The world of financial services has historically lacked diversity–in gender, age, and race. While we are proud to be an outlier in the industry, with a diverse and talented team of professionals, there is still work to be done.
In honor of Black History Month, we turned to Kobe Bolanos and Manny Essien, two young Certified Financial Planner™ (CFP®) practitioners who are breaking barriers and paving the way for future generations in the wealth management industry.
Their stories are not just about personal achievement; they are a testament to the progress and the challenges that lie in the path of diversity within financial planning.
Earlier this month, the CFP® Board released statistics that showed a 7.5% increase in the number of Black CFP® practitioners in the past year, which nearly doubles the 3.9% overall growth rate for the designation. Still, only 1.9% of the country’s CFP® practitioners are Black.
“It’s very encouraging to see the increase in new African American CFP® practitioners within the past year,” said Kobe. “That being said, the overall number of African American CFP® practitioners is still very small in the industry. Knowing the CFP Board pledged to provide resources for those in need who want to pursue financial advising can change the trajectory of individuals’ lives and their families more than you could imagine. I hope other companies across the industry begin to replicate something similar so they can impact those in their specific communities to attract African Americans to the industry.”
Manny agreed, noting how encouraging it is to see that more people who “look like me and have similar shared experiences are stepping into this space.”
Kobe and Manny are not only breaking racial standards but age standards as well. Less than six percent of CFPs in the country are under the age of 30, and both Kobe and Manny earned their designation by age 25.
“To be a Black, 24-year-old CFP in a world where the average CFP® practitioner is a middle-aged white male underscores what I believe to be my purpose,” said Manny.
“I always knew there was a very small number of those who obtain this certification before 30 and an even smaller number of African American CFP® practitioners, so to be a part of these two groups is something I am proud of,” said Kobe.
Both Kobe and Manny attended Stevenson University, where they began to pursue their path to a career in finance. During their years as students, they saw a surprisingly small number of their peers going down a similar path.
“I just do not believe the financial planning world is something that many African Americans are exposed to,” said Manny. “When someone thinks of the average financial professional, I am not what they picture. So, when you look at a space and do not see many people like you, it can be daunting and a deterrent.”
“I think the reason that very few of my peers pursued careers in finance is that it’s not a career our parents were involved in,” said Kobe. “It’s not something we saw growing up. The lack of exposure of African Americans in the finance industry makes it a harder selling point if you don’t know anyone in the industry. It can be uncomfortable being ‘the only’ in a room.”
When Manny decided to go into finance, he knew the empathy that his upbringing instilled in him would be a trait that helped him excel.
“I was raised to have empathy,” said Manny. “I have emotional intelligence and know how to read the room. Growing up, I often felt like the odd one out or that my thoughts or opinions didn’t matter. I have always wanted people to feel the opposite way with me.
“In meetings, I prioritize really getting to know and understand the client, letting them know that I hear them and I understand their goals. I empathize with whatever they may deem a constraint. When you hear someone’s problems, can empathize with their situation, and understand them as a person, you earn their trust and respect.”
Kobe pursued this career because finance was not something he was raised to understand. He wanted to help those with similar experiences learn what they need to know.
“I had a limited amount of financial literacy growing up and didn’t realize the impact that managing money the right way could have on your life,” said Kobe. “This was not a topic discussed much in my household growing up. I also realized I didn’t know anyone in the industry that looked like me. My goal is to be a resource for those in my community and to help anyone I encounter feel comfortable when they begin their journey to financial freedom.”
For young Black students and professionals aspiring to careers in finance, Manny and Kobe offer invaluable advice:
“Keep going!,” encourages Manny. “Get involved with the financial planning clubs in your school. Be in the know and use your student discounts to subscribe to the Wall Street Journal. Find a professional that may have some of the shared experiences as you and reach out to them. I’ve learned that plenty of people want to share their story. You may just find that there is a little gem in a story that is the validation you’ve been waiting to hear–the gem that keeps you interested in the profession.”
“Listening to a daily podcast to start to hear what’s going on in the finance world,” recommends Kobe. “Once you begin studying for your various exams, you will be able to connect what you’re reading to what is being said.”
In celebrating Black History Month and highlighting the success of Manny and Kobe, we celebrate the broader journey toward diversity and inclusion in the financial planning industry.
Their stories demonstrate that with perseverance, dedication, and a willingness to challenge the status quo, it is possible to carve out spaces for underrepresented voices. As we reflect on their achievements and the lessons they offer, we also commit to supporting and amplifying such voices, recognizing that diversity is not just about numbers but about enriching perspectives, fostering innovation, and building a more inclusive and equitable industry
