SACRAMENTO, Calif.--(BUSINESS WIRE)--The Onyx Advisor Network (Onyx), a comprehensive entrepreneurial support platform for minority-led financial advisory firms, today announced its impending launch in January of 2022. The network is focused on helping historically underrepresented advisors start, scale, and sustain their practices by providing them with a community of like-minded advisors, and access to compliance solutions, custodians, coaching development resources, and several other technology resources – all at a discounted subscription cost.
Co-Founders Dasarte Yarnway, Founder of Berknell Financial Group, and Emlen Miles-Mattingly, Founder and CEO of Gen Next Wealth, have joined forces to change the complexion of wealth management with the Onyx platform. As experienced financial advisors who intimately understand the specific struggles faced by minority advisors, Yarnway and Miles-Mattingly are uniquely positioned to build a platform designed to uplift advisors who have had limited access to the important practice management and technology resources proven to foster growth and their success in the advisory profession.
“Advisors of color, women, members of the LGBTQ+ community and other marginalized groups work tirelessly every day to support the financial lives of their clients. However, systemic inequities have left these advisors feeling isolated – lacking the networks, tools, and resources needed to build successful businesses,” said Yarnway. “We are here to ‘change the room’ and to empower underrepresented advisors to get off the island by tapping into a powerful network that will level the playing field.”
Partnering with a robust set of industry partners, Onyx will provide a bundled technology stack to help minority advisors effectively run their practice. Onyx will offer an investment management solution – the “Onyx Model Portfolios” – leveraging the model portfolio expertise of leading asset manager Vanguard. Network advisors will have an option to purchase additional technology at a discount from Altruist, MessageWatcher, Envestnet|MoneyGuide, RightCapital, Synergy RIA Compliance Solutions, and Wealthbox. Onyx’s technology partners will enable advisors in the network to create financial plans, schedule meetings, log client events, automate mid and back-office tasks and more.
Onyx advisors will pay a flat monthly fee for membership, and will have access to a discounted rate to attend the annual Onyx Advisor Conference – designed specifically for advisors of all identities to collaborate and grow, while learning from industry leaders.
"The wealth gap in America has never been wider. To change the face of wealth, the financial services industry must better reflect the make-up of our country. You can see it plainly in the data, showing that over 70% of advisors are men, and 80% of them are white,” said Miles-Mattingly. “In creating the Onyx platform, we will provide access to millions of individuals and families in minority communities who want to build generational wealth but lack the knowledge, relationships, and tools that have traditionally been difficult to access.”
“The Onyx Advisor Network is a brilliant platform that changes the RIA space for the better by empowering minority financial advisors with the tools and technology needed to succeed in the industry,” said John Rourke, CEO of Wealthbox. “I am incredibly impressed with the network Dasarte and Emlen have built and honored to work alongside them in support of their mission.”
The name of the network is inspired by the onyx stone, known for its diverse color variation and unique veining patterns, symbolizing the Onyx Advisor Network’s primary objective: to help underrepresented advisors gain competitive advantage in the industry. To sign up for updates from Onyx preceding its official launch and to learn more about membership and other developments, visit onyxadvisornetwork.com.
The Onyx Advisor Network is the support platform for minority-led firms that will help underrepresented advisors start, scale and sustain their practices. Founded by Dasarte Yarnway and Emlen Miles-Mattingly, Onyx’s mission is to change the complexion of wealth by providing minority advisors with the entire suite of resources needed to empower their clients to build wealth and scale their businesses. Services include compliance solutions, custodial access with waived minimums, community and coaching, and access to leading industry technology. Follow us on Twitter and LinkedIn.