In a few months, there should be an all-new networking group for advisors of color to share best practices, network, and otherwise help each other's careers in a largely white industry.
George Clarke of Silver Spring, Maryland, is putting the finishing touches on the charter of a group he calls the National Association of Minority Retail Registered Representatives and Financial Advisors.
The group will reportedly roll out in the next few months.
Clarke knows firsthand the value of cooperation in the industry. He previously worked at Edward Jones and then spent five years with J.P. Turner, only to leave that firm -- and his book -- in 2007.
Since then, he's slowly been rebuilding his business back to an AUM of around $1 million as an affiliate of W.R. Rice.
The group looks like it will have a somewhat broader umbrella than the existing Association of African American Financial Advisors, which doesn't publicize the number of members it currently has.
In theory, Clarke's group could reach out to Asian and Latin advisors as well.
As yet, it looks like the acronym for the group will be NAMRRRFA. Just a suggestion to save my typing fingers: since most registered reps are happy to call themselves "advisors" these days, how about just NAMFA?