Association of African American Financial Advisors Announces New Leadership

 Association of African American Financial Advisors Announces New Leadership

WASHINGTON, PRNewswire -- The Associationof African American Financial Advisors (“AAAA” or the “Association”), a non-profit
membership organization for African American financial advisors and other wealth management industry professionals, announced the appointment of Alex David, President and CEO of Stifel Independent Advisors, as its incoming Chairman Emeritus. In this position, Mr. David will provide strategic guidance to the Association as it embarks
upon the next stage of its vision for driving a more equitable wealth management industry.

The appointment of Mr. David to this role is occurring in connection to the decision of the Association’s Founder LeCount Davis, MBA, CFP®,
a widely recognized wealth management industry pioneer, to eventually transition to a chief advisory role. He will remain Chairman Emeritus and a member of the AAAA Board of Directors in 2023. Christian Nwasike,
MFP®, will continue to serve as Chairman of the Board, providing day-to-day leadership of the Association. Mr. Nwasike is also principal and executive managing partner with Practice Management Consultants, LLC, a consultancy focused on coaching African American financial
advisors to achieve greater business growth and success.

New Strategic Initiatives to Drive Greater Representation “Our ability to create impactful change across the wealth management space is embedded in the Association’s incredibly strong foundations that were principally built by LeCount Davis,” said Mr. Nwasike.

Related to its leadership transition, the Association is in the process of building out a multi-racial Advisory Board of C-suite leaders across the wealth management space, part of a larger initiative to develop new programs to advocate for additional Black and diverse C-suite leadership while supporting young Black professionals seeking opportunities in the financial advisory space. It will further engage with the Black community to enhance financial education and address the racial wealth gap
in the United States.

By the Numbers

According to industry statistics, while there are approximately 700,000 financial advisors serving communities across the country, there are only 60,000 Black Series 7 and Series 65 license holders and IARs, or 8% of
the total advisor population. The most recent U.S. Census data suggested the Black and African American communities represent about 14.6% of the U.S. population.

Working with Historically Black Colleges and Universities,
Top Firms

Additionally, AAAA plans to intensify its work with historically Black colleges and universities, including Howard University, Morehouse College and Spelman College, to increase awareness of this profession with graduates and young professionals so to immediately address the Black advisor shortage. The organization will also strengthen its partnership with top firms Wells Fargo, Merrill, J.P. Morgan & Co.,
and Edward Jones.

“According to independent research, the Black community is spending close to $2 trillion per year,” said AAAA Board Member Alleson Tate CFP®. “Our membership has dedicated their professional lives to
helping their clients build and sustain their financial well-being.”

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