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A panel of financial industry professionals said advisors need to get out of their comfort zone when hiring .

By Jacqueline Sergeant

“ Whether it ’ s diversity of thought , whether it ’ s diversity of business , or whether it ’ s diversity of communities , it is great for business ,” Clara Sierra , senior director at Moody Analytics , said during a panel discussion . “ And I just want to remind everyone that demographics are changing , and purchase power is changing in these diverse communities .”

Sierra , one of three speakers on a panel titled “ Addressing Diversity : Opportunities and Challenges Within the Wealth Management Industry ,” called on advisors to get out of their comfort zones and connect with people of color .

“ No knock on golfers , regardless of what gender you are , but so much business gets done on the golf course because they are networking with each other , talking about what matters , and they are growing the business for each other ,” she said . “ But network with everyone at this conference , learn from each other to sharpen your saw to get more business and to evolve your practice on where you want to see it in the next five to seven years .”

Sierra , an Afro-Latina of Dominican heritage who has been in the industry for more than 25 years , said she wonders where her career would have taken her had there been other people of color in the industry at the time who could have mentored her . She implored the group to seek out mentees . “ You learn so much about yourself and your craft and you stay relevant and fresh when you have mentees ,” she said . “ Sponsors , mentors , mentees and allies , they are all important .”

Shevawn Adams , senior manager for business enablement at RBC Wealth Management , said it ’ s especially important for firms to cast a wider net when hiring . “ This is a generational business , and so for people of color specifically , financial services is not a career that we say we want to get into because there is hardly any representation . So , if you don ’ t see it , you don ’ t know about it ,” she said .

Sierra added that the most successful advisors she has seen are the ones who work with their local colleges and universities . “ Schedule a coffee chat with the dean of the business school or dean of marketing and create a program of summer interns ,” she said . “ It gets you in the college ecosystem , and you get great , innovative young talent to come work in your offices for the summer .”

RBC , Adams said , is launching a pilot program that involves a few of its branches in various states that will source interns from historically black colleges and universities ( HBCU ). “ These field leaders have made a commitment to not only host those interns but to introduce them within their network in the industry ,” she said .

MAY 2024 | FINANCIAL ADVISOR MAGAZINE | 31