As the country's demographics continue to shift, the need for wealth management services for ethnically diverse individuals will only continue to grow.
In an effort to make its workforce more reflective of this changing client base, UBS has partnered with the diversity recruitment and career advancement platform Jopwell.
"Jopwell is a career advancement platform for black, Latino, Hispanic and Native American students and professionals," Jopwell CEO Porter Braswell explained to ThinkAdvisor. "We have a large, engaged community of students and professionals on one side and, through our technology, we connect them with professional opportunities on the other side at the organizations where Jopwell has relationships."
UBS is the first wealth manager to partner with a diversity recruitment and career advancement platform like Jopwell to increase its abilities to source and recruit top-tier diverse candidates
As Braswell notes, this shows that UBS knows that the demographics of America are changing. White people are expected to make up less than half the U.S. population by 2045, the Brookings Institution says, citing Census data.
"With this growing population, wealth is changing hands in this country as well," Braswell said. "To the credit of UBS, to think years ahead … they have to understand — which they do — that demographics are shifting. You're going to need to have a workforce that is inclusive of what this country looks like."
UBS also recognizes that hiring diverse professionals who intimately understand the needs and communities of a changing client base is crucial to succeeding as a business.
