You should have a feature that allows you to select a word and then change the color of that single (or multiple) word. When you roll over the actual text and the box turn orange, and then you click on it and the box turns black, that black box or tool would be a good place to add a color picker.

Currently, when you're in that black tool, you can select a single word, make it bold, or add a link. If you added a color picker to that black box, then you could also change the color of whatever was selected.

I've used several other platforms and they all have that feature.