Black females are working successfully around the globe in the financial field, despite racism challenges. Women-owned businesses are low in the market, and black women commonly face a lack of venture capital funding and access to loans. American Express reported that the ratio of women of color from 2018-19 is increased in women-owned businesses. During a similar period, black women entrepreneurs experienced a high growth rate in the financial industry than any other group. Many black women experts in the business are breaking barriers by serving as a role model for women from every walk. Also, they are the motivation for others to meet their financial goals.
There has been enough to talk about the significance of diversity and inclusion in the workplace when it comes to the financial field. In 2016, black American families had 10 cents to the dollar of a white counterpart, on average. On the contrary, women earned 32 cents on the dollar as compared to men. The gap indicates that black women are experiencing wealth inequality. The pay gap shows worse wealth inequality when black women earn 61 cents for the dollar as compared to the white male counterpart. The statistics are disheartening, but the story does not end here because many black women are consistently working to improve the situation.
Black women are playing a significant role in the financial field; many of them are working in top investment banks, offering and generating capital to women-owned businesses. Multiple black women are leading minority communities by financial literacy initiatives, thus breaking grounds in the industry of finance. The innovative businesses are proven to establish black women in business and hold a great scope of advice for minorities and women to pursue their financial freedom. Through the 1980s, African American women focused on prestigious financial institutions of the world. For instance, Frank Raines was the first African American partner at Lazard Freres, a major investment bank.
In the financial industry, a black-owned investment bank Grigsby Brandford in 1993, was a leading bond offering company in Los Angeles history. In 2004, E. Stanley was appointed the CEO of Merrill Lynch firm, where there were only three people of color of similar rank three decades ago. Today, African Americans and black women from the world are working on top positions in banks, as traders, venture capitalists, top executives, and private equity financiers. The financial industry has many stories to be told to the world about the hard work of black women. Out of which, some leading positions in the finance industry are discussed in this post.
JP Morgan is a private bank in the US, and Chelsea Crowder is the vice president. She is a black woman and considers access to wealth accumulation and capital for black people. Her focus is to reduce the racial wealth gap, though there is no simple solution for that. She talked to Forbes, mentioning that the racial wealth gap is the remnant of slavery and institutionalized racism. Black people make 13% of the population in the US and constitute less than 3% wealth. Her viewpoint focuses that blacks are the purveyors of the culture of America, and they have their own culture.
A venture capitalist in Gingerbread capital, Tadia James is a black woman who has a strong sense of value and self-worth in business. Gingerbread capital was founded with the intention of high growth businesses by females. She believes in the power of diversity and focuses that female founders are capable of producing large revenue due to their execution ability. Her view of the business environment is to navigate for underrepresented people because leadership never addresses it. Being a black woman, she thinks of people who can work with a strong mindset and how important it is to remove inequality and racism for blacks.
Lovely financials is a company in the US, and Iyanna Vaughn is the founder of the group. In her perception, life is about endless possibilities, and women of color have to be succeeded financially. According to her, she never acquainted any financial education or advice, and she really faced hard times. Business finance is a direction that needs a mission to set it up. She believes that women of color should empower themselves and develop a mindset of wealth building and take it a challenge. Due to all situations and lack of financial education, she is training her six-year-old about how to play with wealth.
She is a mentor and blogger. She works on financial blogs, offer to coach and discuss retirement plans and life insurance. Being a real estate investor, she aligned her goals and purpose of life with money, and in 2018, she set up ‘The Purpose of Money’ to help women with wealth generation. You can find my interview with her on the Money Talk With Tiff podcast here.
She is an individual finance-related woman and determined to aid black women in boosting their financial confidence. She ensures eradicating their debt and offers consultation. Her other contributions in the finance field are motivation, speaker, coach, and writer. ‘Frugal Feminista’ is her platform, where she gives advice, inspires, and helps people reset their financial plans.
Johnson is the top wealthiest black woman in the US. She is the owner of Salamander Hospitality, a luxury brand. She is a professional woman and has worked in sports, teaching, capitalists, and different leagues. Her philanthropist acts were famous in 2013, e.g., she worked to eradicate racial disparity in minorities. She also supported black leaders at Harvard Kennedy School.
Kamila is the President and Managing Partner of Grid 202 Partners. Kamila spent most of her career working at Vanguard with ultra-high net worth clients. She also worked at Dimensional Fund Advisors, helping other advisors meet the needs of their clients. She did not stop there! To ensure we had a seat at the table, she also serves on the CFP board of directors. The CFP Board of Directors is the policy-making and oversight body of the Certified Financial Planner Board of Standards, Inc. for over 86,000 professionals in the U.S.
The list of independent black women in the finance industry is long. The African American women's stats show their sacrifices, suffering, and hard times that motivated them. They fostered an environment of support and determination. Black women in the finance field are savvy, intelligent, and wealthy, who are working with a passion for ending the racial gap of wealth and discrimination. Their support to minorities and underrepresented community taught everyone how to build personality traits and influence others. The black community, especially women are courageous and capable enough to uplift the minorities’ plight. It is my goal to be listed among these ladies moving and shaking the financial industry.
Do you have anyone you would like to add to the list?
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