S5 EP01: Action Over Intent: Wealth is Getting More Diverse. Are Firms?

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In this episode Rianka speaks with Walter Booker, the Chief Operating Officer of MarketCounsel, about what professionals need to take their leadership to the next level with respect to Diversity, Equity, Inclusion and Belonging (DEIB).

In the past year, many companies have invested more in Diversity and Inclusion, but are their actions speaking louder than their words? While financial planning firms are set up to serve Boomers well, they are less equipped to serve younger, more diverse generations like Millennials, and soon, Gen Z.

Wealth, itself, is getting more diverse: more female, more cultures, and younger. In fact, minorities already make up 42% of the entire population.

Yet the financial planning profession is still predominantly male, and the industry stands to move the needle little when that same group is in charge of hiring around diversity.

Walter recommends multiple steps to getting out of the DEIB rut including giving your firm an objective cultural audit, making sure your new hires are a “culture-add” not a “culture-fit,” and then making an action plan, including having a mentoring program and renewed focus on soft skills.

Rianka and Walter have a great dialogue about the work that needs to be done on the firm’s side to bring their company up to 21st Century standards, and what up-and-coming Black advisors can expect when joining firms, including being geographically flexible. They unveil that the gift of advisors, and the opportunity for Black CFPs, is asking the right questions and listening carefully, remembering that the interview process is mutual for hiring clients, talent or employers.

How you grow and cultivate your firm will prove your success. If you want to create a great external client experience, you have to start with a great internal workplace experience.

What You’ll Learn:

The trends driving transformative change in the financial services industry
Why firms need to employ an actual strategy to benefit from the coming wave of diversity, including an emphasis on soft skills
The importance of recruiting and retaining diverse talent
How to bring a diverse pool of talent to the interview process
Aligning new hires to be “culture-add” not “culture-fit”
Where firms should seek diverse talent if their current options are not yielding results