As a vice president at T. Rowe Price, Barrett Wragg recognizes the benefit of organizations like the Association of African American Financial Advisors. The association, also known as Quad-A, exists to support and connect minority financial advisors. Barrett Wragg, a financial advisor since 2001, acknowledges the impact this organization makes on the financial planning industry by participating in its efforts to recruit more minorities to the profession.
One of the goals of the Association of African American Financial Advisors is to promote diversity within the profession of financial planning. To accomplish this goal, Quad-A professionals speak with students at various colleges and high schools to help cast a vision for the importance of personal financial planning, even from a young age. Industry professionals hope that as African American students become more financially literate, they will see financial planning as a feasible career option for themselves.
Historically, African Americans have less wealth than white Americans. This income gap has led to the lack of African Americans in the field of financial advising. It is currently estimated that African Americans make up just 1%-2% of all financial advisors. In conjunction with universities that are now offering degrees in financial advising and recruiting minorities, Quad-A hopes to meet with students explaining the career and its benefits.