How Can The Financial Services Profession Become More Inclusive?

The CFP Board Center for Financial Planning launched more than three years ago with the goal of ensuring every American has access to competent and ethical financial planning advice. But in order for this goal to become reality, the profession needs to be more diverse and sustainable. Blacks and Latinos represent only 3.7J% of all CFP professionals.

How can the profession become more inclusive and representative of the U.S. population? The 2019 CFP Diversity Summit brought  representatives of the financial services industry to Washington on Wednesday to discuss the answers to that question. AdvisorNews Managing Editor Cassie Miller attended the event.

The opening keynote speaker was Maria Contreras-Sweet, founder of the Contreras-Sweet Companies and former administrator for the U.S. Small Business Administration.

Sweet talks about hitting the glass ceiling and joining the Glass Ceiling Commission and exploring the glass ceiling in corporate America. #CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019

Luis Rosa, founder of Build A Better Financial Future, gave a “Pro Talk.”

“I’m really excited to see planners offering subscription options to provide planning to those that may otherwise not have it” – @luis_f_rosa shares about his personal background and experiences at Center for Financial Planning Diversity Summit #CFPProDiversity pic.twitter.com/fjXALaHeLY

— Autumn K. Campbell, CFP® (@AutumnKCampbell) November 13, 2019

Other Pro Talk speakers also gave their personal reflections on barriers and opportunities.

Fellow Central Pennsylvanian and Penn State Alumna John Campbell discussing barriers and opportunities. #CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019

Campbell says racial diversity and wealth advisory are not mutually exclusive. #CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019

Olympian and CFP Lauryn Williams on stage now. #CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019

Williams became a CFP only after two non-CFP advisors didn’t provide the services Williams needed. #CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019

An executive roundtable discussion focused on “Why Diversity Matters.”

Sam Palmer with JP Morgan Chase says the largest bank in the U.S. says that diversity helps with resiliency.#CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019

Kim Jenson says at Raymond James, the business is about people. #CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019

Ileana Musa, managing director of Morgan Stanley talks about how their brand speaks to clients and their life and background. #CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019

Kenji Yoshino, Chief Justice Earl Warren Professor of Constitutional Law at New York University School of Law, discussed the future of equality.

Yoshino says one of the reasons we haven’t seen the numbers get better is because of covering – an individual downplays a known stigmatized identity to blend into the mainstream. #CFPProDiversity pic.twitter.com/jSTqPjo47m

— Cassie Miller (@ANCassieM) November 13, 2019

Even if there’s no immediate harm, Yoshino asks, where might the disability rights movement be if Roosevelt had been transparent about his disability? #CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019

Diversity program case studies also were on the agenda.

Amy Philbrook, head of diversity and inclusion at Fidelity Investments says diversity and inclusion is the OMTM (The only metric that matters). #CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019

“Middle management is where diversity goes to die,” Ronald Adams, head of field diversity and inclusion at Northwestern Mutual. #CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019

Elissa Sangster, CEO of Forte Foundation talks about men as allies. #CFPProDiversity

— Cassie Miller (@ANCassieM) November 13, 2019