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Black Wealth Managers
As the racial wealth gap continues to widen in the United States, the need for financial advisors and wealth managers who understand the unique challenges faced by the Black community has never been more pressing.
Across the country, a growing number of African American financial advisors and Black wealth managers are stepping up to fill this critical role, providing expert guidance and support to help their clients build and preserve wealth.
These financial professionals offer a range of services, from investment management to retirement planning, and are united by a shared commitment to promoting financial literacy and empowerment in Black communities. This blog post takes a closer look at the role of African American financial advisors and explores how the Association of African American Financial Advisors (AAAA) is working to advance diversity and inclusion in the financial services industry.
Key Takeaways
- Wealth management is a consultative process where a high-level finance professional tailors a customized strategy encompassing various financial products and services to cater to the needs of affluent clients.
- Black financial advisors and wealth managers offer a range of services, from investment management to retirement planning, and are committed to promoting financial literacy and empowerment in Black communities.
- The Association of African American Financial Advisors (AAAA) is working to advance diversity and inclusion in the financial services industry.
- Notable Black advisors and wealth managers include William Huston, Ekenna Anya-Gafu, Mellody Hobson, Chris Browning, Patrice Washington, Dasarte Yarnway, and Elizabeth Salas Evans.
Disclaimer
The contents of this article are for educational purposes only. They are not intended to be a source of professional financial advice. You will find experts on financial planning, financial management, and real estate here. More on disclaimers here.
What Is Wealth Management?
Wealth management is one of the financial services under investment advisory that incorporates various services in the finance industry in order to cater to the needs of affluent clients.
In a consultative process, the wealth manager derives information about the client and their specific needs. With this information, the wealth manager is able to tailor-make a customized strategy that encompasses a variety of financial products and services for the client.
A wealth manager is a high-level finance professional who helps and offers advice to affluent clients on how to properly manage their wealth, at a fee.
Black Wealth Managers
Black wealth managers, also known as African American financial advisors, are professionals who specialize in providing financial advice and guidance to Black individuals and families, with the goal of helping them achieve greater financial security and build long-term wealth.
How Many Black Financial Advisors are There?
According to a report by the Certified Financial Planner Board of Standards', there are 4,196 certified financial advisors in the United States who identify as Black or Hispanic.
This under-representation highlights the need for greater diversity and inclusion in the financial services industry.
Who is the First Black Financial Advisor?
LeCount R. Davis, is the first African American to earn the Certified Financial Planner (CFP) designation, and he founded the Association of African American Financial Advisors (AAAA), which recently celebrated its 20th anniversary, as one of his notable achievements.
Notable Black Wealth Managers
Here are 7 notable Black wealth managers:
1. William Huston
William Huston is the founder of Bay Street Capital Holdings, an independent investment advisory, wealth management, and financial planning firm. He started the company after 13 years of supporting the United States' largest retirement plan ($650B) Thrift Savings Plan.
He is recognized as Investopedia’s Top 100 Financial Advisors for 2021. In California, only two black-owned firms out of nineteen firms received this recognition. In 2021, Bay Street was selected as a finalist out of over 900 firms across the US in the category of Asset Manager for Corporate Social Responsibility (CSR).
2. Ekenna Anya-Gafu
A Certified Financial Planner (CFP) and an Accredited Asset Management Specialist (AAMS), Ekenna offers services that provide comprehensive financial plans to turn wishes into results.
With a rich experience from half-a-decade in the brokerage industry, he sets himself apart among financial planners, and his expertise enables him to function as a unique financial advisor to African Americans.
3. Mellody Hobson
Mellody Hobson is an African American businesswoman and the co-CEO and President of Ariel Investments, a mutual fund company & investment management firm based in Chicago.
In 2020, she was announced as the Chairwoman of Starbucks Corp. She is the first African American woman to be appointed as chairperson of an S&P 500 company.
Mellody is a firm believer and an advocate for financial literacy among African Americans.
4. Marsha Barnes
Marsha Horton Barnes is the founder and CEO of The Finance Bar, a non-profit organization that provides financial education services. Barnes is a certified financial educator and financial social worker who has been recognized in various publications for her expertise in personal finance.
In 2018, she was named as GoBankingRates' best money expert in the "Building Net Worth" category. Barnes is known for her unique approach to financial counseling, offering advice out of a green 1988 bus, which she converted into a mobile office. Her goal is to provide financial education to those who cannot access traditional offices, including people living in homeless shelters. Prior to starting The Finance Bar, Barnes worked at Wells Fargo & Company (WFC).
5. Dasarte Yarnway
Dasarte Yarnway is the Founder & Managing Director of Berknell Financial Group. Formerly, he served as a running back for UC Berkeley’s football team. The Berknell Financial Group is an independent wealth management firm that uses innovativeness to help professionals within the tech space and founders design and live their best lives.
6. Elizabeth Salas Evans
Elizabeth began her career with Fidelity Investments in 2005. So far, she's held positions with Charles Schwab, TD Ameritrade, Windhaven Investment Management and a small local independent registered investment adviser.
Among the financial services that she offers her clients include: relationship management to high net worth individuals, global trade analyst, research assistant, retirement specialist as well as portfolio management.
Throughout the course of her career, Elizabeth has paid keen attention to matters race, gender equality within the financial service industry, human rights and diversity, environmental stewardship and also consumer protection.
7. Lazetta Rainey Braxton
Lazetta Rainey Braxton is a prominent black wealth manager based in New York City. She is the co-founder and co-CEO of 2050 Wealth Partners, a financial planning and investment management firm that focuses on serving diverse communities.
Braxton is also the founder of the Financial Finesse, a financial education platform that aims to empower individuals to take control of their financial lives. With over two decades of experience in the financial industry, Braxton has been recognized as one of the leading voices on diversity and inclusion in finance.
Break Barriers
Black wealth managers are a growing force in the financial industry, bringing diverse perspectives and experiences to the table. Despite the uphill battle they face, these professionals are making a significant impact on their clients' lives and paving the way for future generations.
As the demand for diversity and inclusion in the financial sector continues to grow, we can expect to see even more Black wealth managers rising to the top and shaping the industry in new and exciting ways.
Bay Street Capital Holdings
Bay Street Capital Holdings is an investment advisory and wealth management firm based in Palo Alto, California. They aim to increase total assets and income while prioritizing the management of total risk and volatility, unlike other advisors who primarily focus on maximizing returns.
Our founder, William Huston founded Bay Street after 13 years of supporting the United States' largest retirement plan ($650B) Thrift Savings Plan. He is recognized as Investopedia’s Top 100 Financial Advisors for 2021. In California, only two black-owned firms out of nineteen firms received this recognition.
In Scottsdale Arizona, Ekenna Anya-Gafu CFP, AAMS is recognized among the Best Financial Advisors for his responsiveness, friendliness, helpfulness, and detail. Bay Street was founded to advocate for diverse and emerging fund managers and entrepreneurs.
In 2021, Bay Street was selected as a finalist out of over 900 firms across the US in the category of Asset Manager for Corporate Social Responsibility (CSR).
Sources
https://paychecksandbalances.com/
https://www.nerdwallet.com/article/finance/8-african-american-financial-gurus-to-follow-in-2020
https://patricewashington.com/about/
https://wealthfit.com/expert/marcus-garrett-rich-jones/
