Page 47 - Investment Advisor July/August 2022

Raymond James Ramps Up Diversity Efforts

After Pandemic Lull

aymond James Financial contin-
R ues to be committed to improving
diversity at the company and the finan-
cial services industry overall despite
recent challenges that included the
COVID-19 pandemic somewhat stalling
its mentorship efforts, according to Paul
Reilly, the firm’s CEO.
The firm started recruiting people
of color, women and other potential
candidates for the Raymond James advi-
sory training program from colleges, he
pointed out during a media briefing in the company’s financial advisor train- trying all sorts of things,” Reilly said.
May at the Elevate national conference ing classes because it’s found that the For instance, the company has had a
in Nashville, Tennessee. step from school to advisor training is Women’s Advisory Council for about 20
The company’s Black Financial too big, he explained. It’s also running years, he noted.
Advisors Network is in its sixth year, he financial literacy training in schools, “We’re really one of the leaders” in
noted. Because “there aren’t enough” with a focus on “inner-city neighbor- the industry when it comes to hiring
experienced Black advisors in the mar- hoods to get access to people [and] give women, he said.
ket, the firm realized “we’re just going access to people who don’t have access,” But “the challenge [with] being one
to really have to double down on train- he pointed out. of the top recruiters in the industry
ing and recruiting and getting people At the firm’s home office, “people is our percentage is a lot higher than
from those communities younger in are spending an hour a day with kids the industry percentage,” he said. “So
life” interested in the financial services and becoming their mentors, and we it’s hard to gain when you’re recruiting
industry, he explained. realized they’ve never even seen the from a market that’s less diverse than
Another challenge, he said: “Whether inside of an office building” and often your own market.”
it’s people of color or women, financial “don’t even know those jobs exist,” he Additionally, one important goal is
services isn’t top of mind for them. That said. However, he said, “COVID was to try to “make a societal difference,” so
isn’t helped by films including The Wolf hard because you couldn’t get people recruiting women and advisors of color
of Wall Street portraying the industry in the office and it’s a mentorship busi- from other firms “makes no difference”
in a way that “isn’t very family friendly, ness.” After all, he explained, there’s in terms of making the sector more
which it absolutely is,” he said. nothing quite like “having someone diverse, he said.
“We realized that we can’t rely on that’s overseeing you or watching” When one firm’s diversity statistics
experienced people” alone when it to help somebody become effective go down but “yours goes up, that’s not
comes to recruiting advisors and other as an advisor. the goal,” he added. “The goal is really
job candidates, and that “we’ve got to “So that’s going to take time, but we’re to make a difference in society and
get much more into the college recruit- committed to it,” he said, noting the firm you have to really help develop, bring
ing” process and even reach out to stu- has spent a lot of money on these initia- up and nurture and train that talent.
dents before college to “really to make tives and “we’re ramping up all those So we’ve shifted our focus after a lot
a difference,” in addition to career fairs, programs” now. of years of working hard now.” Now
he said. Raymond James is developing much
Raymond James has a pre-training OTHER DIVERSITY INITIATIVES of the “talent from the bottom up and
class that gives people time to pass their “We keep working on” diversity at knowing it’s just going to take time,”
tests and the firm then brings them into Raymond James overall and “we’re he said.

JULY/AUGUST 2022 INVESTMENT ADVISOR 45