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financially stable. They’ve got the money. So firms [in the it’s really been technology. That’s pushed everything for-
industry] need to focus on that. A lot of people [when they do ward. It’s been a great equalizer, because you can show
business] like to work with those they look like. That’s going that you have great tech skills, and that doesn’t mean
to drive the future. coding.
There’s also the work we’re doing with colleges and getting Everything is not coding in technology. Cheryl and I are not
students to understand that this is a great industry with so coders, but we could still be in technology. It’s the advance of
many opportunities — from product sales to financial advising, technology that has really leveled the playing field for men
financial planning and more. and women.
If you educate them at that level, even at the high school As a mother of millennials and next generation [adults],
age, you’re going to start seeing more women coming into this I have a lot of hope and confidence in the next generation.
industry. It’s no longer [associated with] “The Wolf of Wall They’re not carrying forward a lot of the same attitudes and
Street.” It’s now the place where more people want to be, and prejudices that are in our generation.
they’re seeing that they can really have an enriching and sat-
isfying career. NASH: We’re helping pave that way. Everybody knows now
that it’s really important to have diverse thinking.
RUDIN: It’s really a confluence of everything happening at Without diverse thinking in the room, you get the exact
the right time. Women [can] enter wealth management — and same background, thinking and skill set. You don’t get to the
I agree with everything Cheryl’s saying and as I was saying real crux of what you need to do to be strategic or even to
earlier — women have the skills to do so; they’re not being problem solve.
held back. That’s another reason why diversity is starting to make a big
When [Cheryl and I] were growing up, we were probably play, because you do need to have diverse thought to be suc-
held back in terms of the fields we were encouraged to go into. cessful. There are a number of data points that prove that.
Back then, it was fields like human resources, marketing or
support functions. Janet Levaux is editor-in-chief of Investment Advisor. She can be reached at
All of that has been really pushed aside. In my lifetime, [email protected].

ress, driven by younger, diversified entrepreneurs. As this mentorship programs. Don’t be afraid to engage organi-
generation grows their businesses, and as other diversified zations to ask how you can network with their members
talent ascend in bigger businesses, diversity will be the norm, and take advantage of their resources.
not the exception.
For folks who are on the cusp of breaking into the wealth 4. The industry needs your help: For those who are brave
management industry as entrepreneurs with new ideas, these enough to come in and live by example, you’ll find that
key messages are for you: we’ve been waiting for you.

1. Wealth management wants to help: There are companies Even writing this piece — as a female president in the
and individuals in the industry that want to help diverse industry with a diverse network — I found it difficult to come
groups start and grow their own business, including pri- by actionable resources to point readers in the right direc-
vate equity investors who can’t necessarily make their tion. If you reach out to share your initiatives — even to this
intentions public. writer — the industry will embrace it.
As we reflect more than a year later, it’s hard to admit that
2. Don’t be afraid to ask businesses you’re looking to part- measurable change is lacking, nor is it quick.
ner with if they can help or point you in the direction We must support young, diversified businesses early to
of someone who is looking to invest capital into either welcome the next generation of talent into the industry, as
minority-owned or diversity-minded firms. You may be well as into our own businesses. Because it won’t be until
surprised to hear that they are ready, able and willing to we can quantitatively measure results that we can honestly
help in ways they’re not publicly advertising. declare that change occurred.
Until then, we must hold ourselves accountable and sup-
3. The industry is ready for you: Asset-Map pledged half port each other. We must acknowledge that change does
of ticket sales from their AdviceTech.LIVE event to the not come without challenge. And we must continue to
CFP Board’s Center for Financial Planning’s Diversity strive to be more than just the sum of our words.
and Inclusion Initiative, which provides education and —Kirsten Plonner, president of FiComm Partners

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