“Where else will you find a community where people look, feel and sound like you?” said Emlen Miles-Mattingly, explaining the inspiration for the Sacramento, California-based Onyx Advisor Network, which he co-founded.
The fintech company, expected to launch in April, was designed to meet the needs of underrepresented entrepreneurial-minded advisers. Onyx wants to attract not only people of color, women, and LGBTQ+ persons, but also others who feel disenfranchised, Miles-Mattingly said.
These advisers often experience limited access to important resources, due to the high costs associated with practice management technology and the high AUM requirements to receive custodial services. They also feel isolated.
Onyx will offer access to compliance solutions, custodians, coaching, and other technology at a discounted subscription cost – plus a badly-needed supportive community.
“There aren’t tons of [diverse] advisers you can go to for help, whether for startup or practice management advice,” said Miles-Mattingly. Earlier in his career, he found that he needed to form his own informal group of minority advisers to share information and struggles.
“You can find affinity groups of all kinds, but without a package of services plus a community,” he said. “We want to help you be in business for yourself, but not by yourself.”
Contact Emlen Miles-Mattingly, co-founder, at Emlen@onyxadvisornetwork.com to learn more about its diversity, equity and inclusion initiatives.