Sixty-two percent of black working-age households have no assets in a retirement account, compared with just 37 percent of white households, according to a 2013 report by the National Institute on Retirement Security. Just 25 percent of black households have more than $10,000 in retirement savings.
And a report released earlier this year by the Federal Reserve Bank of St. Louis found that half of white, Hispanic and Asian households are in the upper half of national wealth distribution, compared with just 25 percent of African American households.
The disparities stem mainly from racial gaps in income, but the study also found that investing differences are key. The research shows that minority households tend to invest in lower-return assets such as housing, and also tend to borrow at high interest rates.
In other words, some of these households could use a good financial planner. And, while that planner need not be African-American, increased diversity in the profession certainly would promote their use.
"There's a word of mouth aspect to it," said Loving. "All the ads you see for financial help on TV show advisers as being part of your family - it becomes very personal. If your social network has fewer of these people, then you aren't as likely to find people who can build these outcomes."
Braxton focuses her practice on bringing financial advice to people like her own parents and others who do not fit the traditional high-income profile for wealth management firms. About half of her clients are African-American.
"I think there may be some hesitancy for African-Americans in seeking advice from other people because some of the stereotypes we face. So they're seeking out people they can let their hair down with. That's important," she said.