Page 29 - Investment Advisor September 2022

Diversity, Equity & Inclusion

focuses on collaboration of firms committed to the advance- real-world best practices relevant to RIA firms, the curriculum
ment of diversity, equity, inclusion and belonging (DEIB) emphasizes actionable steps toward meaningful change that can
in the financial services industry. FARE provides resources, help move the firm toward its DEI vision,” Schwab explained.
training and connections to Black students and financial pro-
fessionals that can serve as important components to their The American College of Financial Services
success in the financial services industry. For nearly a century, The American College of
Some initiatives include partnering with HBCU Connect Financial Services says it has “forged lasting
to host recruiting events for HBCU students; funding www. partnerships with the nation’s leading finan-
Diversitasfp.org; sponsoring the CFP Board’s Summit and cial services companies, … [and] the College
Career Fair; creating the “Three Questions in Three Minutes” remains a steadfast champion of diversity, equity, and inclu-
video series; and granting some $100,000 to fund scholarships sion within the industry.”
via the CFP Board of Standards. Its Centers of Excellence include the Center for Economic
Empowerment and Equality, the Center for Women in Financial
Merrill Services, and the Center for Military and Veterans Affairs. The
“Building the Modern Merrill organization states that it also “continues to advocate and
requires a deep commitment to advance increased parity in financial services for underrepre-
diversity and inclusion. We’ve made meaningful progress over sented groups, as well as works to build new pathways to trust
the last several years, in part by holding all levels of leadership for the industry to connect better and serve all Americans.”
more accountable for change,” according to the firm. Merrill
also has created several advisory councils to management and The Irick Group at Merrill Private
events to help ensure it has “the right strategy, programs and Wealth Management
processes in place to further support and sustain the growth The Irick Group at Merrill Private
and success of diverse talent.” Wealth Management says that “the
Today, Merrill says its senior leadership team is 50% diverse: face of wealth has changed but the
“For the last several years, diverse candidates have represented industry which is supposed to support and shepherd that
60% or more of each year’s class within our Market Executive wealth has not.” As a result, it works “to change that discon-
Leadership Academy. In 2020, we took the bold step to be one nect by elevating and supporting those that are often over-
of the first firms in the industry to disclose the diverse compo- looked by other advisors and financial institutions.”
sition of our advisor population.” The Irick Group hosts “timely and meaningful events” and
In 2021, the firm adds, it made “a significant effort and members of its team speak “locally and nationally, internally
investment to connect with diverse clients and prospects and externally on topics ranging from financial literacy to
through the launch of the Diverse Viewpoints studies that retaining diverse talent to impact investing education and
explored the financial experiences of the LGBTQ+, Hispanic/ more,” it says. Two events the team hosts are “The Empowered
Latino and Black/African American communities. The Diverse Woman” series, which seeks to uplift women at all stages of
Viewpoints program ignited (and continues to ignite) impor- life; and “The Financial Boot Camp for Underrepresented
tant conversations between advisors and clients/prospects. Founders: Staying True to Your Values,” which brings together
It enabled Merrill advisors to have important and complex experienced entrepreneurs and venture capitalists for the
conversations with clients.” purpose of educating and inspiring minority startup founders.

Schwab Advisor Services Nationwide Retirement Institute’s Diverse
Schwab Advisor Services’ Business Consulting Markets Initiative
& Education team has worked with registered The Nationwide Retirement Institute says it
investment advisors for over 20 years. In 2021, is “committed to being advocates for a more
it dedicated part of its offering to help build equitable financial services industry — and world. Our Diverse
more diverse and inclusive practices within the firms it works Markets program is designed to showcase a variety of client
with: “Building an Inclusive Firm Culture (BIFC) provides a demographics to better understand the potential differences
guided program to help advisors plan and drive an impact- and similarities among these client bases.”
ful DEI strategy and offers RIAs the opportunity to learn and It also aims to keep financial professionals educated, empa-
network with peers and develop strategies to build and culti- thetic and aware of these groups’ needs. “This program has
vate an inclusive workplace that attracts and retains the best started to make an impact with advisors and has taken a
diverse talent,” according to the firm. thoughtful approach to better meet the financial and retire-
It is delivered through five virtual workshops focused on ment income needs of diverse and underserved market seg-
culture, talent, marketplace and community. “Combined with ments,” the organization said.

SEPTEMBER 2022 INVESTMENT ADVISOR 25