PLANADVISER - January/February 2022 - 11

the FSP was trying to advocate-that
addressing diversity and inclusion is not
something any single firm or leader can
do alone. " Real progress will come from
the alignment of strategic industry partnerships
and from the coming together of
many organizations and associations. "
She notes that the Center for Financial
Planning announced, this past December,
that it will join the Financial Alliance for
Racial Equity (FARE) Coalition, a partnership
between financial service organizations,
industry associations and historically
Black colleges and universities (HBCUs).
FARE's executive members come
together regularly to track progress on its
mission and vision. " I'm a graduate of an
HBCU, so I'm so excited to get [these institutions']
history and perspective onboard, "
Harris says. " We are building out some
powerful initiatives. "
Harris says she believes the definition
and tracking of key metrics will be central
to making progress. " Currently, in the U.S.,
about only 4% of our CFP professionals
are Black or Latino-despite the basic fact
that these groups together make up nearly
a third of the U.S. population, " she says.
" Women make up only 23% of CFP professionals.
So that's the starting point, and
the goal must be to ensure our membership
is more representational of the U.S.
population as a whole. "
The Importance of Financial Services
Morgan Stanley's 2021 Investor Pulse Poll
found that diverse groups of high-networth
investors and entrepreneurs believe
the financial services industry is the one
best-positioned to impact racial inequality
in the U.S.
Margaret Flynn-Martin, head of the
relationship management group at Morgan
Stanley Wealth Management, says she
agrees wholeheartedly with that assessment.
She
also
agrees
with Harris'
perspective that one firm or leader alone
cannot solve the industry's diversity and
inclusion problem.
" At last year's virtual Morgan Stanley
summit meeting, our leadership team
challenged the staff and managers to do
something powerful and meaningful to
address the lack of industry diversity, "
Flynn-Martin recalls. " In response, we
started building out the framework for
what we now call the 'Equity Collective,'
which was just launched formally in midNovember. "
The
Equity Collective comprises 25
members, she says: American Century
Investments, BlackRock, BNY Mellon
Investment
Management,
Columbia
Threadneedle Investments, Diffractive
Managers Group, DWS, First Eagle Investment
Management, Franklin Templeton,
FS Investments, Goldman Sachs Asset
Management, Hartford Funds, Invesco,
Janus Henderson Investors, John Hancock
Investment
Management,
Stanley
Lazard
Asset Manage ment, Macquarie Asset
Management, Morgan
Investment
Management, Natixis Investment
Managers, New York Life Investments,
Nuveen, PGIM Investments, PIMCO,
Putnam Investments, T. Rowe Price and
Virtus Investment Partners.
Flynn-Martin says the collective's
efforts will be guided by research and the
experiences of its members. For example,
she cites a Mercer study that concluded
that Black and Latino students' interest in
working in financial services " crystallizes "
during high school, while white students
are more often drawn to the field during
their college years. For that reason, the
Equity Collective has established three
key sponsorships to generate an interest in
finance in young people of different ages-
with the Boys & Girls Clubs of America,
Team Impact and Hive Diversity.
" We are dedicated to increasing access
for young talent and proactively raising
awareness about the incredible opportunities
in our field, " Flynn-Martin says.
" Finding established organizations to do
that with, in order to move with intention
and speed, was one of our primary goals in
establishing the Equity Collective. There's
no doubt in my mind that pulling together
is the best way to magnify the impact of
these individual groups. " -John Manganaro
23%
Source: CFP Board
4%
Women make
up 51% of the
population.
Only 23%
of CFPs are
women.
51%
More than
31% of the
population is
Black or Latino.
Only 4% of
CFPs are Black
or Latino.
31%
planadviser.com January-February 2022 | 11
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PLANADVISER - January/February 2022

Table of Contents for the Digital Edition of PLANADVISER - January/February 2022

The Virtual Reality
Getting to Yes
A Share of the Wealth
The Full View
Life Happens
An Objectivity Lesson
Best Execution Standard
PLANADVISER - January/February 2022 - Cover1
PLANADVISER - January/February 2022 - Cover2
PLANADVISER - January/February 2022 - 1
PLANADVISER - January/February 2022 - 2
PLANADVISER - January/February 2022 - 3
PLANADVISER - January/February 2022 - 4
PLANADVISER - January/February 2022 - 5
PLANADVISER - January/February 2022 - 6
PLANADVISER - January/February 2022 - 7
PLANADVISER - January/February 2022 - 8
PLANADVISER - January/February 2022 - 9
PLANADVISER - January/February 2022 - 10
PLANADVISER - January/February 2022 - 11
PLANADVISER - January/February 2022 - 12
PLANADVISER - January/February 2022 - 13
PLANADVISER - January/February 2022 - 14
PLANADVISER - January/February 2022 - 15
PLANADVISER - January/February 2022 - 16
PLANADVISER - January/February 2022 - 17
PLANADVISER - January/February 2022 - The Virtual Reality
PLANADVISER - January/February 2022 - 19
PLANADVISER - January/February 2022 - 20
PLANADVISER - January/February 2022 - 21
PLANADVISER - January/February 2022 - 22
PLANADVISER - January/February 2022 - 23
PLANADVISER - January/February 2022 - Getting to Yes
PLANADVISER - January/February 2022 - 25
PLANADVISER - January/February 2022 - 26
PLANADVISER - January/February 2022 - 27
PLANADVISER - January/February 2022 - A Share of the Wealth
PLANADVISER - January/February 2022 - 29
PLANADVISER - January/February 2022 - 30
PLANADVISER - January/February 2022 - 31
PLANADVISER - January/February 2022 - The Full View
PLANADVISER - January/February 2022 - 33
PLANADVISER - January/February 2022 - 34
PLANADVISER - January/February 2022 - 35
PLANADVISER - January/February 2022 - Life Happens
PLANADVISER - January/February 2022 - 37
PLANADVISER - January/February 2022 - An Objectivity Lesson
PLANADVISER - January/February 2022 - Best Execution Standard
PLANADVISER - January/February 2022 - 40
PLANADVISER - January/February 2022 - Cover3
PLANADVISER - January/February 2022 - Cover4
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