Early in his life, Stoy Hall noticed a significant gap in financial education within his family and community. As the founder and CEO of Black Mammoth, an Iowa-based financial services firm with clients nationwide, he reflects on the lack of finance professionals who looked like him during his formative years—a disparity that persists today.
Stoy highlights the scarcity of Black Certified Financial Planners (CFPs), supported by data from Zippia, which shows that the most common ethnicity among U.S. finance professionals is white (71.9%), with Black professionals comprising only 5.7%. Despite these statistics, Hall remained undeterred.
Overcoming Barriers in Financial Education
Hall pursued his passion for finance at Drake University, initially driven by a love for sports and numbers. Although he faced challenges in the early stages of his career, he discovered his true calling in financial planning and banking over accounting. His journey led him to enter the insurance industry, but he aimed to go beyond traditional market approaches.
In 2020, Hall established Black Mammoth, focusing on personalized financial solutions that address individual needs. His mission is to alleviate financial stress, enabling clients to concentrate on their families and wealth-building. “I envisioned a welcoming office environment where we provide tailored services,” Hall explained.
Inclusive Financial Planning
Hall’s diverse background and experiences, including growing up in a single-parent household and having friends and family in the LGBTQ community, inform his expertise. These experiences, combined with his athletic background, shape his inclusive approach. Hall hosts the “NoBS Wealth” podcast, inviting professionals from various fields to share insights and support listeners in their financial journeys.
“My podcast aims to show that people from all walks of life can understand and manage their finances,” Hall shared. His commitment is to make everyone feel supported and less isolated, emphasizing the importance of having a financial planner.
Empowering Marginalized Communities and Athletes
In addition to supporting marginalized communities, Hall also focuses on athletes, who often face unique financial challenges despite their affluence. “We’ve heard both success stories and horror stories,” he noted. “Successful individuals have a team to manage their needs, and I believe everyone deserves that level of support.”
Hall stresses the importance of separating emotions from financial decisions, a challenge many face, especially women, who might make impulsive financial choices driven by emotions. “Money influences our emotions significantly,” he said. “We are here to help you, even though adulting can be tough.”
The Ethos of Black Mammoth
Reflecting on the name “Black Mammoth,” Hall explained, “Black represents power and success, while mammoths symbolize strength, presence, and leadership. At Black Mammoth, our goal is to guide everyone towards financial success, just as mammoths once led all creatures to water.”