Stoy Hall realized early on that financial literacy was a scarce resource in his family, and his community.
Now, as founder and CEO of Black Mammoth, a financial services company in Iowa with clients all over the country, he says that during his childhood, there simply weren’t any finance professionals who looked like him – and there still aren’t enough.
“There are not a lot of black CFPs,” Stoy said. The data are there to back that statement up. According to research from Zippia, the most common ethnicity of finance professionals in the U.S. is white (71.9%), followed by Hispanic (9.5%), Asian (8.4%) and Black (5.7%). But that wasn’t going to stop Hall.
“I knew when I went to college I wanted to do finance, so I ended up going to Drake University to play football. And I actually started in accounting, which was a mistake,” he said. “But I ended up realizing that while accounting wasn’t for me, numbers and finance were.”
He ventured into the insurance industry, but Hall’s vision extended beyond the conventional sector approach.
“What made sense to me was helping people create an entire plan, with that plan dictating what the next move is,” he said.
In 2020, Hall founded Black Mammoth, an office that offers comprehensive financial solutions tailored to individual needs. His approach focuses on minimizing clients’ financial worries, allowing them to concentrate on their families and wealth creation.
“I wanted to create more of a ‘modern family’ office feel where we are doing things tip-to-tail for people – and really customizing them.”
It was Hall’s background and personal experiences that have shaped his specialization. He grew up in a single-parent household, and many of his friends and family areRead more on investmentnews.com