Coalition wants to advise people impacted by policy changes in new administration

An advisor is forming a coalition of professionals to support underserved groups and said he was inspired to do so by the Nov. 5 election results and concerns from clients about what policy changes a new administration and a new Congress could mean for them.

Stoy Hall is CEO and founder of Black Mammoth in Ankeny, Iowa, where he specializes in working with female and minority business owners and entrepreneurs.

Hall told InsuranceNewsNet that following the election that saw Republicans win the White House and both houses of Congress, he began to hear from clients who are concerned about policy changes affecting same-sex marriages, immigration and other issues.

The coalition would include financial advisors, therapists, attorneys and other professionals. Hall said the goal is to provide resources, content and a safe space for clients. The group plans to meet monthly, create financial plans and address policy concerns proactively. They will use social media, podcasts and a potential website to communicate and support their clients.

Hall is a leader of the RISE Group, which focuses on focuses on Black and brown professionals in financial services, within Females and Finance, a private networking community committed to promoting inclusivity in the financial services and financial technology sectors.

The day after the Nov. 5 election, Hall and some of his fellow RISE members began receiving calls from clients concerned about what the election results could mean for them.

“Clients are worried about a plethora of things,” he said. “They wonder whether same-sex marriage will continue to be legal. Should they move to another state? Another country? How will this affect their accounts?”

After consulting with some Females and Finance leaders, Hall was convinced that “we need to do something.”

“In our industry, we usually react to policies and figure them out and do what’s best for clients as opposed to being on the front end, not necessarily trying to change policy but be loud and attack it,” he said.

“It's time for us to be advocates and have a safe place for clients to get what they need, but also be able to speak out loud and use our ability and network and resources to hopefully influence some of these policies that may or may not come down the pike.”

Hall said the coalition will work to advocate for groups that could most be impacted by policy changes enacted by a new administration and a new Congress.

“We’re talking about same-sex couples, the LGBTQ+ community, child-free adults, women, neurodivergent people, anyone with a disability,” he said.

“We have clients who are in fear right now, and we need to align together and fight for them.”

Hall said the population groups he cited have always been the targets of prejudice, “but now it’s a lot more overt.”

“From people in same-sex marriages to people in interracial marriages, to immigrants, transgender people, LGBTQ people, people who don't have children – all of these people are being attacked and these are issues we need to address,” he said. “Because right now, those people are feeling there’s nowhere safe for them in their state. I have plenty of friends in Florida, in the South, who are looking to move.”

Hall said one of the coalition’s goals is to help people in these impacted groups to form a backup financial and legal plan “and to have a safe space for them to have these conversations.”

The coalition will include not only financial professionals but attorneys, therapists, counselors and business owners, he said. The group will develop a website containing information aimed at impacted groups, as well as create podcasts and other social media content.

“We want to let people know they’re not alone in this world,” he said. “A lot of us are going through similar situations and a there’s a lot of us who can help. Our ultimate message is, don’t let people think they’re alone. There are a lot of people out there to help support them.”

 

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