Dasarte Yarnway and Emlen Miles-Mattingly’s
Yarnway, founder of
People of color, women, members of the LGBTQ+ community and other groups historically excluded from the financial services industry can join the comprehensive support platform for a $549 monthly subscription.
The advisor duo leading the charge says Onyx was created to address the nation’s wealth gap while providing discounted access to technology tools, custodial access, investment management resources, coaching support and an inclusive community to financial pros who often feel overlooked by the industry.
The subscription cost — which can be billed monthly or annually — comes with a bundled technology stack including Altruist, MessageWatcher, Envestnet|MoneyGuide, RightCapital, Synergy RIA Compliance Solutions and Wealthbox. Network advisors will also have the option to invest client assets in “Onyx Model Portfolios,” powered by Vanguard and Alpha Architect.
“In developing Onyx, Emlen and I are driven to empower underrepresented advisors with the tools, technology and resources needed to build sustainable careers in our profession,” Yarnway said in a statement. “By breaking down the barriers to entry and providing Onyx advisors with access to some of the best resources our industry has to offer, at an affordable cost, we are addressing the diversity challenge in our industry and forcing systemic change in underserved communities.”
Miles-Mattingly said when selecting tools for the platform, it was important to go with products they believe in. He and Yarnway already use most of what’s on offer and will continue to do so as Onyx members themselves.
He added that the goal was for underrepresented advisors in all stages of their careers to be able to join Onyx and not need to spend another dollar to get their businesses going or catapult their existing business to the next level.
“We were looking at the amount of value that was packed into this price, and at this price point, we're saving people over 60% of what they would pay for all of this themselves each month. And the annual savings are over $10,000 in savings just based on the subscriptions alone,” Miles-Mattingly told Financial Planning. “The reason we selected the things that we selected was that you wouldn't need to pay for anything else outside of that $549.
“We’re excited. The doors are opening, and the change the industry has been waiting for is on the way come May 9.”
Miles-Mattingly said he has been blown away by the positive feedback the team has received since announcing Onyx. From advisors to solutions providers, there has been widespread support and buy-in from the start.
He also credits timing for playing a significant role in Onyx’s smooth rollout. Devoid of a number of major events and incidents that have reshaped the industry, he is unsure if the dream he shared with Yarnway would have come to fruition so quickly.
But in 2022, he believes Onyx is in a place to make financial services “a viable career for people of every skin color, gender, sexual orientation, and background,” and pull the percentage of Black CFPs up from the low single digits.
“If you were to ask me if Onyx would have seen this support in 2019, and then ask me again in 2020, there would have been two different answers. In 2019 I think we would have been met with more resistance and more pushback,” Miles-Mattingly said. “I think after being in a global pandemic in the murder of George Floyd, that really changed the tone of what industry change should look like. So I don't know if Onyx would have made it in 2019 quite like this.”
After Onyx’s soft launch in December 2021, Yarnway and Miles-Mattingly worked with a beta group of diverse advisors to stress test and gather expert feedback on the offerings.
"I feel deeply connected to Dasarte and Emlen's mission with the Onyx Advisor Network to support and lift up historically excluded communities," Leighann Miko, one of the beta testers and founder of the
Advisors in the Onyx community will also receive a discounted rate to attend its first in-person community gathering at the
Future Proof is designed to usher in a more inclusive wealth management industry. Through the #RiseTogether campaign, Future Proof attendees who registered during Black History Month and Women’s History Month were given the ability to grant an underrepresented financial advisor or institutional investor a free ticket to the event.
With just under two weeks before launch, Onyx leaders know that the real work is just getting started.
“We understand that this is going to be a large undertaking, and we just asked everyone to give us grace as we begin on this journey,” Miles-Mattingly said. “Give us grace, and that's all we need because I think that we're going to exceed expectations.”
