Famous Black Financial Advisors

A financial advisor is a professional who helps clients achieve their financial goals, which may involve more than just executing trades. Historically, there have been very few black financial advisors in the United States. Especially in the context of financial literacy gappairing with counselors who you believe understand the pressures on your life is important.

According to a comprehensive review of financial planners in the United States using data from 2017, less than 3.5% of the 80,000 certified financial planners in the United States were black or Hispanic. This number has since grown and now stands at approximately 4,196 Black and Hispanic professionals, an increase of 13.8% from 2020, representing a higher growth rate than other CFP categories.

Key points to remember

  • Historically, there have been relatively few black financial advisors in the United States, although the number has increased since a study published in 2018 caused a stir by revealing that less than 3.5% of the 80,000 certified financial planners in the countries were black or Hispanic.
  • Financial advisor is a broad term, encompassing many different types of professionals, including many uncertified professionals who are not licensed to sell financial products.
  • Given the racial gap in financial literacy, it can be important to engage financial professionals who understand the pressures on the person seeking advice.

Financial advisor is a broad term, encompassing many different types of professionals, including many uncertified professionals who are not licensed to sell financial products. Those on this list offer professional finance-related advice, including informal advisors, and they are not necessarily certified, a process that requires more rigorous training. There are many other notable black financial advisors, and this list is not intended to be exhaustive.

Tiffany Aliché

Known as “The Budgetnista,” Tiffany Aliche runs the Brown Ambition podcast with former journalist Mandi Woodruff. One of Aliche’s books, Get good with moneywas a New York Times Bestseller. She was also nominated for the NAACP Image Award and the first black woman to appear alone on the cover of silver magazineaccording to information from his podcast site.

At the height of the Great Recession, Kretchmer Daycare, where Aliche had worked as a teacher for seven years, lost funding. Around the same time, Aliche fell prey to a credit card scam that left him $35,000 in debt. “I lost everything,” she said. “I ended up moving in with my parents because I couldn’t pay my mortgage anymore and the bank took my house.” After a period of “deep sadness”, Aliche rebuilt herself and started a financial education services business, focusing on “places no one else wanted to go”. She got her first big financial education contract with United Way and would go on to grow her business, garnering the accolades mentioned above.

Financial Education in New Jersey

In 2019, Aliche drafted a bill (Bill A1414) with New Jersey Assemblywoman Angela McKnight that mandated financial literacy instruction in grades six through eight in schools across the country. State.

Chonce Maddox Rhea

Writer, financial coach and certified financial educator, known for her work with Millennials and Gen Z, Choncé Maddox Rhea runs the blog “My Debt Epiphany”.

Prior to being a counsellor, Rhea was a single mother on government assistance. Rhea says her lowest moment came in 2013 when she had to walk through a parking lot for neighborhoods to wash her clothes. After that, she built a career and a life over the next few years while paying off her debts, eventually getting noticed.

Marsha Horton Barnes

CEO and Founder of The Finance Bar Marsha Horton Barnes is a Certified Financial Educator and Financial Social Worker who has been featured in numerous publications. In 2018, Barnes was selected as GoBankingTariffs best money expert in the “Building Net Worth” category.

Barnes is known to offer financial advice from a mobile office in a 1988 green bus, which she told investigators she did in order to seek out people who need financial advice but cannot. not come to find a traditional office, like those living in homeless shelters. His operation is recorded as 501(c)(3) non-profit. Prior to founding The Finance Bar, Barnes worked at Wells Fargo & Company (WFC).

Exantus Ash

Known as “The Financial Motivator”, Ash “Cash” Exantus is an author and the founder and CEO of MindRight Money Management. The company is known for mixing personal finance with music.

Born and raised in the St. Nicholas public housing estate in Harlem, Exantus says he was involved in his “share of mischief” during a time when Harlem was high crime, but “managed to get away with it.” unscathed” because of the people in his life. At nineteen, he began working as a cashier, later becoming a vice president and branch manager at Chase Bank. He retired from the bank at age 30, but suffered financial difficulties and returned to the bank to manage a new box in the Queensbridge public housing estate. Exantus eventually moved into financial consulting.

Patrice Washington

Known as “America’s Money Maven” and known for her television appearances on The Steve Harvey Show, Dr Ozand fox and friends, Patrice Washington specializes in advising black women on their finances. She is also the founder and CEO of Seek Wisdom, Find Wealth. Washington insists that women must pursue purpose rather than money in order to have wealth in all aspects of their lives. She has written several books and she also directs the Redefining Wealth with Patrice Washington Podcast.

Bola Sokunbi

CEO and Founder of Clever Girl Finance, Bola Sokunbi is also a Certified Expert in Financial Education. In 2021, Sokunbi won the 2021 “Financial Education Instructor of the Year” award from the National Council of Financial Educators, with press materials noting that Sokunbi won because she empowers women by providing financial education in a “safe, non-judgmental online community”.

Sokunbi credits her mother, whom she calls a “hustle queen”, for teaching her about finance. After Sokunbi’s father was forced into early retirement due to ill health, it was her mother who paid for her education, using money she had set aside for many years. “Watching my mother make this sacrifice for me was life changing. It laid the foundation for me to be financially successful independent of anyone,” Sokunbi said.

Christopher Browning

Known for his quick advice, delivered in “the time it takes to make a bag of popcorn,” Browning runs the Popcorn financing podcast, where he gives tips on finance and investing. The podcast has won several awards, including Best New Personal Finance in 2018 and the Consumer Excellence Award in Media in 2021. Browning has also been featured in numerous news and financial publications, and he also works as a financial analyst.

Malik S. Lee

A Certified Financial Planner, Certified Portfolio Advisor and Certified Philanthropy Advisor, Malik S. Lee writes occasionally for financial publications and is the founder of Felton & Peel Wealth Management. Lee specializes in creating financial plans for people between the ages of 20 and 30, as well as those at retirement age.

How many financial advisors are black?

There are 4,196 black and Hispanic certified financial advisors in the United States, according to the latest self-reported data available from the Certified Financial Planner Board of Standards.

What percentage of financial advisors are black?

About 23.4% of certified financial planners in the United States are black or Hispanic, according to the latest self-reported data available.

Are there networks of black financial advisors?

Yes, there are networks, including the Association of African American Financial Advisors.

The essential

The number of Certified Black Financial Planners has grown significantly since 2018. Given the racial gap in financial literacy, it can be important to engage finance professionals who understand the pressures on the individual seeking advices.

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