Quad-A eyes 'different direction' with leadership change

The board of the influential Association of African American Financial Advisors voted to oust its chairman over disagreements on the organization's governance, its interim leaders said.

In their first interview about the May 12 special election that removed Christian Nwasike and installed Sheena Gray as interim CEO and Alex David as interim chairman, Gray and David provided few details on what led to the vote beyond describing it as a decision driven by issues involving governance, transparency and the interpretation of the organization's by-laws. 

The association, which goes by the nickname "Quad-A," spans 2,000 members among financial advisors, wealth management professionals and students aspiring to careers in the field and 2024 corporate sponsors such as JPMorgan Chase, Merrill, Wells Fargo Advisors, Ameriprise, TIAA, Fidelity Investments, RBC Wealth Management, Edward Jones, Thrivent, Commonwealth Financial Network, Baird, Truist and LPL Financial.

As a former Chase branch manager and human relations executive with JPMorgan Wealth Management, Gray has expertise in "policies, procedures, risk management, roles and responsibilities," noted David, who is the division director of the northeast for Raymond James Financial Services. He had been chairman emeritus of Quad-A since December 2022, when Quad-A founder and the first Black certified financial planner LeCount Davis began a transition to a chief advisory role with the organization.

"We believed that the vision of the organization, as laid out by LeCount Davis as well as the by-laws, was more tightly aligned to the governance process that Sheena put in place versus what we had prior," David said. 

The governance issues included "the transparency around how we are enacting programs, how we are selecting those programs, how we are engaging with our partners and how we are engaging with our staff," he added. "We just chose to go a different direction."

READ MORE: Quad-A Vision conference draws hundreds of Black financial advisors

InvestmentNews first reported the departure of Nwasike, who took over the role at the beginning of 2022. 

In a statement to Financial Planning and other outlets, Nwasike cited "confidentiality agreements" that prevented him from talking about the specifics of the board's vote, expressed excitement about returning on a full-time basis to being the principal of advisor coaching firm Practice Management Consultants and vowed that his "commitment to sharing thought leadership and advocating for equity and best practices to engage the BIPOC community in the financial services industry remains steadfast."

"I acknowledge that divergent views on the future direction of AAAA have resulted in this decision," Nwasike said. "While I am disappointed with the outcome and feel there were significant challenges with the process, I remain committed to the values we champion and I sincerely look forward to the continued good work AAAA will achieve. For the past five years, I have volunteered as treasurer, conference planning committee chair, and ultimately as chairman and CEO of AAAA. This experience has been one of the most rewarding of my professional career, allowing me to champion the values of integrity, inclusivity, and excellence — values I hold dear. I want to express my heartfelt gratitude for the unwavering support and encouragement I have received from our community during my tenure at AAAA."

Gray and David emphasized that Quad-A is "still continuing business as usual" and "still #QuadAStrong," as Gray put it. Later this month on Juneteenth, the organization will kick off its "women's impact initiative network" conference in Chicago, where Quad-A is expecting record attendance for one of its regional events, she noted.

"We've shared the news and leadership changes. We still have their same level of support, and we're excited about that," Gray said. "We're going to continue to work toward providing professional development for our Black advisor population. … Our mission is still to close the racial wealth gap in the wealth management community. We're still forging ahead."

READ MORE: How LeCount Davis, history's first Black CFP, is still giving back

Quad-A occupies an important position in a field in which African Americans have heavily disproportionate representation. Despite some incremental gains in recent years, just 2% of certified financial planners are Black or African American, according to the CFP Board's latest figures. Through voluntary work and networking across 42 states and 38 universities with the support of some of the biggest firms in the industry, the organization sustains a vibrant network for Black professionals to advance their careers, share best practices and lift each other up.

"The board has been working together for a couple of years now so we know each other. Almost all of the major firms are being represented on the board," David said. "It shows the continuity and consistency of the vision and the mission."