How A Phone App Aims To Narrow The Racial Wealth Gap
A new phone app is hoping to help close the racial wealth gap by empowering Black investors and helping build generational wealth.
Trevor Rozier-Byrd, founder and CEO of Stackwell Capital, an early-stage startup on a mission to empower a new community of Black investors—specifically Black millennials and Gen Z, is ready for 2022.
Launched early this year, the app combines pre-built portfolios based on risk, educational resources and behavioral nudges in order to address the pervasive underinvestment and unbanking of Black people in the US.
It intends to drive black Americans’ increased participation rates, contribution amounts, investment frequency, and resulting asset growth, thereby eliminating the racial wealth gap by empowering a community of black investors.
Speaking about his startup, Rozier-Byrd said: “I founded Stackwell to give people in the Black community better information, tools and products to position them for greater success in the markets.
“I’ve spent the better part of two decades as a lawyer and a business executive in the asset management industry and have seen first-hand how powerful the market can be as a tool for long-term wealth creation.
“Our commitment to you is to consistently deliver the products that make building wealth a real possibility, so you can build the life you want for yourself and your family for generations to come,” he added.
Rozier-Byrd produced the app after serving as a senior leader at State Street Corp., one of the world’s largest investment firms.
It’s a robo-advisor is a computer program that selects stocks for investors. They compete with traditional financial advisers and often charge lower fees. Algorithms help the computer decide to buy, sell, and rebalance stocks so users have a constant versatile portfolio.
Stackwell is now taking names on its early-access waitlist. You can gain more details here.