Women at Quad-A conference weigh costs and gains of comparison

The Association of African American Financial Advisors held its Women’s Impact Initiative Network Conference in Chicago last week, drawing a record 300 attendees. Panelists discussed how comparing credentials, experience and progress can both motivate and slow women in the wealth management industry, where about 2% of certified financial planners are Black or African American and fewer than 25% are women.

LaVaisha Davis, founder of Atlanta-based Ell Wess Advisors, used a chess analogy her spouse shared to illustrate limits and options facing professionals. She described the king’s narrow moves and contrasted them with the queen’s wide reach, and urged women to rely on their authority rather than measure themselves against others. “The queen is able to move all across the board,” she quoted, adding that women can enter rooms and speak with influence.

Nicole James Gilchrist, vice president and managing counsel at Thrivent, framed comparison as a distraction from personal goals. She compares career planning to running races she completes each year to maintain her own pace and focus. “The comparison is a waste of time for me,” she commented, and advised attendees to identify intentions and commit to specific actions.

Other speakers described comparison as a prompt to act. Laura Webb, a former planner and board member of the Women’s Alliance of Financial Advisors, recalled deciding to start her own practice after observing male peers in wholesaling roles. “If they can do it, I can do it,” she recalled about the moment that pushed her toward independence.

Stephanie Ackler, president and co-founder of AKD Wealth Partners, outlined practical steps for advisors considering a registered investment advisory firm. She emphasized vendor research and phased experience gains, and said many advisors who open independent firms do not return to prior employer structures. Ackler described satisfaction in controlling business profit and loss and in building teams aligned with target clients.

Panelists also addressed support options for independent advisors. Colleen Bell, president of the Innovation and Experience Division at Cambridge Investment Research, described firm structures that preserve advisor independence and allow advisor buy-ins. Maura Scherer of Invesco Global Consulting and Lanän Clark of JPMorgan Wealth Management highlighted consulting and technology services and encouraged advisors to use corporate and industry resources more fully. Clark asked the audience to consider whether they had tapped available support and said many had not.

The conference closed with a call for mentorship and representation. Eric Harley, a Quad-A board member and financial planner at Merrick Financial Group, asked attendees to advocate for greater representation and to create opportunities for future advisors. Keynote remarks from consultant and author Minda Harts encouraged participants to be their own advocates.

Sessions included practical guidance on vendor selection, practice management and leveraging external services. Speakers presented examples of advisors who moved to independent practices and described the operational work involved in that transition.