Wealth managers to launch Onyx platform for minority advisors

What do you want to know

  • The Onyx Advisor Network will provide minority advisors looking to start their own RIA with a community of like-minded advisors.
  • The new network will also provide access to compliance solutions, custodians, coaching development resources and other technology resources.
  • It will be launched in January.

The founders of two minority-run California RIAs have joined forces to create a new support platform they say was designed to help historically underrepresented counselors start, scale and sustain their own practices.

the Onyx Advisor Network will launch in January and will provide minority advisors looking to start their own RIA with a community of like-minded advisors and access to compliance solutions, custodians, coaching development resources and various other technology resources, a said Onyx.

Onyx was created by Dasarte Railway, founder and managing director of Berknell Financial Group in Sacramento, and Emlen Miles-Mattingly, founder and CEO of Gen Next Wealth in Madera. Yarnway was also one of the judges for ThinkAdvisor’s new LUMINAIRES recognition program this year.

As financial advisers who intimately understand the challenges faced by minority advisers, Yarnway and Miles-Mattingly are “in a unique position to create a platform” for advisers “who have had limited access to important management resources. firms and technologies that have proven to drive growth and success. in the consulting profession,” Onyx said in its Tuesday announcement.

“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,” according to Yarnway.

But “systemic inequalities have left these advisors feeling isolated – lacking the networks, tools and resources to build successful businesses,” he said in a statement. “We’re here to ‘change the play’ and get underrepresented councilors off the island by tapping into a powerful network that will level the playing field.”

Advisors who join the new network will pay a flat monthly fee for membership and will have access to a discounted rate to attend the annual Onyx Advisor Conference, which Onyx says will be specifically designed for Advisors of all identities to collaborate and connect. develop, while learning from the industry. experts.

Dolores W. Simon