In 2020, nextgen advisor Rianka Dorsainvil merged her financial planning practice with that of financial planner Lazetta Braxton to create the registered investment advisor firm 2050 Wealth Partners. This week, the two have split off from each other, launching their own RIAs.
Dorsainvil said when she returned from maternity leave in December 2023, the women decided to dissolve the RIA at the end of this month.
“When Lazetta and I merged our respective practices to form 2050 Wealth Partners in 2019 it was a groundbreaking move in the realm of Black RIAs,” she said. “Our mission was to inspire and guide motivated individuals to design the lives and legacies they deserve; we have fulfilled that promise and now look to continue on that promise in our separate ventures.”
Dorsainvil, a prominent certified financial planner and advocate for diversity in the industry, has launched YGC Wealth, an “inclusive, culturally competent and technology-forward financial planning firm,” she said in a statement.
Prior to merging with Braxton, Dorsainvil ran Your Greatest Contribution (YGC Planning), which she founded in 2015. Braxton ran Financial Fountains.
Dorsainvil’s new firm, which will operate virtually, will use Charles Schwab and Altruist for custody, according to a filing. She’s brought over 35 households with about $10 million in AUM. She uses a combination of an annual retainer and an asset-based fee.
It’s an homage to Your Greatest Contribution, and represents its comprehensive wealth management capabilities, she said.
“This new venture also allows me to explore emerging areas and opportunities that are close to my heart, including supporting mom entrepreneurs who are juggling complex business structures, first-generation wealth builders and thriving professionals who are blossoming in their career but finding that they struggle to reduce financial stress and make the most of their wealth,” she said.
Dorsainvil is a well-known industry speaker, podcast host and advocate for women and minorities in the field of financial planning. She’s also a CFP Pro spokeswoman in the CFP Board Center for Financial Planning’s campaign to educate women and minorities about the profession. She has active roles in CNBC's Digital Financial Advisor Council and the CFP Board’s Diversity Advisory Group. She was named one of WealthManagement.com’s Ten to Watch in 2018.
Meanwhile, Braxton has created The Real Wealth Coterie, an RIA in New Haven, Conn. She’s joined by Madisen Karlson, a lead financial planner at 2050 Wealth Partners. The RIA will also use Schwab and Altruist for custody, according to a regulatory filing.
The firm will provide financial planning to individuals, as well as strategic business financial planning services to sole proprietors and small businesses. It will also provide consulting services to charitable organizations.
Braxton is also a sought-after speaker and advocate for diversity in the financial services community. She runs her own consulting and coaching firm, Lazetta & Associates. She’s a frequent contributor to WealthManagement.com.