African-American Advisors Should Not Give Up on the Profession

And even as the number of African-American advisors entering the profession may have fallen or stagnated, studies have also shown that African-Americans have become more confident about their financial futures, and they have a growing need for financial advisors, “so there is a supply/demand gap here that needs to be filled,” Raiford says. “The profession also needs young people to take on the clients of older peers who have already exited the profession or who will be exiting, and to service newer potential clients that need advice.”

Granted, those who are new to the profession and who have not yet gotten a strong foothold in it face far greater challenge today than they would have some years ago. Tapping into the affluent market and creating a client base that can then serve as a platform to both run a profitable business and reach out down the ranks to other clients is not easy, Raiford agrees.

Still, he urges young advisors–particularly African-American advisors–not to give up, but to give the profession a fair shot and the time it takes to get off the ground. He advises new and potential financial advisors to listen and learn all they can, and to draw inspiration from the stories and experiences of their older peers, many of whom are not only ready to hand over the baton, but also to nurture and cultivate future professionals, so that they can then concentrate their efforts on the broader community needs of the less affluent.