How Black-owned fintechs are closing the racial wealth gap
Minority-owned firms have a more challenging road to land funding, without which firms are unable to reach the next level of growth or attract the intellectual capital needed to take on competitors.
February 22, 2021 2 MINS
Wells Fargo chief executive Charles Scharf created a firestorm on Twitter late last year for blaming diversity issues at his firm on a shortage of minority talent. He later apologized, but the comments highlight the challenges minorities face in wealth management.
A lack of representation can make it difficult to build business relationships and is often compounded in the tight-knit world of venture capital. Black and Hispanic certified financial planners represent just a fraction of total financial advisers making up 3.8% of the industry’s more than 87,000 accredited professionals, according to the CFP Board, the industry body that sets the standards for industry professional