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Onyx Subscription Service for Minority Advisors to Launch May 9

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What You Need to Know

  • The Onyx Advisor Network for minority advisors will officially launch May 9.
  • For $549 a month, advisors get access to a bundle of tech offerings including Altruist and Envestnet
  • MoneyGuide.
  • Members also get discounted rates from service providers like Carson Coaching and Snappy Kraken.

The Onyx Advisor Network for minority advisors will officially launch May 9 after a “soft launch” that it said Thursday started in December and continued through the first quarter of 2022 with a small group of diverse advisors.

The beta group of advisors included Meg Bartelt, Marguerita Cheng, Samuel Deane, Leighann Miko, Chloé Moore, Anna N’Jie-Konte, Michael Policar, Chelsea Ransom-Cooper, Luis Rosa, Shawn Tydlaska and Tremaine Wills.

They helped to “stress test” the subscription-based platform and provide feedback on its offerings, Onyx said.

The support platform for underrepresented financial advisors, first announced in December, costs $549 a month. Advisors who join can opt to be billed monthly or annually. It is open to advisors of color, women, members of the LGBTQ+ community, and anyone else who “feels marginalized by the financial services industry,” Onyx said.

As part of the subscription, advisors will receive access to a bundled technology stack, including Altruist, MessageWatcher, Envestnet|MoneyGuide, RightCapital, Synergy RIA Compliance Solutions and Wealthbox, Onyx said Thursday.

Network advisors will have the option to invest client assets in “Onyx Model Portfolios” including models created by Vanguard or Alpha Architect that won’t overlap with each other, according to Onyx.

In addition to the cost savings it said is offered by the monthly subscription, advisor members have access to preferred rates at Onyx’s supplemental partners, including Carson Coaching, Encorestate, Holistiplan, the National Association of Personal Financial Advisors, Shaping Wealth and Snappy Kraken, with other firms to follow, Onyx said.

Members of the network will also receive a discounted rate to attend the first Onyx in-person community gathering at the Future Proof Festival, Sept. 11-14 in Huntington Beach, California.

Onyx was co-founded by financial advisors Dasarte Yarnway and Emlen Miles-Mattingly. Yarnway is also founder and managing director of Berknell Financial Group in Sacramento, while Miles-Mattingly is also founder and CEO of Gen Next Wealth in Madera. Yarnway also served as one of the judges for ThinkAdvisor’s new LUMINARIES  recognition program last year.

(Pictured: Dasarte Yarnway, left, and Emlen Miles-Mattingly)