In addition to calling out excellence among executives and professionals of underrepresented backgrounds in wealth management and firms that have exemplary programs or leadership to support and empower those groups, we also include a platform for winners to address the industry on key issues, such as DEI.
Alongside this month’s Pathfinder Awards – Top Black Industry Leaders of 2025 in celebration of Black History Month, we bring you the views of Tamekia Thompson, Director, Operations at Prospera Financial Services, the Black Strategy Executive of the Year; Brandon Dixon-James, President and Wealth Manager at Resilient Wealth Management, part of NWF Advisory, the Black Entrepreneur of the Year; and Victor Hicks II, Wealth Advisor at Perigon Wealth Management, the Black Financial Advisor of the Year.
We asked each of them: How is the wealth management industry doing on advancement of Black executives and professionals? What steps should we take to make improvements?
Their responses follow.
Tamekia Thompson, Director, Operations, Prospera Financial Services
While we have made many strides in this area, the financial services industry continues to be dominated by white men.
There is no single path to equity, and it will take everyone to help make a change.
For me, it starts with community advocacy to raise financial literacy among Black households. Personally, I believe working with children to establish a strong financial foundation allows them to move through life with basic financial literacy – which will allow them to build wealth, not just save money.
I’m grateful that Prospera serves as an example within our industry through its dedication to diversity and inclusion.
Brandon Dixon-James, President and Wealth Manager, Resilient Wealth Management
The wealth management industry is progressing in this area first and foremost by bringing awareness to the issue.
With all of the attention and facts given, this awareness allows us to accurately examine and process irrefutable data of our industry that doesn’t reflect the American population. The recognition also implies the understanding that a subset category is needed acknowledging that our playing fields are not equal.
Because of the depth and long-standing root of this problem, it’s not an easy solve and takes time. While many people want immediate changes, I tend to think consistent moderate changes will provide a more effective and permanent change.
Inclusion is a mindset and, while there has been some progress, it’s only been a little over 60 years since the Civil Rights Movement. My mom remembers marching during the movement. We have to understand the people who fought for the rights and fought against the rights of Black people are still well and alive today. We must continue to present a unified fight with our intellect and dollars on this journey.
Victor Hicks II, Wealth Advisor and Managing Director, Perigon Wealth Management
While Black representation in wealth management remains low, progress is underway. To drive sustainable change, the industry must expand programs and services focused on career exposure, skill development and employment access.
Here are key areas for improvement:
Recruitment and Internships: Internships at fee-only financial planning firms serve as crucial entry points for underrepresented groups, providing hands-on experience and career pathways.
Mentorship and Sponsorship: Experienced professionals must go beyond mentorship and actively sponsor minority talent, advocating for leadership opportunities and long-term success.
Career Exposure and Financial Literacy: Firms, associations and colleges should actively promote wealth management careers at high schools and colleges.
Business Training and Underwriting: Providing minority entrepreneurs with capital and training fuels economic growth and creativity.
Leadership Pipeline Expansion: Programs like MLT (Management Leadership for Tomorrow) equip minorities with coaching, networking, training and access to exciting industry roles.
As people of color earn degrees and higher-paying jobs, they represent a growing population in need of wealth management services. By expanding these initiatives, we can prepare a workforce best suited to serve them.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
