How to Locate a Black Financial Advisor

Braxton indicates that some of her Black clients feel that a Black advisor might comprehend minor cultural nuances that could have significant financial implications.

“This creates a level of trust, as they understand your perspective, will pay attention to you, and provide advice based on that deep understanding,” mentions Braxton. “Clients often question, ‘Who can assist me? There are few Black advisors, and white advisors might not grasp my situation.’”

For some clients, the inherent trust and familiarity of working with a Black advisor could determine whether they seek financial advice or not. However, Braxton stresses that this isn’t a universal statement.

“I also recognize that there are Black clients who may not prefer a Black advisor,” she explains. “They simply want to receive good service like any other client would.”

Therefore, she argues that the necessity for more Black CFPs is not because that’s what Black clients seek. Instead, we need more Black CFPs to offer clients a range of options based on their preferences when selecting an advisor.

As the number of Black CFPs increases, their influence on families and communities seeking financial guidance expands, as stated by CFP Board CEO Kevin R. Keller in a prepared statement.

“At CFP Board, we strongly believe that a diverse and inclusive profession will enhance the quality of financial advice and contribute to a more just society. Our vision is a financial planning profession that mirrors the diversity of our nation.”

Chris Woods, a member of the Financial Planning Association, emphasizes that finding a Black advisor does not mean compromising on qualifications or personal preferences. Be it a specific designation like CFP, registered investment advisor, broker-dealer, or other criteria such as experience, payment model, etc., Woods assures that there are Black advisors who meet these requirements.

Woods, a certified financial planner, states, “Qualified Black financial advisors are widely available. It’s just a matter of individuals actively seeking the right advisor for them.”

To locate a Black financial advisor, the first step is to utilize the Association of African American Financial Advisors’ Find a Financial Advisor tool. By entering your contact details, ZIP code, and specifying any desired specialties (like financial planning, insurance, investment management, etc.), you can begin your search.

A standout feature of this tool is the “Virtual Advisement” option. If no Black financial advisors are available in your vicinity, you can select the Virtual Advisement checkbox to access a list of Black advisors who offer virtual meetings. This innovation in financial planning can break down geographical barriers, enabling clients from different locations to receive advice conveniently.

Moreover, it’s increasingly common for financial firms to provide pictures, bios, and details about the demographics their advisors typically serve. When reviewing advisors, reach out to the firm for information on these aspects

Additionally, consider exploring financial planning networks and firms that prioritize diversity, equity, and inclusion.

Highlighting the significance of white allies considering Black advisors, Braxton encapsulates it in one word: intentionality.

Braxton underscores the need for intentional effort and stepping out of comfort zones when seeking service providers beyond familiar options. She acknowledges the positive impact when white clients actively choose to work with Black firms for social change.

By supporting Black businesses, you not only contribute to social impact but also gain access to diverse perspectives and top-tier financial expertise that you might miss by sticking to conventional choices.

It’s crucial to broaden your search and consider engaging with a Black financial advisor to enrich your financial planning experience beyond traditional norms.