ACLU Louisiana honors local financier with trailblazer award
17th January 2024 · 0 Comments
By Fritz Esker
Contributing Writer
The American Civil Liberties Union (ACLU) of Louisiana presented Jarrett Cohen of the New Orleans-based wealth and investment management firm JECohen with its inaugural Trailblazer Award at its 43rd Ben Smith Fete honoring civil rights and community advocacy.
“I was blown away. I’m still speechless,” said Cohen, the owner, principal and chief investment officer at JECohen. “It reminds me of the values my mother and father instilled in me. It gives me confirmation that we (JECohen) are doing the right thing.”
Cohen initially entered finance by happenstance. He was studying engineering at LSU in the mid-2000s when his mother asked him for help understanding a 401K she was involved with. Cohen read books on the subject and gradually became fascinated by the material. Not only did he help his mother with her questions, he also helped some of his mother’s friends. It was then that he realized he could help a lot of people in finance.
After working with a small boutique firm in 2009, Cohen entered Merrill Lynch’s competitive training program in 2010. There were 38 aspiring financial advisors in Cohen’s cohort. Only two were Black and only three were women. For Cohen, this emphasized the lack of racial representation in the investment industry. He founded his own company in 2015. Now, JECohen is one of the few Black-owned wealth and investment management firms in Louisiana.
“We’re in business to provide investment opportunities for families and help them make prudent financial decisions,” Cohen said.
Cohen said there is a mistrust of the finance industry among Blacks and other minorities. Discriminatory practices such as redlining (the denial of mortgages and other financial services to minority neighborhoods) and requiring a high minimum investment have kept many minorities away from investing. Cohen said minorities are not unaware of things like real estate or the stock market; they simply have not been given the access to them. Both can help families build generational wealth.
“There exists two America’s: one where people have wealth and the other where they do not,” said Alanah Odoms, executive director for the ACLU of Louisiana, in a press release. “Jarrett Cohen is making strides to democratize the wealth management industry as well as to provide equitable access to powerful financial services for communities that have been historically deprived of these resources. His work is beyond impactful.”
JECohen requires no minimums for new clients. If someone just has $100 to invest, they can invest $100. Cohen said even if people have to start small, the first investment is hopefully the start of more investments and will hopefully grow over time.
“You have to explain to people the importance of compound interest over time,” Cohen said and added that basic financial literacy is generally not taught to most people in school.
Cohen is also providing opportunities for other minority financial advisors. He emphasized that the local finance industry does not just need more Black financial advisors. It also needs more Latino and Vietnamese financial advisors. “People in historically disenfranchised communities are more likely to trust financial advisors who look like them and that they can relate to,” Cohen said.
JECohen’s capital has grown from $7 million when Cohen founded the firm in 2015 to $60M today. He said 2023 was the company’s best year yet. He said the success comes from a combination of good investments and new clients. He also emphasized that the financial advisory business is a referral business. If you produce for your clients and treat them with respect, they will recommend you to their friends and family.
JECohen has also pledged $10,000 a year to sponsor the Greater New Orleans Foundation’s Celebration of Black Philanthropy, an annual event that recognizes past and present Black New Orleanians who have made significant charitable donations to the community.
The Ben Smith Fete was named in honor of the late civil rights attorney Benjamin E. Smith, who co-founded the ACLU of Louisiana. The gala that honored Cohen also honored Leona Tate, who desegregated McDonough #19 School with Gail Etienne and Tessi Prevost, with the Ben Smith Civil Liberties Award. Albert Woodfox of the Angola 3 and the founder of the Louisiana Stop Solitary Coalition received a posthumous award. Kuchler Polk Weiner LLC received the Law Firm of the Year Award.
This article originally published in the January 15, 2024 print edition of The Louisiana Weekly newspaper.
