Celebrating diversity is core to the mission of What About Us Financial. My years of experience in the financial services industry has shown me first hand that services are not designed to create a comfortable environment for women, people of color and other minority groups. If anything, I have attended trainings that stress the exact opposite.
Bella Research and Harvard University found that 98.9% of investments are managed by companies owned by white men. This means only 1.1% of investments are managed by firms owned by women or minorities.1 “Since its inception, the financial industry has been dominated by America’s male majority and it has remained in the hands of the majority,” says Kyle Winkfield, managing partner of OWRS Firm in Washington, D.C. “And that’s the problem in a nutshell: Men are actually not the majority of the population, but the industry perceives that they are.”2
The lack of diversity in the financial services industry results in sales tactics and conversations that do not reflect the values of our overall society. Kimberly Foss, founder and president of Empyrion Wealth Management, says “diversity is critical if we want a body of professionals who can understand and empathize with a changing American society and culture.” 3
Chloe McKenzie, founder, president and CEO of BlackFem, Inc., a non-profit focused on creating opportunities for women and girls of color to build and sustain wealth, says “the industry creates a catch-22 scenario, in which women and minority groups are reluctant to seek professional financial advice because they can’t readily find advisors they identify with. At the same time, a mistrust of the industry keeps women and minorities from entering the field to serve the groups who could directly benefit from their advice.” 4
I believe it is time to adjust the financial services industry, so ALL individuals are comfortable with financial planning and investing. Everyone deserves to receive guidance on how to achieve their financial goals. Money is not a finite resource. We can all budget, save, invest and protect what we have worked hard to earn. I strive to relate to all my clients and take the time to thoroughly explain the financial planning process. I hope I can play a small role in creating a more inclusive world.
2, 3, 4 https://www.investopedia.com/financial-advisor/fa-profession-accountable-lack-diversity/. 12/3/19