The Onyx Advisor Network officially launches in 11 days, offering a deliberately diverse structure for practices at a time of widespread discontent with workplace culture.
Months in the making, the network is designed to offer advisers a cost-effective structure for launching or growing their practices in the context of network of ethnic minority, LGBTQ and other diverse pers.
“There has never been an organization intentionally trying to increase belonging in the industry,” said co-founder Emlen Miles-Mattingly. “When you pair unparalleled cost savings with the mission, you have a winning combination for advisers who have felt they didn’t have standing in the industry.”
Geographic presence isn’t a growth metric. Instead, key metrics are the number of member advisers and how rapidly those advisers grow their practices as part of Onyx, said co-founder Dasarte Yarnway. Six advisers, all from the Onyx beta test group, have committed to join on May 9, the official launch.
So far, 70% of the advisers interested in joining Onyx are early in their careers, with up to $50 million in AUM. The co-founders are aiming to have 100 in the network by the end of this year and 500 within 36 months.
Their timing could be prescient.
Employers in all industries are combing through the fallout from pandemic-forced changes to work arrangements. Two recently released reports document the ongoing tensions that are undermining the loyalty of women and ethnic minorities to continue at their current workplaces, and their corresponding interest in striking out on their own to craft careers that integrate with their personal priorities.
In its 2022 Women@Work Global Outlook report, Deloitte found that 58% of women who work in hybrid arrangements (partly on-site and partly remote) feel excluded from meetings and spontaneous interactions; 45% believe that they don’t have sufficient exposure to workplace leaders. Overall, 90% of working women don’t believe that their workloads will be adjusted in sync with a flexible schedule. And half of women who are ethnic minorities feel that their current career prospects have dimmed in the past year.
In its new People at Work 2022 study, ADP found that 71% of all employees are seriously contemplating pursuing a new job, and 22% are exploring business ownership as their next career phase. The Deloitte study found that 64% of women in middle management roles plan to leave their current jobs within two years.
Advisers in the Onyx network will have the option to invest client assets in “Onyx Model Portfolios” powered by the portfolio management expertise of Vanguard, as well as Alpha Architect. Advisers will also have access to a robust community and coaching development resources. Included in the $549 subscription — with the option to bill monthly or annually — advisers will receive access to a bundled technology stack that includes Altruist, MessageWatcher, Envestnet|MoneyGuide, RightCapital, Synergy RIA Compliance Solutions and Wealthbox.
The firm's latest additions, led by a second-generation financial advisor, are striking out via its Linsco employee advisor channel.
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