Alex David, CEO of Stifel Independent Advisors has been named incoming chairman emeritus of the Association of African American Financial Advisors, a non-profit membership organization for African American financial advisors and other wealth management industry professionals.
David will oversee the next stage of the associations’ efforts to encourage more African American advisors to join the industry and a more equal availability of services to underserved communities.
The appointment is being made in conjunction with the eventual transition of the association’s founder and current chairman emeritus, LeCount Davis, a widely recognized financial industry pioneer, to a chief advisory role of the association. Davis will remain chairman emeritus and a member of the association’s board of directors for 2023.
“AAAA is positioned to amplify our voice and influence in helping to reshape the industry to be more reflective of our modern-day society because of the remarkable work of LeCount, who is truly a trailblazer for the Black financial advisor community,” Christian Nwasike, the association’s chairman of the board, said in a statement. Nwasike is principal and executive managing partner with Practice Management Consultants, a consulting organization focused on coaching African American financial advisors to achieve greater business growth and success.
“Building upon LeCount’s lifetime of work, we will take bold and collaborative actions to develop solutions to problems of financial literacy, wealth inequality and other issues of immediate relevance to Black communities across the country,” Nwasike continued. “During this period of leadership transition, we remain fully committed to preserving our legacy while producing the best possible outcome for our members.”
The association is in the process of creating a multi-racial advisory board of C-suite leaders across the wealth management industry, which is part of a larger initiative to develop new programs to advocate for additional Black and diverse C-suite leadership, the association said.
Another focus of the association is to support young Black professionals looking for opportunities in financial services. It also will work to close the racial wealth gap, the association said.