Christian Nwasike, principal and executive managing partner at Practice Management Consultants (PMC), has been “involuntarily removed” from the Association of African American Financial Advisors (AAAA), a nonprofit organization, InvestmentNews learned Friday.
While the organization said it could not confirm details surrounding his dismissal as chairman and acting CEO, Sheena Gray, interim CEO of AAAA, said its corporate partners were made aware of its decision.
“Unfortunately, we cannot share any details right now,” Gray remarked.
In a statement provided to InvestmentNews on Tuesday, June 6, Nwasike said divergent views on the future direction of AAAA resulted in the decision.
"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," Nwasike said.
Nwasike started his career in the 2000s at Wachovia Securities, which merged with Wells Fargo Advisors during the financial crisis. A former financial advisor, he started with the AAAA in 2019, serving as treasurer and conference planning committee chair, becoming chairman of the board in January 2022.
"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," he added. "I want to express my heartfelt gratitude for the unwavering support and encouragement I have received from our community during my tenure at AAAA. My commitment to sharing thought leadership and advocating for equity and best practices to engage the BIPOC community in the financial services industry remains steadfast."
Nwasike is a regular speaker at wealth management events and conferences, encouraging wealth management firms in the industry to practice equality under corporate policy for all employees, diverse and non-diverse alike.
Nwasike said he plans to return full-time to PMC, where he will "continue this important work and encourage positive change in our industry."
Chuck Roberts and Stifel have been facing scrutiny due to sales of structured products and structured notes.
The bankrupt fintech platform, which had drawn users seeking access to pre-IPO shares of tech startups, claims a last-minute breach of contract threatens to delay recovery for more than 13,000 defrauded customers.
Appointment extends a run of senior hires as Northern Trust builds out complex-wealth services for entrepreneurs and multigenerational families.
Agency notice opens comment period on the federal match as retirement experts weigh the program's reach for underserved savers.
A sweeping ‘superintelligence manifesto’ arrives as firm’s free cash flow craters 91%, raising hard questions for wealth managers about the company's near-term investment case.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
