been denied true generational wealth accumulation and transfer for centuries, and only recently with the Baby Boomer generation have we started to see real wealth transfer in property ownership, land ownership and handing down businesses. Our community is really behind when it comes to saving not spending, investing not borrowing and transferring wealth, not losing it to the IRS or probate.”
To whatever extent the community trails behind in the realm of wealth accumulation, the industry isn’t exactly brimming with advisors racing to bring them up to speed.
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Recalling her own experience growing up, Dorch-Cannon shared, “I was raised by a single mom who put herself through college, got a PhD, and I realized that no one in the financial industry ever reached out to my mom to help her save for retirement, help her save and send her daughter to USC, help her to plan for her future. I realized there’s a lot of people like my mom that are overlooked by the ‘traditional’ financial industry.”
Having worked in the industry for over two decades, Dorch-Cannon has watched the landscape evolve and is decidedly optimistic.
“When I started, I would attend industry meetings and trainings, and quickly realize that I was often the only Black person and sometimes the only woman in the room,” said Dorch-Cannon.
“This hasn’t been an industry that recruits in our community and therefore hasn’t served our community. That has changed a lot in the last 20 years, and it’s encouraging, and now I love to mentor young professionals on how to have a successful career in this industry.”
Dorch-Cannon has been a critical part of the change, certainly in the state of California, and she continues to make hers a mission to serve all communities. Her team aims to help 100,000 families create and build wealth that can be passed down.
“This is really our ‘grass-roots’ crusade to correct an injustice,” she explained. “We believe that everyone should have the same access to products, services, knowledge and information that the wealthy have. Through our complimentary financial plans, we are able to support our mission of ‘No Family Left Behind.’”
From Beverly Hills clients in need of comprehensive estate planning to residents of South L.A. saving for a house, from teenagers scoring their first jobs and learning how to save and invest to clients who’ve worked 30 years and are poised to retire, Dorch-Cannon is confident that her team can offer recommendations for nearly everyone.
“The most common pitfall is not having a plan,” Dorch-Cannon observed about her clients from across the spectrum.
“Many people are just putting money here and there without any plan for what they will actually need in the future. Taxation and inflation are silent partners in your money. It’s important to know how to navigate them. You have a professional that cuts your hair and someone cuts your grass, why wouldn’t you have a professional helping you to navigate your money.”
In addition to the recent Forbes honor, Dorch-Cannon is proud of being able to pay it forward.
“We’ve been able to contribute towards scholarship funds for young African American women, help the homeless and other organizations that desperately need help,” she said. “I’ve helped people retire who didn’t think they would ever be able to. I’ve helped send children to college with the plans I have set up.”
Dorch-Cannon’s team holds regular financial literacy courses as well as corporate overviews. Those interested in attending a class or learning about how they may join the team can reach out to [email protected].
