An accomplished Wall Street executive, Trevor Rozier-Byrd, wants to help Black investors tap into the stock market to become rich and close the racial wealth gap.
To help achieve that, Rozier-Byrd created Stackwell, a robo-investing app precisely geared to Black American investors nationwide, Investor Newsletter reported. The app is expected to debut in early 2022.
Rozier-Byrd produced the app after serving as a senior leader at State Street Corp., one of the world’s largest investment firms. He is now applying his investment and business savvy to Stackwell. He brings 20 years of asset management experience to the startup.
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.
“I created Stackwell to eliminate the racial wealth gap by empowering a new community of Black investors,”
Rozier-Byrd said in a news release. “I’ve spent my career in the asset management industry and have seen firsthand how powerful the market can be as a tool for long-term wealth creation. Through Stackwell our goal is to make building wealth a real possibility for more people in the Black community.”Rozier-Byrd also talked to Finurah about his new app.
“Stackwell has an entirely Black management team that personally knows and has experienced many of the social, emotional,
and cultural barriers that have resulted in underinvestment in the Black community. What makes Stackwell different is that it was specifically designed to address and remove those barriers to entry to promote greater market participation by members of the Black community.”The app might be needed as multiple reports show that the wealth gap between Black and white Americans is worse today than it has been in several decades. It remains an ongoing problem.
Rozier-Bryd wants Stackwell to be an essential tool for people in the Black community, hoping it becomes their preferred partner to meet their banking and financial service needs.
“Following the release of our robo-advisor offering, we will look to integrate other financial products and services that enable our users to meet their long-term wealth-building goals and objectives, delivered in honest, transparent and fair ways,” Rozier-Byrd said.
Stackwell is now taking names on its early-access waitlist. You can gain more details here.