Commonwealth has been following more than 800 new investors, mostly Black and Latinx women, for over a year in its groundbreaking national pilot project, Transforming Investor Identity, with support from Nasdaq Foundation’s New Investor Initiative, and in partnership with three leading investing platforms Ellevest, Public, and Stash. The insights and actionable guidance that emerge from the pilot will provide the information and tools that platforms need to transform the investing system and make it a more inclusive opportunity for those who have been historically excluded. This inclusivity will also give providers tools to improve customer retention and loyalty among new investors and expand their markets in important ways. 

This is Commonwealth’s second research brief from this national pilot project. This brief examines how social support systems can both help and hinder a new investor’s sense of belonging and offers thoughts on how this presents an opportunity for investing platforms. The first report focused on initial findings about the role of education and engagement in developing early investor identity.