WEBVTT - Autism Awareness, Advancement for Hispanics and Latinos

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>You're listening to Bloomberg BusinessWeek with Krol mess Here and

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<v Speaker 2>Tim Steneveek on Bloomberg Radio.

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<v Speaker 3>Well.

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<v Speaker 4>April is Autism Awareness Month. The bioneurological developmental disability now

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<v Speaker 4>affects one in thirty six children. This according to the

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<v Speaker 4>National Autism Association, which says that even though it's the

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<v Speaker 4>fastest growing developmental disorder, it's also the most underfunded.

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<v Speaker 1>Yeah, it's pretty incredible, and we've got a great voice

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<v Speaker 1>on this and we're lucky to reach out to him again.

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<v Speaker 4>Charlie Massimo is a financial advisor at Wealth Enhancement Group

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<v Speaker 4>who specializes in planning for families affected by autism. He's

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<v Speaker 4>also the founder of Autism Communities, which provides independent living

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<v Speaker 4>opportunities for young adults with autism. Charlie joins us from Bluepoint,

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<v Speaker 4>New York. Charlie, good to have you back with us.

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<v Speaker 4>How are you.

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<v Speaker 2>It's my pleasure. I appreciate you bringing me back, especially

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<v Speaker 2>this month.

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<v Speaker 4>Yeah, we love it when you join us. Hey, I

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<v Speaker 4>want to talk a little bit big picture here about

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<v Speaker 4>what it means to be planning everybody is affected by autism.

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<v Speaker 4>I mean like, like I said, one in thirty six

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<v Speaker 4>people are are affected by this, right now, how does

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<v Speaker 4>it change the financial planning situation for someone?

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<v Speaker 2>Oh, drastically. I think we're to have to understand, you,

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<v Speaker 2>I raised two boys with autism, and just the other

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<v Speaker 2>day I'm at a client. She's eighty six and she's

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<v Speaker 2>still raising her sixty seven year old son with autism.

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<v Speaker 2>This is life long.

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<v Speaker 1>Yeah.

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<v Speaker 2>So for many of us, we have our children, they grow,

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<v Speaker 2>they take care of themselves, they're out and doing their

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<v Speaker 2>own thing, earning their own living. Not so when you're

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<v Speaker 2>raising a child with autism. So not only do you

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<v Speaker 2>have to figure out how do I care for my

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<v Speaker 2>child with autism? And that costs, you know, the estimate

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<v Speaker 2>is about two and a half million dollars over the

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<v Speaker 2>life of a child with autism, and how do I

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<v Speaker 2>then fund my own retirement? So it's significant challenge for

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<v Speaker 2>these families. Charlie.

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<v Speaker 1>One of the things that I appreciate when you come on,

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<v Speaker 1>I think our whole audience does, is that you do

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<v Speaker 1>give some insight into the world of autism and understand

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<v Speaker 1>it from a level that most do not. Having said

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<v Speaker 1>that autism is a spectrum, right, and I do always

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<v Speaker 1>wonder how many individuals are living with autism that are

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<v Speaker 1>able to support themselves in some way or live on

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<v Speaker 1>their own. How many or not do we do you

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<v Speaker 1>have do we have some understanding of that breakdown?

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<v Speaker 2>Well, it's a it's a great point, Carol, And you

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<v Speaker 2>know the thing about autism, sometimes you don't know what

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<v Speaker 2>the capabilities of your son or daughter may be till

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<v Speaker 2>later on. But to put in somewhat perspective, sixty eight

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<v Speaker 2>percent of the population of autism are unemployed for their

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<v Speaker 2>entire life. Sixty eight percent, So that's that's that's a

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<v Speaker 2>pretty large number. And some of it is not due

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<v Speaker 2>to their inability to work. It's just employees don't really

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<v Speaker 2>understand the value or how to relate to them so

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<v Speaker 2>they can be a valuable part of their of their

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<v Speaker 2>thermal company. But the reality of sixty eight percent are

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<v Speaker 2>not earning any money and rely solely on some governmental

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<v Speaker 2>supports and whatever the family can can supplement those needs with.

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<v Speaker 1>Well.

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<v Speaker 4>As you mentioned and Charlie, the cost of caring for

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<v Speaker 4>a child with autism ranges in the millions of dollars,

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<v Speaker 4>can reach the millions of dollars over the lifetime of

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<v Speaker 4>the child. If people don't necessarily have the financial means

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<v Speaker 4>to do this, what are their options?

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<v Speaker 2>Yeah, great point. Again, their options are to understand the

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<v Speaker 2>resources available. Fortunately, through Medicaid there is a lot of

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<v Speaker 2>federal funding. It takes some legwork, it takes some research,

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<v Speaker 2>but there is a lot of money available through medicaid

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<v Speaker 2>through Social Security. So the first thing I ask a

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<v Speaker 2>family or tele a family, have you researched all the

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<v Speaker 2>governmental entitlements that are available for your son or daughter?

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<v Speaker 2>Because your point is well taken. The vast majority of

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<v Speaker 2>population you can't afford two and a half million to

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<v Speaker 2>raise their son a daughter autism, then figure out how

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<v Speaker 2>to plan for their own retirement. So it's really the

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<v Speaker 2>entitlements are very very important.

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<v Speaker 1>In terms of I'm curious about kind of the working

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<v Speaker 1>component too, to like you said that, there's a lot

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<v Speaker 1>of folks that maybe there are employers out there that

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<v Speaker 1>right could certainly employ individuals with autism. How do we

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<v Speaker 1>kind of figure that one out, that component, that piece.

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<v Speaker 2>Yeah, that's been that's been a challenge for a long time.

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<v Speaker 2>And there are companies like Microsoft, there are companies like

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<v Speaker 2>Panera and others that have found a way by and

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<v Speaker 2>this is where AI is going to become a big

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<v Speaker 2>part for this population because through AI programs, they're learning

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<v Speaker 2>how to communicate with the autism population in the in

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<v Speaker 2>the workforce. And I'm really excited about that component. But

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<v Speaker 2>it takes a lot of time. It takes a lot

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<v Speaker 2>of training to support these young men and women with

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<v Speaker 2>autism and how to fit them in. But I will

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<v Speaker 2>tell you this. You talk to these firms that have

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<v Speaker 2>employed those on the spectrum and they all tell you

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<v Speaker 2>they have a valuable part of the workforce and they're

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<v Speaker 2>incredibly product when they learn how to communicate and learn

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<v Speaker 2>how to assimilate them into their company.

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<v Speaker 4>And Charlie, one thing I was really surprised to find

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<v Speaker 4>when I was doing research for this is that according

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<v Speaker 4>to the National Autism Association, it's still significantly underfunded, even

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<v Speaker 4>though it's increasingly common in this day and age. How

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<v Speaker 4>do you explain that?

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<v Speaker 2>You know, Tim, right, if you think look at the

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<v Speaker 2>projections next year, it's projected that autism will cost this

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<v Speaker 2>country four hundred and sixty one billion dollars. That's about

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<v Speaker 2>what two percent or so of the GDP, And you're right,

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<v Speaker 2>it is probably one of the areas that the government

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<v Speaker 2>is not looking at I mean, there's only so many

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<v Speaker 2>places you can pull from. And now what's happening is

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<v Speaker 2>they're putting the burden back on the families and they're saying, hey,

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<v Speaker 2>we'll give you the dollars, but you need to manage

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<v Speaker 2>these dollars yourself. And that creates a whole nother challenge

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<v Speaker 2>in itself. But you're right, the government is not looking

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<v Speaker 2>at this strong enough.

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<v Speaker 4>Certainly, in your experience, since this, since this started to

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<v Speaker 4>be part of your life, has has awareness increased, has

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<v Speaker 4>funding increased, has a government understanding increased or has it

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<v Speaker 4>gone the other way?

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<v Speaker 2>No? No, certainly awareness has increased. When my boys would

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<v Speaker 2>diagnose in two thousand and one, I never even heard

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<v Speaker 2>of autism. But now I can't walk. I can have

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<v Speaker 2>a conversation with one person and bring up autism. They say, oh,

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<v Speaker 2>I know somebody with autism. So awareness is significantly increased.

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<v Speaker 2>In diagnosis has significantly increased. So those things are great,

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<v Speaker 2>are happening, But again there are parts. The financial aspect

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<v Speaker 2>is just not being addressed into strong enough fashion, and

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<v Speaker 2>it has to be or this is going to become

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<v Speaker 2>an epidemic for the country that's going to get ahead

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<v Speaker 2>of itself or get too far ahead of itself that

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<v Speaker 2>we're never going to be able to figure it out.

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<v Speaker 1>Help me understand the financial aspect. Is it the overall

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<v Speaker 1>cost that you find that's going that we've got to

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<v Speaker 1>kind of figure out, because you do seem to say

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<v Speaker 1>that there's money provided for individuals, but people it's on

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<v Speaker 1>the owner, you know, then for them to kind of

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<v Speaker 1>figure out how to do it all. I mean, if

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<v Speaker 1>you could change a couple of things overnight, Charlie, what

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<v Speaker 1>would you.

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<v Speaker 2>Do if I could change I make more of the beyond.

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<v Speaker 1>No kids having to deal with autism, I'm assuming would

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<v Speaker 1>be number one.

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<v Speaker 2>But yeah, of course, but let's unfortunately that's not going

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<v Speaker 2>to it's not going to happen. But I think I would.

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<v Speaker 2>I would have more of these therapies because what happens

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<v Speaker 2>is once you get to the age of twenty one

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<v Speaker 2>and over twenty one, a lot of the services that

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<v Speaker 2>were covered prior to twenty one are no longer covered, right,

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<v Speaker 2>So I'd like to see a lot of these health

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<v Speaker 2>insurance companies realize that there's these therapies, a lifelong speech

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<v Speaker 2>ot PT, these are lifelong therapies that have to be

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<v Speaker 2>part of this of these childs or these adults lives

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<v Speaker 2>and it's just not covered or a lot of it

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<v Speaker 2>is not covered. So the first thing I would do

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<v Speaker 2>is look at the healthcare system say we got to

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<v Speaker 2>address this in a much more aggressive manner. Then the

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<v Speaker 2>second part I would really figure out with HUT, how

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<v Speaker 2>do we make affordable housing available because we can't have

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<v Speaker 2>these young men and women living with their families until

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<v Speaker 2>their families die, un till their parents die. But depending

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<v Speaker 2>on where you live in this country, it's just unaffordable

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<v Speaker 2>for this to happen. So I will look at HUT

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<v Speaker 2>to create better programs to make housing affordable for those

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<v Speaker 2>with intellectual disability.

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<v Speaker 4>Well that's that's where I want to end. With your

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<v Speaker 4>work that you've been doing at Autism Communities. Can you

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<v Speaker 4>just talk a little bit about what you created? Wow,

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<v Speaker 4>just about a decade ago at this point, Charlie.

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<v Speaker 2>Yeah, it's not just thoughts as communities, it's so many

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<v Speaker 2>other associations that are we've been part of. But I

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<v Speaker 2>think the goal is working with developers and taking these

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<v Speaker 2>affordable units within these developments that they're building and then

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<v Speaker 2>setting them aside for those with intellectual disability. So instead

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<v Speaker 2>of paying market rate, we've gone to the developers to say,

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<v Speaker 2>can we reserve a couple of your units and put

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<v Speaker 2>them for low income housing? And it certainly helps or

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<v Speaker 2>goes toward making it more affordable. So we're looking to

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<v Speaker 2>work with more developers to create more of these housing

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<v Speaker 2>or affordable housing units for those on the spectrum.

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<v Speaker 1>Yeah, makes a lot of sense, all right, Charlie, So

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<v Speaker 1>good to check in with you. Be well, Charlie Massimo,

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<v Speaker 1>financial advisor at Wealth Enhancement Enhancement Group excuse me, as

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<v Speaker 1>we said, specializing and planning for families affected by autism.

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<v Speaker 1>He's also the founder of Autism Communities, joining us there

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<v Speaker 1>from Bluepoint, New York.

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<v Speaker 3>Well.

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<v Speaker 4>The contribution of Latinos to the US economy rose to

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<v Speaker 4>three point two trillion dollars in twenty twenty one. It

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<v Speaker 4>would rank fifth in the world if the group were

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<v Speaker 4>an independent country, just behind Germany and head of the

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<v Speaker 4>UK and India. This according to report release last fall,

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<v Speaker 4>So Carol compared with the world's biggest economies, US Latino

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<v Speaker 4>GDP was the third fastest growing economy during the decade

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<v Speaker 4>ending in twenty twenty one, behind China and India. This,

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<v Speaker 4>I should note all from a Bloomberg story back in September.

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<v Speaker 1>Yeah, I feel like Bloomberg does a lot of reporting

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<v Speaker 1>about this, about the importance of following the Latin community,

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<v Speaker 1>certainly here in the United States as consumers, as brands,

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<v Speaker 1>just everything politics.

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<v Speaker 4>I was going to say, a political block too.

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<v Speaker 1>Very very important members of the group that face pay, inequality, stereotyping,

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<v Speaker 1>tim and also underrepresentation though still in the workplace.

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<v Speaker 4>Coke Wall is a nonprofit think tank that is working

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<v Speaker 4>to change that. The group, in its own words, has

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<v Speaker 4>a mission to quote address bias and uncovered barriers to

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<v Speaker 4>advancement for underrepresented populations in the workplace. Leneia Irvin is

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<v Speaker 4>the CEO of Coke Wall. She joins us from New

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<v Speaker 4>York City. Lenaa, how are you.

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<v Speaker 3>Well. It's great to see you all. I'm delighted to

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<v Speaker 3>be here and well, thank you.

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<v Speaker 4>So the big question that I think I have is

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<v Speaker 4>how can this be addressed? How can you address bias

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<v Speaker 4>and uncovered barriers to advancement specifically for this group?

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<v Speaker 3>Right? You know, I think I mean you set it up.

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<v Speaker 3>You know in your earlier statements, there's tremendous economic opportunity here,

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<v Speaker 3>and I think that uh, you know, denying not only

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<v Speaker 3>the strength of the consumer, uh, the brands, but also

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<v Speaker 3>the entrepreneur base that is found within this cohort is

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<v Speaker 3>is is a huge risk I think for uh, the

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<v Speaker 3>US economy. And I think what we can what we

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<v Speaker 3>see in the work environment is that there's an opportunity

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<v Speaker 3>to invite Hispanic and Latino professionals into the work environment

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<v Speaker 3>to deliver their best, best selves, their most brilliant contributions

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<v Speaker 3>to business without requiring them to perhaps hide or basically, uh,

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<v Speaker 3>how do you say, these burdens to cover up their heritage,

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<v Speaker 3>their their backgrounds in order to advance in the work environment.

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<v Speaker 1>And that's what we're seeing, is there is there something

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<v Speaker 1>different from you know, we also we often talk about

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<v Speaker 1>this that individuals in the workforce, we embrace diversity, and

0:11:58.800 --> 0:12:00.680
<v Speaker 1>yet there's still a lot of individual who don't feel

0:12:00.720 --> 0:12:04.040
<v Speaker 1>like they can embrace their diversity if you will, or

0:12:04.280 --> 0:12:06.960
<v Speaker 1>or their differences when it comes Is it something different

0:12:07.000 --> 0:12:10.360
<v Speaker 1>for the for the Latino community other than if it

0:12:10.400 --> 0:12:13.800
<v Speaker 1>was Black Americans or LGBTQ. Just curious.

0:12:14.800 --> 0:12:18.960
<v Speaker 3>I mean, again, there's there's obviously nuanced and studying this

0:12:18.960 --> 0:12:21.320
<v Speaker 3>this group, but yes, it is. It is different. There's

0:12:21.400 --> 0:12:27.360
<v Speaker 3>tremendous intense othering around things such as language and accent,

0:12:27.960 --> 0:12:32.240
<v Speaker 3>and so there's there's a different pressure to cover with

0:12:32.280 --> 0:12:36.160
<v Speaker 3>this group. Uh. You know, there's discouragement from speaking one's

0:12:36.280 --> 0:12:39.200
<v Speaker 3>language in the in the in the workforce, we see

0:12:39.480 --> 0:12:43.559
<v Speaker 3>actually barriers to advancement, store rates of advancement, uh, and

0:12:43.760 --> 0:12:47.920
<v Speaker 3>pay inequities for those who speak Spanish is the first language,

0:12:47.960 --> 0:12:50.880
<v Speaker 3>for example, versus those who speak English as a first language.

0:12:51.040 --> 0:12:54.160
<v Speaker 3>And we do think that there's opportunity here, you know,

0:12:54.240 --> 0:12:58.280
<v Speaker 3>to to resolve this because ultimately, look, if you have

0:12:58.280 --> 0:13:01.280
<v Speaker 3>an individual who speaks Mandarin or speaks French or speak

0:13:01.280 --> 0:13:04.400
<v Speaker 3>Spanish in the work environment, that actually is valuable when

0:13:04.400 --> 0:13:06.880
<v Speaker 3>you think about hopping on a flight to a client

0:13:07.040 --> 0:13:09.839
<v Speaker 3>and or ensuring messaging I mean to your user.

0:13:10.000 --> 0:13:12.959
<v Speaker 4>There's a reason why many colleges have language requirements, right,

0:13:12.960 --> 0:13:15.240
<v Speaker 4>I mean, that's an incredible asset to be able to

0:13:15.240 --> 0:13:16.480
<v Speaker 4>speak multiple languages.

0:13:16.600 --> 0:13:19.120
<v Speaker 1>No, it's a really good point, right, I mean, that's

0:13:19.160 --> 0:13:21.120
<v Speaker 1>an asset.

0:13:21.840 --> 0:13:22.400
<v Speaker 3>Absolutely.

0:13:22.960 --> 0:13:27.640
<v Speaker 1>Well. Well, so what do you think the business environment

0:13:27.679 --> 0:13:29.680
<v Speaker 1>continues to get wrong or what could they do better

0:13:29.679 --> 0:13:31.880
<v Speaker 1>specifically in terms of programs or initiatives.

0:13:32.960 --> 0:13:34.960
<v Speaker 3>Well, one thing I will say before I hop into that,

0:13:34.960 --> 0:13:37.320
<v Speaker 3>because I think it's really important women are really bearing

0:13:37.320 --> 0:13:40.920
<v Speaker 3>the brunt. Here. We find that Hispanic and Latino women,

0:13:40.960 --> 0:13:44.640
<v Speaker 3>in addition to caregiving burdens and things of that, make

0:13:44.679 --> 0:13:48.760
<v Speaker 3>sure they're twice as likely to feel that the way

0:13:48.800 --> 0:13:52.800
<v Speaker 3>that they're compensated right, their pay does not sufficiently allow

0:13:52.880 --> 0:13:55.720
<v Speaker 3>them to support their dependents. And we're talking white collar

0:13:55.800 --> 0:13:58.880
<v Speaker 3>professionals here, right, this is what we study. They're far

0:13:58.920 --> 0:14:01.240
<v Speaker 3>more likely to fill career career stall than their male

0:14:01.840 --> 0:14:05.839
<v Speaker 3>counterparts within the Hispanic and Latino community. You know where

0:14:05.880 --> 0:14:08.920
<v Speaker 3>there are where there is board representation, five percent of

0:14:09.600 --> 0:14:12.600
<v Speaker 3>corporate boards Fortune five hundred the seats are held by

0:14:12.640 --> 0:14:16.080
<v Speaker 3>Hispanic and Latino professionals, but only one percent of those

0:14:16.120 --> 0:14:18.880
<v Speaker 3>are women. And so we're really seeing disparities in this

0:14:18.920 --> 0:14:21.440
<v Speaker 3>particular study in the data as it relates to Hispanic

0:14:21.480 --> 0:14:26.120
<v Speaker 3>and Latino women. That should not go without being called out.

0:14:26.360 --> 0:14:27.720
<v Speaker 3>But I would say there are a few things that

0:14:27.760 --> 0:14:33.160
<v Speaker 3>companies can do very quickly. It's along the engage, invest

0:14:33.560 --> 0:14:37.360
<v Speaker 3>and then ultimately disrupt some structural barriers. Engage means invite

0:14:37.360 --> 0:14:40.160
<v Speaker 3>the employee into the conversation. Far too often we see

0:14:40.200 --> 0:14:43.040
<v Speaker 3>and we hear from leaders and professionals and they say,

0:14:43.040 --> 0:14:45.200
<v Speaker 3>you know what, leaders just often fail to ask the basics,

0:14:45.600 --> 0:14:48.400
<v Speaker 3>what are the obstacles you're facing in the workplace, right,

0:14:48.840 --> 0:14:50.880
<v Speaker 3>and how can I help you to overcome them? Right?

0:14:51.080 --> 0:14:53.000
<v Speaker 3>So in some cases, it makes it a lot easier

0:14:53.000 --> 0:14:54.920
<v Speaker 3>to get at what the most pressing barriers are by

0:14:55.000 --> 0:14:58.880
<v Speaker 3>just asking the community. And then from an investment standpoint,

0:14:59.120 --> 0:15:01.600
<v Speaker 3>we think it's extraor really important to not only invest

0:15:01.640 --> 0:15:06.160
<v Speaker 3>in recruitment but also development, right, strengthening your sponsorship offerings,

0:15:06.200 --> 0:15:09.360
<v Speaker 3>looking at how you can deepen skill sets and on

0:15:09.440 --> 0:15:12.040
<v Speaker 3>the job experiences within your teams so that you can

0:15:12.080 --> 0:15:15.920
<v Speaker 3>cultivate that pipeline for leadership and hopefully, you know, we

0:15:15.960 --> 0:15:18.920
<v Speaker 3>see a pipeline long term that better reflects the future workforce,

0:15:19.200 --> 0:15:23.400
<v Speaker 3>because this is nearly twenty percent of the US population

0:15:24.120 --> 0:15:27.840
<v Speaker 3>and we do know, you know, it's inevitable demographically that

0:15:28.120 --> 0:15:30.000
<v Speaker 3>you know, this will be a part of our leadership

0:15:30.000 --> 0:15:30.360
<v Speaker 3>as well.

0:15:30.600 --> 0:15:33.200
<v Speaker 4>Lenee, I feel like we can't have this conversation right

0:15:33.240 --> 0:15:35.920
<v Speaker 4>now without talking about the charged political environment that we

0:15:35.960 --> 0:15:39.120
<v Speaker 4>find ourselves in. And I'm wondering how right now that

0:15:39.920 --> 0:15:42.240
<v Speaker 4>if you found anything in the research that Cokewald did

0:15:42.760 --> 0:15:44.800
<v Speaker 4>in terms of the way that this is now such

0:15:44.840 --> 0:15:48.560
<v Speaker 4>a charge topic here in the US, given that immigration

0:15:49.240 --> 0:15:52.640
<v Speaker 4>is that is in focus, given that what's happening in

0:15:52.680 --> 0:15:55.800
<v Speaker 4>the border is in focus, giving that migrants being bussed

0:15:55.800 --> 0:15:58.320
<v Speaker 4>into different cities around the country is in focus. Talk

0:15:58.320 --> 0:15:59.080
<v Speaker 4>a little bit about that.

0:16:00.120 --> 0:16:02.000
<v Speaker 3>Absolutely, it showed up in our data, showed up in

0:16:02.000 --> 0:16:06.920
<v Speaker 3>the qualitative and the stories that so many professionals shared.

0:16:07.280 --> 0:16:10.880
<v Speaker 3>One in five of our respondents, so twenty one percent

0:16:10.960 --> 0:16:15.280
<v Speaker 3>essentially have had and have on a regular basis colleagues,

0:16:15.680 --> 0:16:18.800
<v Speaker 3>you know, share kind of negative things about, you know,

0:16:18.840 --> 0:16:22.720
<v Speaker 3>immigrants and immigration. And again, these things don't typically come

0:16:22.800 --> 0:16:25.800
<v Speaker 3>up in one's daily workplace, but they're twice as likely

0:16:25.840 --> 0:16:29.600
<v Speaker 3>to have colleagues, you know, kind of repeat to this

0:16:29.680 --> 0:16:32.920
<v Speaker 3>rhetoric and and make comments around undocumented people. And it's

0:16:32.920 --> 0:16:37.880
<v Speaker 3>a it's a real alienating experience for them, regardless, immigration

0:16:38.040 --> 0:16:39.800
<v Speaker 3>is a part of their story in some cases their

0:16:39.840 --> 0:16:44.160
<v Speaker 3>second generation or third generation Hispanic and Latinos, and you know,

0:16:44.160 --> 0:16:47.720
<v Speaker 3>it is something that especially an election year, it's something

0:16:47.720 --> 0:16:50.840
<v Speaker 3>that is they're acutely aware of, right because they know

0:16:51.000 --> 0:16:53.160
<v Speaker 3>that the rhetoric is going to continue to bubble up

0:16:53.160 --> 0:16:53.960
<v Speaker 3>in the coming quarters.

0:16:54.120 --> 0:16:57.000
<v Speaker 4>Really appreciate you joining us. That's Lena Urban, CEO of

0:16:57.120 --> 0:16:57.560
<v Speaker 4>Cooke wal