Onyx is a Black-founded platform that wants to help the next generation of BIPOC financial advisors advance their careers.

Onyx is a Black-founded platform that wants to help the next generation of BIPOC financial advisors advance their careers. YPulse’s fintech report found that 69% of BIPOC young consumers trust financial advisors. But the industry is “overwhelmingly made up of older White males.” According to research from the Certified Financial Planner Board of Standards, 47% of financial advisors are over the age of 50, 83% are White, and 75% are male. But the demographics of wealth are shifting, with women controlling over a third of household assets, and while Federal Reserve data shows that White families hold the majority of wealth in the U.S., wealth for Black and Hispanic families are “growing at a faster rate.” But a new platform is attempting to support a new wave of diverse financial advisors to assist marginalized communities. Founded by Dasarte Yarnway and Emlen Miles-Mattingly, Onyx charges $549 per month for a subscription service that allows financial planners to access technology and business services including data storage, archival and customer-relationship management tools, and compliance help. The two are hoping their venture will save new financial advisors $10K a year in costs and are hoping to create a network to provide mentorship. Their goal is to have 100 members by the end of this year. (Fast Company)