PLANADVISER - March/April 2020 - 24
practice management // second in a series
Keeping Up With the Workplace
Black Americans need more representation in the financial advisory field
T
he financial advising industry has not only a scarcity
of women (see " To Surmount the Gender Gap, "
PLANADVISER, November/December 2019) but a wellknown
diversity gap. In 2018, only 5% of financial advisers
identified as black or African American, slightly less than
7% as Asian and 6.6% as Hispanic or Latino, says the Bureau
of Labor Statistics' Current Population Survey (CPS).
Based on self-reported data provided to the Certified
Financial Planner (CFP) Board of Standards Inc., less than
3.5% of all 80,000 Certified Financial Planners in the U.S.
are black or Latino-significantly less than the representation
of blacks and Latinos in the U.S. population.
The adviser industry has, similarly, not kept up with
the current U.S. workforce. Today's employees span more
generations and are much more diverse and better educated
than ever before. Numerous studies show that more diversity
across a company's workforce leads to better results.
Millennials, for example, who will make up 75% of the
American workforce by 2025, the 2018 Deloitte Millennial
Survey found, believe working and collaborating with
people from varied backgrounds will make a company
smarter, richer, more creative and more successful.
" We know that the majority of Millennials identify as
nonwhite, " says Kathleen Zemaitis, head of adviser diversity
and inclusion at LPL Financial in Denver. Communities,
especially those Millennials gravitate to, are evolving,
she notes.
The inadequate number of minority advisers to help
these young workers is problematic-whatever the client's
or potential client's race, she and other sources say.
" The fastest growing segment of marriages are of mixed
ethnicity. If we aren't reflecting these changes, we won't be
able to guide our investors with retirement and financial
needs, " Zemaitis says.
To address this challenge, LPL launched an Advisor
Inclusion Council (AIC), a diverse group of representatives
from financial firms and institutions to work along with
LPL leaders. The council has identified and is working to
advance three primary goals within the adviser industry:
to attract more financial professionals who reflect the
changing marketplace; to help financial professionals grow
their business by engaging new investor markets; and to
create inclusive opportunities for financial professionals to
connect, learn and share best practices.
24 | planadviser.com March-April 2020
http://www.planadviser.com
PLANADVISER - March/April 2020
Table of Contents for the Digital Edition of PLANADVISER - March/April 2020
Pooled Strength
Invested in Technology
Keeping Up With The Workplace
The Risks of DC Investing
Let Me Introduce Myself
Small-Plan Governance
Hazard Prevention
New Obligation to the SEC
On Small Plans and Large
PLANADVISER - March/April 2020 - Cover1
PLANADVISER - March/April 2020 - Cover2
PLANADVISER - March/April 2020 - 1
PLANADVISER - March/April 2020 - 2
PLANADVISER - March/April 2020 - 3
PLANADVISER - March/April 2020 - 4
PLANADVISER - March/April 2020 - 5
PLANADVISER - March/April 2020 - 6
PLANADVISER - March/April 2020 - 7
PLANADVISER - March/April 2020 - 8
PLANADVISER - March/April 2020 - 9
PLANADVISER - March/April 2020 - 10
PLANADVISER - March/April 2020 - 11
PLANADVISER - March/April 2020 - 12
PLANADVISER - March/April 2020 - 13
PLANADVISER - March/April 2020 - Pooled Strength
PLANADVISER - March/April 2020 - 15
PLANADVISER - March/April 2020 - 16
PLANADVISER - March/April 2020 - 17
PLANADVISER - March/April 2020 - 18
PLANADVISER - March/April 2020 - 19
PLANADVISER - March/April 2020 - Invested in Technology
PLANADVISER - March/April 2020 - 21
PLANADVISER - March/April 2020 - 22
PLANADVISER - March/April 2020 - 23
PLANADVISER - March/April 2020 - Keeping Up With The Workplace
PLANADVISER - March/April 2020 - 25
PLANADVISER - March/April 2020 - 26
PLANADVISER - March/April 2020 - 27
PLANADVISER - March/April 2020 - The Risks of DC Investing
PLANADVISER - March/April 2020 - 29
PLANADVISER - March/April 2020 - Let Me Introduce Myself
PLANADVISER - March/April 2020 - 31
PLANADVISER - March/April 2020 - 32
PLANADVISER - March/April 2020 - 33
PLANADVISER - March/April 2020 - Small-Plan Governance
PLANADVISER - March/April 2020 - 35
PLANADVISER - March/April 2020 - Hazard Prevention
PLANADVISER - March/April 2020 - 37
PLANADVISER - March/April 2020 - New Obligation to the SEC
PLANADVISER - March/April 2020 - On Small Plans and Large
PLANADVISER - March/April 2020 - 40
PLANADVISER - March/April 2020 - Cover3
PLANADVISER - March/April 2020 - Cover4
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