Howard Crockett III's introduction to the world of financial services is a story similar to many he's swapped with other
He witnessed first-hand the difference financial guidance can make when it comes from someone who truly understands the perspective of the person they're trying to help.
"I got introduced to the financial services industry through my fraternity brother back in college … I was majoring in chemistry, and I was going to be a high school chemistry teacher. And my grandmother inherited a lot of money — generationally changing money. And she was introduced to a lot of the wrong people," said Crockett, a 20-year industry veteran and co-founder of the
Crockett explained that his fraternity brother stepped in and advised his grandmother through that situation before offering up some advice to his friend.
"He told me 'you're really smart. You know a lot about science. But you don't know the first thing about financial services. Come work with me, and I will teach you,'" Crockett said. "And from there I realized that … he was the only one at the brokerage service that looked like us. And he instilled in me this drive and this passion to not only be excellent in our discipline but to also reach to the back, reach to the front, the side, in all directions to pull other individuals that have that same drive and that same passion along with us."
Crockett's story of inspiration and impact were among the many shared this week in Chicago during the 17th Annual Conference of African American Financial Professionals, or CAAFP.
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Organized by The American College of Financial Services, this year's three-day gathering had the theme of "reclaiming Black wealth" and attracted nearly 1,000 registrants to the Windy City.
The goal was to reinforce and elevate the conversation around how the financial services industry can inspire Black professionals and promote the advancement of underserved communities.
Discussions and sessions were split into four main tracks: retirement, consumer connections, applied knowledge and niche markets. The agenda coincided with the core mission of the CAAFP, which is to narrow the wealth gap and create sustainable, generational change.
And while not listed as a study topic on the formal rundown,
On the final day, Nichols took the stage in a packed ballroom at the Hilton Chicago and told those in attendance that they have no choice but to show up and "knock the ball out of the park."
He said attendees needed to perform at a high level so that their voices and contributions wouldn't be cast aside because of the color of their skin. He said they need to be eager mentors to others who need support while navigating what can be a rocky path into the profession — even if they never received that kind of help themselves.
And he demanded that everyone in the room take a hard look at their own personal or professional issues before reaching out to provide guidance to someone else.
"To reclaim wealth, you've got to reclaim yourself. I need you all to do that," he said. "Because once you walk in the room and you find your own wealth, the other people you're talking to will, too."
Many of the discussions at CAAFP 2023 highlighted the importance of representation in an industry that has
Total representation among Black CFPs moved from a paltry 1.8% at the start of 2022 to just 1.9% to begin 2023. There are now a total of 1,766 Black CFPs in the industry. The number of Hispanic CFP professionals increased 10.3% year over year to a total of 2,710, but they still represent just 2.9% of all CFPs, a marginal bump from the 2.7% reported last year.
According to the latest U.S. Census data, the country is 13.6% Black, and 18.9% Hispanic.
Growth among women also remains static. The new all-time high of 22,446 women by the end of 2022 still represents just 23.6% of all CFP certificants, up slightly from 23.4% one year ago and a far cry from a national population that is 50.5% women.
That's why Kristi Rodriguez, senior vice president of the Nationwide Retirement Institute for Nationwide Financial, emphasized the power of "being seen" while leading a keystone discussion with Crockett and others on day three of CAAFP.
Rodriguez said as she rose through the ranks, she looked around and realized she was the only Black woman leader at the table and knew that something had to be done. So she got involved, working with several nonprofit and social organizations that aid unserved communities throughout the country.
In 2020, she became the founder and president of the
"What am I going to be able to do with this power? Because it is easy to sit here and hold it for myself. But growing up in a community where we have to give back … I need to be that voice at the table for the next person who looks like me," Rodriguez said. "As I think about my career and my focus, I'm planting seeds today for a tree I may never be able to sit under. But it's powerful for me because I have two young daughters and I want them to flourish under those trees. I want my grandchildren to flourish under those trees.
"But my legacy right now is so much more about what I've planted into others than what I could ever possibly gain in personal knowledge."
