What new advisors need in order to thrive

BOOMER: It's really for one it's to think about doing it. I mean I'm a living example that it can be done. I've been a financial advisor now for almost 20 years and when I started, everybody thought I was crazy. Everyone said, "Look, you don't know anybody from a wealthy background. You don't come from a wealthy background. No one is going to trust you with their money." And I'll tell you, there's nothing further from the truth.

There were a lot of people who decided not to come into this business because they were afraid that they wouldn't be taken seriously based on their skin color. And I'll tell you, I came into the business and skin color is the last thing I thought about. What I thought about is I want to feed my family. I want to make a difference. I want to help people. Those are the things that helped make me successful.

My advice for a diverse person, number one is to know that you can do it. There might not be tons of examples of diverse advisors but there are-- Even if there's one, it's proof that it can be done. For two, just believe in yourself, be confident.Number three, it's invest in yourself. You have to become very, very good at what you do. I believe if you're the best at what you do, you can't help but be successful.