Embracing Diversity in Financial Services

Looking across key demographic segments, namely gender and race, financial services as a whole has not been representative of the American population. According to the Census Bureau, as of 2021, 69% of all financial advisors were male, and 80% of all personal financial advisors were white. Ten years ago, these numbers looked very similar, with men making up 68% of all personal financial advisors, and white advisors making up nearly 85% of the field.

In an industry dedicated to client service, these figures not only raise questions about how effectively representatives can reach diverse client bases, but they also show very little movement over the past decade toward becoming more representative of the population. This would seem to indicate that while creating an atmosphere of equality and representation is a noble goal, companies in the financial services industry are still facing challenges in this area.

It is for this reason The College has taken a number of actions in support of representation. Through ambassador programs, such as the FinServe Network, American College Centers of Excellence–including the Center for Economic Empowerment and Equality, the Center for Women in Financial Services, and the Center for Military and Veterans Affairs–and events, such as the Conference for African American Financial Professionals (CAAFP) and the Black Executive Leadership Program (BELP), we are acting on our commitment toward a more representative financial services industry.

One of these initiatives, the FinServe Network, was a new program at The College in 2023. The FinServe Network is a volunteer group of alumni and leaders who share The College’s values and help the institution amplify our benefit to the financial services profession. The ambassadors who comprise the FinServe Network have unique backgrounds and expertise, collectively representing the diverse landscape of the country that we hope to see brought to the profession.

The push for equal representation is not a passing trend at The College and has, in fact, been part of The College’s vision for some time, as demonstrated by one of its longest standing events, the CAAFP. In 2024, The College will host our 18th annual CAAFP as the industry’s premier gathering of Black and African American financial services professionals and DEI-committed professionals. This gathering brings together advisors, agents, educators, and thought leaders to discuss initiatives advancing African Americans in financial services. The CAAFP represents something far greater than a simple conference; it represents an opportunity for African American financial services professionals to come together as a community.

“The CAAFP is just one example, though significant, of how we walk the talk. The conference provides a visual symbol of how The College is working to serve underrepresented groups in our industry. ‘If I can see it, I can be it!’ is our mantra and, as a platform where we convene Black and African American financial advisors and allies at all levels, there’s nothing else like it,” says Deborah Glenn, executive director of the Center for Economic Empowerment and Equality.

Read the full article and learn more about The College’s efforts towards greater representation in the financial services profession in our 2023-2024 President’s Report.

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