The 7th Annual Conference for African-American Financial Professionals, organized by MetLife and the American College in Washington, D.C., was by far the most well attended meeting since the event’s inception.
But this doesn’t mean that the number of African-American financial advisors has increased. On the contrary, says Dwight Raiford, senior financial planner and financial services rep for Raiford, Roman & Associates, an office of Metlife, the number of advisors in general has been steadily declining, and the drop is even more pronounced in the African-American segment of the population.
“Naturally, the economic cycle has made it much tougher to make money in this business, and if you’re just starting out, the last few years have been very daunting,” Raiford says. “But I believe that there’s no greater time for opportunity in this business than now because the fact of the matter is that in tough times, people need advice more than ever.”