As Black History Month draws to a close, the challenges to increase the representation of black CFPs are only growing.

Cerulli Associates reported that less than 4% of advisors in the industry identify as Black. The rollback of diversity, equity and Inclusion (DEI) within the wealth management sector is already leading some firms to step back from the initiative, according to organizations such as the Association of African American Financial Advisors (Quad-A).

In an email, Quad-A CEO Sheena Gray said, “We have seen a noticeable pullback in sponsorship dollars from our firms—not only for Quad-A, but across several sister organizations serving Black advisors and advancing DEI efforts. That shift has real implications for pipeline development and long-term representation.”

Gray declined to identify the corporate partners who have retreated from support or the resultant drop in membership.

“Since 2024, we’ve seen incremental progress in awareness and early-career pipelines, but we have not yet seen structural change in representation,” she added.  “The overall percentage of Black advisors remains disproportionately low.”

Still, Gray noted that about 85% of Quad-A’s partners have renewed ties with the organization and she’s actively cultivating new ones.

On Monday, when Quad-A rang the Nasdaq closing bell during the blizzard in New York City, Gray noted that member advisors walked through the snow or secured nearby hotels to celebrate the organization’s 25th Anniversary.

“That moment reflected the resilience and commitment within our community,” she said.

FA spoke with three black advisors about the challenges they face making it in the industry and their advice for others trying to make their mark during these challenging times. 

Chelsea Ransom-Cooper, CFP, co-founder, Zenith Wealth Partners, New York City:

When I entered this profession in 2016, I was determined to learn the art of financial planning, but I also quickly learned how significantly our community needed people who look like me in wealth management. Starting as an intern at a fee-only RIA before moving to a high-net-worth wealth management firm, I intentionally sought out spaces where I could understand how wealth is built, sustained, and distributed, because I didn’t grow up seeing that modeled.

What followed was an exhilarating and humbling entry point into this profession. Every day felt like drinking from a firehose as I taught myself the fundamentals of the CFP while working with clients in real time. And once I earned my credentials and found my footing, a new challenge emerged: building a client base with no formal sales training, no pipeline or funnel handed to me, and the persistent work of proving myself as a young Black woman serving high-net-worth clientele. But as I learned how to approach and plan for high-net-worth clientele, opportunity became incredibly clear to me.

With Black people making up nearly 14% of the U.S. population but less than 2% of CFPs, the gap between who needs this advice and who’s delivering it is astounding, but it’s also an open door for future Black advisors. My advice to any Black advisor entering or navigating this industry: Your voice is valuable, powerful, and absolutely necessary. The clients who need you most may not get access to empathetic, relatable, financial guidance if people like us aren’t in the room. That truth was my north star when things got hard, and it still is.

Stephen M. Welch, CRPC, CRPS, QPFC, managing partner, director of corporate retirement solutions, Crownmark Wealth Advisors, Atlanta:

As a Black advisor building in this profession, one of the early challenges can be visibility—not necessarily access to opportunity, but access to examples of success that look like you or represent you. There may be fewer leaders who share your background, and that can subtly shape how you see your trajectory or potential.

The work itself, however, does not change.

Clients still seek clarity, steadiness, and trust when decisions carry weight. My advice to anyone entering the business, particularly those who may not initially see themselves reflected in it, is to master the fundamentals: technical competence, preparation, discipline, and the ability to listen well. In the end, clarity and reassurance must be supported by technical competence, just as technical mastery must be balanced with empathy and a genuine passion for serving clients. That balance is what creates durable trust and lasting relationships.

Cindy Wilson, CFP, senior wealth advisor, HB Wealth, Alpharetta, Ga.:

I’ve always worked at smaller firms, and I think that makes a difference. In a small firm, there’s got to be a cultural alignment. And I think I have worked at firms where they have a cultural alignment with who I am. And so my gender, for the most part, hasn’t ever been an issue. My ethnic heritage has not been an issue.

HB has a lot of women in positions of leadership; there are women of color in advisory roles, which, you know, can be rare in the industry.

I do know that that’s not the experience everyone has and that people in larger firms may have a different experience where people are more worried or make assumptions based on their race or gender.

So, if I was going to give advice, sometimes brand name [firms] look good, right? Well-known names can come with really great benefits. But you may not be culturally aligned [with those firms]. So, I would say look at all the places and find not just the place where you can survive; really look for a company where you can thrive.

And if you’re young, kind of getting your first job, it may take you a job or two to figure that out.