Success The Top Financial Advisor Spotlight
The Investopedia 100 celebrates financial advisors who are making significant contributions to critical conversations about financial literacy, investing strategies, life-stage planning and wealth management. With more than 100,000 financial advisors in the U.S. The Investopedia 100 spotlights the countrys most engaged, influential, and educational advisors.
The Best And Brightest Black Professionals In The Financial Services Industry
The Black Financial Advisors Network supports the recruitment and retention of the best and brightest Black professionals in the financial services industry. Our mission doesnt end there we also are dedicated to helping you develop your career and grow your business with the support of accomplished advisors just like you. Guided by a spirit of excellence and a client-first approach, the network is committed to contributing to the long-term success of Black advisors and Raymond James.
Top 100 Advisor For 2021 & #1 Black Financial Advisor In The Sf Bay Area
William started Bay Street because he realized that black financial advisors with systematically blocked from institutional asset management opportunities due to the exclusionary due diligence criteria that kept high-performing black financial advisors from having the access to provide financial plans and financial services to businesses. Portfolio management with a focus on clean energy is his subject matter expertise and diversity across the investment professional community is his mission. His goal is to support African American Financial Advisors and women financial advisors working as registered investment advisors that are looking to provide professional financial planning and wealth building services to their community. Bay Street provides an infrastructure for professionals looking to create financial solutions for their clients and their community.
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A Full Range Of Resources To Support Your Practice
Your partner is the backbone of your business, where you can go for technology, support, and tools to help you manage your business efficiency. With LPL Financial, youll have access to experts in succession planning, financial solutions, practice management, and more.
The unique service options offered through LPL Business Solutions provide you with dedicated, trained specialists in technology, marketing, finance, and operations to save you time and help grow your practice.
Cooperation Is The Conviction That Nobody Can Get There Unless We All Get There
The ASSOCIATION OF AFRICAN AMERICAN FINANCIAL ADVISORS was created to address the needs and concerns of African American Financial Professionals. AAAA is a non-profit membership organization for African American financial advisors and affiliated professionals. We work in alliance with academic leaders at HBCUs that support financial planning degree programs, legislative and regulatory bodies, financial services firms and consumer interest organizations. AAAA fosters the value of financial planning and advances the financial planning profession.
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Finding A Black Financial Advisor
The Association of African American Financial Advisors, a non-profit membership organization for Black financial advisors and affiliated professionals, has a tool called Find a Financial Advisor. You can utilize this tool in searching for a financial advisor that will suit your needs, whether you are looking for someone to help you with insurance, financial planning, inheritance, taxes, or investment management.
If you cant find a Black financial advisor within your area, you may opt to have virtual consultations to widen your search.
Most financial firms also post the names, details, and credentials of their advisors. A Google search may help you gauge whether there are Black financial advisors near you or whether they can assist you with your unique needs.
The Value Of Being An Lpl Financial Advisor
“One of the strongest and biggest reasons Ive had an LPL advisor for 33 years is the independence that LPL offers to me. While the technology and support that I receive is second to none, it is the ability for me to be totally independent that offers me the greatest benefit in serving our clients. Being free to operate my practice the way I feel is best, and to be able to bring best in class services and products to our clients, is a true benefit of being an LPL independent advisor.”
Lee V. Bethel – President , Comprehensive Benefit Services Inc. CLU®, CHfc®, REBC®RHU®, ChHC®, CAP®, AIF® CPFA, CASL®, CP®
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Introducing The Association Of African American Finacial Advisors
The Association of African American Financial Advisors was created to address the needs and concerns of African American Financial Professionals. The Association of African Americans Financial Advisors is a non-profit membership organization for African American financial advisors and affiliated professionals.
They work in alliance with academic leaders at HBCUs that support financial planning degree programs, legislative and regulatory bodies, financial services firms, and consumer interest organizations. AAAA fosters the value of financial planning and advances the financial planning profession, especially for the African American community.
Ology For Selecting The Top Financial Advisor & Financial Services
Investopedia’s methodology focuses on awarding financial advisors who have demonstrated a top-of-the-industry ability to reach the largest and most diverse financial and investing audience. That reach is measured by the impact and quality of the advisor’s published work, public appearances, online following, and commitment to financial literacy across diverse communities. Peer-to-peer nominations are also used to determine the advisor’s influence and reach.
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African American Financial Planners Play A Big Role In The Racial Retirement Crisis
National Institute on Retirement Security published Race and Retirement Insecurity in the United States in 2013 highlighting racial disparities in retirement readiness. At that time, I wrote a blog post entitled African American retirement divided we fall. I believe that I have unique insights into this plight. None of my blood family had any specific education in retirement planning. They were not blessed with a transfer of wealth from their parents. In fact, they were happy to have survived Jim Crow!
Fortunately, my parents were blessed to both have pensions from the firms they work for, along with Social Security. Some of their family members were not so blessed and never received a Social Security check for the years they had worked.
Many Black people are aware of the higher mortality rates for Blacks and figure, Why should I save? If I make it that long, Ill collect Social Security! This is further cemented in their minds as we see so many high-profile cases of violence against black men.
All of our futures are uncertain. My dad made it to 83 his brother to 90. The majority of their family died in their 50s or younger! For that reason, its wise to believe theres a chance you will live to see a day where you wont be working. Depending upon your level of wealth, you may call that financial freedom or retirement!
Consistent Compensation With No Barriers
One benefit of being an independent financial advisor and business owner is the compensation you earn for the value youve created for your clients. We respect your hard work and, because our success depends on yours, we support you in realizing the highest possible value from your business.
Our size and scale allow us to provide competitive payouts, pricing, and fees, with the ability for you to retain more of the revenue you generate.
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Recognizing Investopedia’s Best Black Financial Advisors
Investopedia just announced the Top 100 Financial Advisors for 2021. This year, two black-owned firms in California made the top 100 list. Bay Street Capital Holdings, led by William Huston & Ekenna Anya-Gafu. Both are black investment professionals. Gen Next Wealth, led by Emlen Miles, a black investment professional based in Madera California was also highlighted on their website for investment advice and business resources. Bay Street Capital is one of the few SF Bay Area firms led by a team of African American Financial Advisors.
Why Finding A Black Financial Advisor Matters
Braxton says some of her Black clients have expressed that a Black advisor may better understand small cultural nuances that could have big economic impacts.
That adds a degree of trust, that they understand where youre coming from, will listen to you and then make suggestions according to that deep understanding, Braxton says. Often clients may wonder, Who can help me? Theres not a lot of Black advisors, and there arent white advisors who understand whats going on with me.
For such a client, the embedded trust and familiarity of having a Black advisor could mean the difference between seeking out financial advice and forgoing it. However, Braxton makes clear that this cant be a blanket statement.
I also know that there are Black clients who may not prefer a Black advisor, she says. They just want to be served well like any other client would be served.
So the argument, she says, isnt necessarily that we need more Black CFPs because thats what Black clients are looking for. We need more Black CFPs so clients have options for any preference they may have when they start looking for an advisor, she says.
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My Path To Felton & Peel
There are many elements that conspired to lead me to where I stand today, but the most important of these is my upbringing. My great Uncle was probably one of the most successful people I knew. He was an accountant, so I wanted to be one, too. Luckily, I was naturally good at numbers and became the youngest in my family to become the all-time banker in Monopoly .
When I look back on my youth, there are many times where the ball could have bounced the other way, and I could very well have taken a different path in life. Both of my parents passed away before I was six years old, and so I went to live with my grandmother, a move that was paramount to the man I am today. A lot of people stepped up to help raise me, from family, friends, church, and community. It really took a village to raise a young black parentless child in the inner city of Queens, NY.
I feel that the more successful that I am in life, every single person that participated in my upbringing deserves a huge nod of thanks, as this is their success, too. The more financially able I am, it brings me a great sense of peace to be able to pay it forward, and give back in as many different ways as possible to the community that remains my bedrock.
Announcing The Most Influential Advisors Of 2021
The past year has been one of the most challenging in recent memory. It has also proven, yet again, that financial advisors are more important than ever. The need for sound financial advice, planning, investing education and literacy are critical as millions of Americans try to regain their footing following the pandemic. Financial advisors have stepped up to that challenge like never before, and have been key guides along that educational journey.
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What Is The Historical Performance Of American Investment Advisors
Neither the SEC nor FINRA tracks portfolio performance metrics for the financial planning industry. As a result, unlike hedge funds, there is no historical performance for any financial advisory firm. Financial plans and investment portfolios are always unique to the client’s personal financial situation.
Having A Hard Time Finding A Black Financial Advisor Heres What You Need To Know
Apr 18, 2022 | Finance
Black Americans lag behind the whole US population, particularly whites, in financial well-being. And one major factor why this is the case is the racial gap in financial literacy.
In a 2018 study by Financial Industry Regulatory Authority , Blacks got an average of 38% on the studys financial literacy questionnaire, while white Americans got 55% on average.
Among areas of personal finance, insuring is the least understood by Blacks. Insuring is followed by investing, comprehending risk, and identifying information sources.
On the other hand, they scored high in personal finance knowledge on borrowing and debt management. According to the same report, Blacks are also less financially resilient than white Americans.
This disparity in financial literacy is exacerbated by the fact that there are only a few Black financial advisors.
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Raising The Number Of Black Financial Advisors
How can this be fixed?
To attract more people of color to join the financial advisory industry, more programs, classes, and courses must be offered at schools to entice students to consider financial planning as a career path.
Financial firms must be more serious about adopting an inclusive mindset when hiring. An inclusive perspective would entail revisiting their requirements and preferences in new hires.
For example, most firms prefer candidates who already have a strong network of clients. However, it is worth noting that most firms only take new clients with investable assets worth between $250,000 and $500,000. Most Blacks net worth and income do not fall between these figures.
Youre Our First Priorityevery Time
NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance.
We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
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Hear Directly From Our Leaders & Advisors
Starting out as an advisor and working my way through our Branch Leadership Program, the firm has created a pathway for the future positioning leaders like myself to assume the highest roles of field leadership.Joel Coleman,
No one can tell the story of the Black/African-American advisor experience at Wells Fargo Advisors than our own Market Leaders and Advisors. Learn more about their experiences in their own words.
Attend Diverse Recruiting Events To See Our Commitment In Action
We host a variety of events designed to help diverse advisors understand what working with Wells Fargo Advisors will be like for them and for their clients. Events are held both virtually and in-person, and cover important topics such as:
- How important is compensation, culture and community? Are YOUR needs being met?
- How will your business look in 10 years? Are you positioned for the changes ahead?
- What are your clients asking for? Do you have all the necessary resources to meet their growing needs?
- How do you know when it’s time to consider a move? What’s your process in choosing the right firm?
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African American Financial Planning Professionals Offer Trustworthiness
Its hard to trust something you dont understand. One survey noted a major barrier to maximizing defined contribution participation is the lack of education about how these plans work. My experience with an African American woman, who works for a nationally known hospital illustrates this point. For about a decade she had invested her 401 money in a money market. She trusted my counsel to invest in a balanced stock and bond portfolio. On a separate occasion, I discovered she didnt even know what a stock or bond was.
How do we ask people to trust and invest their hard-earned money if they dont understand the building blocks of 401 investments?
Many African American youths tend to look to sports and entertainment as a way to become wealthy. Unfortunately, high income does not always translate into wealth. Many whove achieved great incomes have lost them because they had no education on evaluating the risks of their spending or investments.
It infuriates me, every time I hear of another story of an athlete who has been taken advantage of by a financial professional. Many of the people came recommended by someone who mightve been well-meaning, but was incapable of properly vetting their expertise, and if they were worthy of trust.
What about their friends who were not so lucky to be physically gifted. If their high school, church, or college didnt teach them, where will they learn? Who will teach them?
The Flexibility To Run Your Business Your Way
With LPL, you have the freedom to manage your business and relationships in the way thats best for your business. Because we have no proprietary products, you have the flexibility to manage portfolios and assets.
You and your clients can feel confident that their best interests always guide your financial advice. Our investments in advisor-focused technology mean you get to spend more time advising clients and less time on ine-cient software.
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Cfp Board Gets First African American Board Chair
Kamila Elliott, the new board chair, is president and partner of the Washington, D.C.-based RIA Grid 202 Partners.
The Certified Financial Planner Board of Standards has appointed its first African American board chair.
Kamila Elliott, whos taking over as chair of the board, has been a certified financial planner since 2013 and is currently president and partner of Grid 202 Partners, a Washington, D.C.-based registered investment advisor firm, according to the CFP Board. She previously worked with ultra high net worth individuals, endowments and foundations, as well as with universities, hospitals and other charitable organizations at Vanguard, the organization says.
Elliott had also supported financial advisors at Dimensional Fund Advisors, according to the CFP Board.
In addition, Elliott is on the Philadelphia-based Investment Committee for Women Against Abuse and a member of the Association of African American Financial Advisors, the organization says.
Elliott has been spearheading the drive toward racial equity: She was one of the authors of a report released by Abacus Wealth Partners urging financial firms to consider working pro bono with Black families in a bid to close the wealth gap, as reported.
To that end, Elliott herself is an active volunteer on the Internal Revenue Services Volunteer Income Tax Assistance program, according to the CFP Board.
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