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Adams said partnering with recruiters and field leaders is a change from the traditional hiring approach , which has not been the most inclusive . “ On one hand , you say the industry lacks diversity , yet we are still asking for 10 years of experience for this and five years of experience for that … you are really drawing from a very narrow pool ,” she said .
RBC ’ s program is just one of the many efforts by major firms and others to address diversity in the industry , said moderator Suzanne Siracuse , founder and
“ You might not have a team that is diverse ... but in your roles with clients , you are often introducing them to lawyers and to other vendors who are diverse . At Ariel , we call that business diversity .”
— Emma Rodriguez-Ayala , Ariel Investments
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CEO of Suzanne Siracuse Consulting . She suggested that advisors should approach their recruiting efforts by asking what ’ s in it for the industry , rather than “ what ’ s in it for me .”
Siracuse highlighted two programs for advisors that are actively recruiting : One is the BLX Internship Program , a program for aspiring Black , African-American and Latinx financial planners that has 300 openings and has placed almost 100 candidates . “ There is a disconnect because we keep saying we can ’ t source talent and I can ’ t find diverse talent ,” she said , noting that this program works with an assessment firm that screens candidates based on what a firm is looking for . “ They are doing all the heavy lifting .”
The other program , an eight-week online training session called the Externship , was launched during the pandemic and trains students and career changers who want to be financial advisors . Siracuse said 800 people had signed up , of which 400 had completed the training . Half the training pool consisted of women , 10 % were Black and African- Americans , 9 % were Latinx and 9 % were Asians . “ Do the math . That ’ s the future of the business ,” Siracuse said .
Emma Rodriguez-Ayala , chief administrative officer and general counsel at Ariel Investments , the first Black mutual fund company in the U . S ., said that it is key for advisors to educate themselves on demographics and learn each group ’ s investment goals “ because when meeting with these people , you need to understand how they want to invest and how they are thinking about their long-term resources .”
Also key for advisors is to build a diverse network , Rodriguez-Ayala said . “ You might not have a team that is diverse based on where you are or for whatever reason , but in your roles with clients , you are often introducing them to lawyers and to other vendors who are diverse . At Ariel , we call that business diversity ,” she said . “ You can build a diverse network that you can open to your clients who might not be diverse but care about diversity ,” she said .
Ariel , she said , prides itself on the depth of its network . “ People come to us all the time and ask if we know a Black person or Latina or Asian person that can be on a board ,” she said . “ We are only about 150 employees , but the mark that we leave in all of corporate America is because of the depth of our network .”
32 | FINANCIAL ADVISOR MAGAZINE | MAY 2024 WWW . FA-MAG . COM