Lack of Diversity Spurs Action in Financial Advising Industry

From InvestmentNews By Ana Trujillo Limon

This recent trend of powerful people taking a proactive role in promoting diversity, equity, inclusion and belonging is also happening in the advisory profession, with programs and profession-specific courses to help you on your own DEIB journey popping up more over the last year.

Brookings reported that the U.S. is diversifying faster than predicted, with the most recent census data showing that 40% of Americans identify with a race other than white. The Pew Research Center reports that the Asian American and Hispanic/Latino populations are the fastest growing. Also, one in eight Americans is neurodiverse, according to Work Design Magazine, and about 5.6% of the people in the U.S. identify as LGBTQ+, according to Gallup.

With the looming shortage of financial advisers, we know we need to improve our DEIB efforts to attract and retain individuals from all those groups.

As a profession, our economic vitality depends on our ability to create inclusive environments that foster belonging among diverse employees and clients, Joelle Martinez, executive director of the Latino Leadership Institute, said in a Q&A I did with her for the Journal of Financial Planning.

Do these four things to start your DEIB journey. Read more here.