What started as a passion and hobby for an industry veteran has blossomed into a vehicle to connect financial advisors with diverse asset managers.
Earlier this year, DFD Partners founder and former Vanguard wholesaler Devon Drew made his startup software firm his full-time focus. Just last month, he tapped former Blackrock exec Bilal Little as president of the startup that aims to disrupt the asset management industry.
The tech powering the DFD platform enables advisors to find companies led by women, Black, Hispanic, Asian American or other underrepresented groups. Currently, companies owned by women and minorities make up only 12.2% of asset managers.
Together, Drew, Little and the DFD team want to help that number grow.
"If you're a smaller, diverse manager, how in the heck do you cut through the noise and punch above your weight class if those are the companies you're going up against?" Drew told Financial Planning, noting that wealth managers are facing challenges from the nation's changing demographics. "Large institutions are losing business because, quite frankly, they don't represent the values, the morals and the culture of the end client,"
Check out the full story and the motivation driving the AI-based distribution platform at Financial Planning.
Anything else on your mind? Drop me a line at justin.mack@arizent.com. Have a great rest of the week!
Regards,
Justin |  | Justin Mack
Reporter, Financial Planning
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| | | | | | | | | | | | | | | RESOURCES | | | WEB SEMINAR | | Wednesday, November 16, 2022 2:00 PM EST | Learn how to navigate the new wealth management landscape and position your firm and its products at the forefront of the industry. The Advances in Tech Demo Event puts the spotlight on some of the latest technologies helping you move forward and stay prepared for the future. Learn More → | SPONSOR CONTENT FROM FIDELITY INVESTMENTS | | | REPORT | | | Joining an RIA firm was a no-brainer for Stasia. She already had a heart of service, and she just needed the freedom to focus on what she loved. Read her story here. Learn More → | SPONSOR CONTENT FROM Schwab Advisor Services | | | WEB SEMINAR | | Thursday, December 1, 2022 2:00 PM EST | In this panel discussion, you will learn about the emerging trends and priorities for data-centric financial services companies. Learn More → | SPONSOR CONTENT FROM Snowflake | | | WEB SEMINAR | | Monday, December 5, 2022 12:00 PM EST | Nikkee Rhody, chief of strategy at Central Payments, and Shannon Huether, vice president of project management and implementations, explain how the company tailored every aspect of its hiring practice to make sure it reaches the talented women that other fintechs overlook. Learn More → | More resources → |
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