Closing the Wealth Gap:
Financial Planning for Black Families in Alabama

The wealth gap in America is not a new story — but it is one that Black families across Alabama are still living every single day. According to the Federal Reserve’s Survey of Consumer Finances, the typical white family holds nearly eight times the wealth of the typical Black family. In states like Alabama, where historical economic exclusion runs deep, that gap can feel even wider.

But here is what I have learned in over 27 years of serving families across the Gulf Coast: the wealth gap is closeable. Not overnight. Not without intention. But with the right financial plan, the right strategies, and the right advisor in your corner — generational wealth is absolutely within reach.

My name is Dr. Leon, and I am the founder of Grove Financial Group Inc., a Black-owned, service-disabled veteran-owned financial planning firm that has been serving families in Mobile and across the Gulf Coast since 1997. I created this firm because I know firsthand what it means to navigate a financial system that was not designed with us in mind. And I built it to change that.

Why the Wealth Gap Persists — and Why It Matters

The racial wealth gap is not the result of poor financial decisions. It is the result of decades of systemic exclusion — redlining, discriminatory lending, limited access to quality education, and the compounding effect of being denied opportunities that were freely available to others. In Alabama, the legacy of these barriers is still reflected in homeownership rates, retirement savings, and generational asset transfers within Black communities.

Understanding the origin of the gap is not about blame. It is about strategy. When you know the root of the problem, you can address it with precision — and that is exactly what a good financial plan does. Resources like the Consumer Financial Protection Bureau (CFPB) and the IRS Retirement Plans Resource Center provide tools that every family can access.

The Five Pillars of Closing the Wealth Gap

At Grove Financial Group, we work with Black families across Alabama to build wealth through five core areas. Each pillar is designed to address a specific vulnerability while creating long-term financial strength.

Medicare and Retirement: A Special Concern for Black Seniors

Black Americans face a disproportionate burden of chronic illness and healthcare costs in retirement. Understanding your Medicare options is not optional. A poorly chosen Medicare plan can drain retirement savings faster than almost any other expense.

The official resource for Medicare enrollment is Medicare.gov, where you can compare plans, check enrollment periods, and understand your rights. The Social Security Administration also provides guidance on when and how to enroll based on your work history.

As a RICP®-certified advisor, I specialize in helping Gulf Coast families navigate Medicare enrollment, compare plan options, and integrate healthcare costs into their overall retirement income strategy. We offer free Medicare consultations to help you make informed decisions before and during enrollment. Read our full Medicare planning guide →

Why Work With a Black-Owned Financial Planning Firm?

Representation matters in financial services. Study after study shows that clients receive better outcomes when they work with advisors who understand their cultural context, their community’s history, and the specific economic pressures they face. At Grove Financial Group, we do not just understand your financial situation — we understand your story.

We also understand the distrust that many Black families carry toward financial institutions. That distrust is earned and legitimate. Our job is not to dismiss it — it is to earn your confidence through transparency, consistency, and results.

For additional guidance on finding culturally competent financial advisors, the CFP Board’s advisor search and the National Association of Black Financial Educators and Mentors (NABFEME) are excellent resources.

Practical Steps You Can Take Right Now

You do not need to wait for a perfect financial situation to start building wealth. Here are five steps you can take this month:

The Time to Build Is Now

The wealth gap will not close on its own. It closes one family at a time, one intentional financial decision at a time. At Grove Financial Group Inc., we have been helping Gulf Coast families build financial security and generational wealth for over 27 years — and we are ready to help your family do the same.

Whether you are just starting your financial journey, approaching retirement, or looking to leave something meaningful behind for your children and grandchildren — we are here, we understand, and we are in your corner.