The College’s President and CEO, George Nichols III, Chartered Advisor in Philanthropy® (CAP®), hosted a panel discussion on diversity, equity, and inclusion (DE&I) that emphasized the panelists’ personal experiences and the important work the American College Center for Economic Empowerment and Equality does in this area, while highlighting practical steps the industry can take to be more welcoming and equitable.

Personal Journeys to Financial Services Careers

As President Nichols noted, a more inclusive financial services industry starts with the recruitment and retention of diverse professionals. This means creating more opportunities for non-traditional candidates to discover and embrace financial services roles. 

To understand how people are attracted to the industry, Nichols invited the panelists to share their personal journeys to financial services careers. Their responses highlighted the importance of overcoming barriers and improving understanding of the industry. 

For Alanah Phillips, a recruiter and NextGen advocate, overcoming negative perceptions was crucial. 

“I had very negative perceptions of the industry. I thought it was like The Wolf of Wall Street. I did not study anything in school related to finance. And I remember when I came for my first interview, they were talking about annuities and I didn’t havea clue what an annuity was,” she said. “But then, as I got to meet financial professionals and understand what advisors did, I very quickly realized how important it was. I've become passionate about what we need to do to help change that perception.” 

People also played a crucial role in panelists’ career journeys. Centario Grier, co-founder of J&G Legacy Financial Group, explained how both a stranger and a family advisor guided him into his career. 

“I was introduced to the industry through a complete stranger,” he said. “A young lady approached me and said, ‘Hey, I think you would be great in the financial services industry.’ I started at New York Life, and I was impressed by the wealth of information I saw in my first interview. When I talked to my grandmother about it, she said that's who her financial advisor worked for. I realized that the person I viewed as financially successful was at New York Life, and that's where she was getting her financial advice from. So that's just confirmed everything and I said, I'm going to jump into this business.” 

The Importance of Mentorship and Community

Once panelists had begun to explore the industry, most said mentorship played a crucial role in guiding them to specific career paths and motivating them to stay in the field. 

For Marco Williams, CFP®, a wealth management specialist with JP Morgan Wealth Management, a key mentor entered early. 

“This particular firm that I began my career with prided itself on the fact that it only accepted 2% of applicants,” he said. “And the person who interviewed me subsequently told me after the fact that he had actually given me the highest score he had ever given anyone in the interview process, and he was a stickler. That increased my confidence level significantly because there was a certain amount of doubt there. I knew I had some basic skill sets in terms of building relationships, connecting with people, and so on, but once I got that feedback from him, it told me immediately that I could be successful in this career.” 

New York Life’s Fatima Williams, FSCP® explained that, for her, mentorship came at a crucial moment. 

“I was able to attend an African-American market event in Houston and there was a managing partner from a west coast office who was speaking to people who were brand new in the industry,” she said. “He spoke about five tactics to maintain your business, and it was something I needed in that moment. They helped me answer questions and provide clarity for myself into the future in this career. And so now I can call it a career and use those same five practices, not only for myself, but to share with others.” 

Grier also highlighted the opportunity he had to connect with other Black financial professionals at The College’s Conference of African American Financial Professionals (CAAFP), noting how important it is to build a community of peers who can support your long-term professional growth.

Building a Better Industry

Looking ahead, the panelists saw many ways in which the industry could do a better job of serving both diverse consumers and a more diverse workforce. 

Phillips argued, for example, that increasing diversity among financial professionals is not only an important objective, but also the key to improving customers’ experience with the industry. 

“If we have more folks in the industry that look like the clients, then they may want to approach an advisor,” she said. “There's a lot of negative stigma about the industry, and there have been some bad things that have happened. To see somebody who might look like you, might think like you, might have similar experiences to you, and could relate to your money story and your money problems, I think that one will fix the other.” 

For Marco Williams, it was also important to think more about how firms recruit, develop, and promote talent. 

“When I think about development, I think about coaching – you have to be able to value talent, to spot talent, and be willing to develop talent,” he said. “There's a lot of talent across the spectrum, across many different cultures and many different communities. I think the willingness for firms to develop and cultivate wealth management professionals is going to be critical.” 

Grier agreed, and added that it’s also necessary to think more flexibly about how to build and manage financial businesses in different contexts. 

“I think one of the biggest things is helping advisors know how to pick the right business model – this is very important to start off,” he said. “Then, once you get that advisor in the door, what type of language does he or she need to speak to the clientele that they're serving? For my clientele, I have to speak with my heart as well as my mind. The African-American community has an emotional relationship with money, not so much logical, so you need to approach things in a certain way and meet them where they are.” 

A Bright Future

President Nichols concluded the panel by asking the panelists to identify the one thing they would do to make DE&I work better for the industry if they had a magic wand. 

For Grier, it was about connections. 

“It would be to connect more African-American advisors and to then connect those advisors with the clientele that actually wants the advice,” he said. “It’s about connecting the right advisors to one another so we can be stronger together, and then connecting them to the right clientele so we don't lose wealth in the process.” 

Phillips wanted to eliminate bias. 

“Once we get on an individual level, a lot of those things go away and we recognize whatever those feelings were that we had about somebody because of how they look or how old they are or whatever, those go away,” she said. “If we could just start there, we'd probably see a lot more progress.” 

Fatima Williams said she wanted better mentorship. 

“Partnering a newer advisor with someone established is necessary because a lot of times these new advisors are afraid to ask, and I think that is the biggest issue,” she said. “Either somebody's going to ask or they're not going to ask at all, and it'd be a disservice to them because they were in the right place, but they just didn't ask the right question.” 

Finally, Marco Williams concluded with a simple but powerful wish. 

“Automatically educate every person out there about the importance of financial literacy,” he said.

The College’s President and CEO George Nichols III, a Chartered Advisor in Philanthropy® (CAP®), hosted a panel discussion that focused on prominent trends in philanthropy, ranging from the growing role of women in charitable giving to the importance of building a more collaborative philanthropic ecosystem.
 

A $30 Trillion Wealth Transfer

The first topic the panelists tackled was the role of women in philanthropy. Observing that an estimated $30 trillion will transfer to women over the next 10 years, President Nichols asked his guests what advisors can do to better serve the charitable giving needs of these future decision-makers. 

“In my experience with women, they are very philanthropic. They are very attuned to their communities and helping other people, but they're also concerned about saving enough for retirement and so on,” said Rick Peck, CFP®, CHFC®, CAP®, a special advisor to the philanthropy services team at the New Hampshire Charitable Foundation. “So, they do want to make a difference and they are looking for their advisors to help open the door for that discussion.” 

Unfortunately, however, advisors do not always meet their needs. As President Nichols pointed out, 80% of women who inherit money change their advisors within the first year. This is understandable, according to Mary Fischer-Nassib, CAP®, co-founder and director of Sow Good Now, given that advisors have not planned on how best to serve these clients. 

“How are we going to be able to serve those women? They're already proven leaders, they've already proven that they want to impact society, they're proven that they have causes that are important to them, and where do we belong? What seat are we taking at the table? How often and who are we bringing in that's needed? I think those are questions we have to start thinking about to serve them better,” she said. 

According to the panelists, to connect with their female clients advisors need to engage in meaningful conversations and ask open-ended questions. By understanding their values, interests, and aspirations, advisors can help women align their philanthropic goals with their personal and financial objectives. Providing education and resources early on can also help empower women to become lifelong philanthropists. 

Building a Better Ecosystem

Switching gears to the broader business of philanthropic advising, President Nichols asked the panelists how the philanthropy ecosystem could improve and expand the impact of giving across communities. 

In response, Fischer-Nassib highlighted the importance of improving collaboration and innovation. 

“In the non-profit space, they talk about collaboration and innovation, but the funders don't know what that looks like. And if you've ever tried to get your family to go out to pick a restaurant, it's really hard. So you're asking these nonprofits to work together and keep their mission aligned, and I say, well, you get your family that restaurant first, and then we'll start seeing how we can, as nonprofits, can collaborate,” she said. 

Fischer-Nassib added, “The innovative piece is also very important. You need the full team to come together in order to innovate. You need to have the wealth managers, the estate planners, the attorneys, the CPAs, and the philanthropic advisors to start having conversations.” 

Peck agreed. “Corporations are part of the ecosystem along with foundations, family foundations, and nonprofits,” he said. “And when you think of an ecosystem, it means that everything is positively coexisting and feeding off each other and thriving. And I think that, by bringing these different parts to the table for conversation and understanding what each party's looking for, that's going to be helpful in the grand conversation, and I don't know that we do that as well as we could.”

Bringing Diversity into Giving

The panelists moved on to a discussion on how philanthropy can become more diverse and work successfully with the clients of the future. In practice, this means not only recruiting more diverse philanthropic advisors, but also looking at new and emerging causes and expanding the definitions of where to give and how to partner with communities. 

On the topic of America’s racial tensions, for example, Peck said, “George Floyd being killed, it sparked an absolute fervor. But the reality is, it just magnified something that's been there for a long, long time. I think there's a reactionary way that people respond to something like that, and people pop up with all the best intentions, and try to create things that can be helpful. But does it last? Is it part of an ecosystem of change?” 

He continued, “I have not seen anything that feels as cohesive as it should be three years later. Now, there are community foundations in my world that were doing good stuff long before George Floyd was killed. And it's a marathon, and not a sprint. There's a lot of cultural work that needs to be done in communities, and we need to be sitting down and having conversations with individuals, not in a reactionary way, but more collaboratively. If we're sensitive to the differences that we have and how positive that can be in our society, we will all be better for that.”

A Brighter Way Forward

President Nichols wrapped up the session by asking the panelists about the one thing they would do to improve the philanthropic space if they had a magic wand to make any change they wanted. 

Peck focused on the importance of communication. “I'd wave it to bring people together to have an open discussion, a substantive discussion, leaving time to hear different points of view that lead, slowly but surely, to positive change,” he said. 

For Fischer-Nassib, engaging young people was most important. “If you really want to leave a legacy, pour some of what you have to give into these willing and able young people, give them power and a structure around those funds, and let them learn and practice and grow so that 10 years from now, we have risen up and have a good handle on what's needed, as well as teams of people who are set to do really good work.”

InvestmentNews' See It, Be It Role Model is awarded to those who have demonstrated leadership and achievements in financial services while actively seeking to inspire those from diverse backgrounds to pursue financial services careers. 

As the first Black President and CEO of The American College of Financial Services, Nichols has recognized the opportunity for The College to further expand on its goals and efforts to address economic injustice in America. Nichols has been acclaimed for his efforts to drive transformative change in diversity, equity, and inclusion in the financial services industry and elsewhere. Under his leadership, The College has prioritized diversifying the profession. 

Upon accepting the award, Nichols spoke about his experiences embarking on his career journey. "Many times throughout my career, I've been the first, the only, or one of the few,” he said. “I know what it feels like to be the lone wolf, assimilating and integrating myself into the existing culture." 

He also spoke about the importance of having diverse role models to help others grow in confidence and belonging. "Two things happen when we can SEE IT AND BE IT. When we SEE IT, our confidence grows. What we aspire to achieve and the goals we've set for ourselves appear closer; we know our dreams are attainable,” he said. 

Nichols added, "And as more of us BECOME IT, the space in which we are free to celebrate our individuality expands. We no longer feel pressured to assimilate, but are free to celebrate our shared history, challenges, and culture. With this celebration of self, biases begin to break down, perspectives widen, and true belonging is born in our corporate cultures." 

InvestmentNews Names The College as a Finalist for Diversity Champion

Each year, InvestmentNews also recognizes firms and industry partners that foster diversity, equity, and inclusion within their organization or across financial services. With a strategic focus on diversifying the profession and as a steadfast champion of advancing DE&I initiatives, The College was named as a finalist for this year's Diversity Champion award. 

Multiple initiatives led by The College's Centers of Excellence, including the Center for Economic Empowerment and Equality, the Center for Women in Financial Services, the Center for Military and Veterans Affairs, and the Center for Special Needs advance DE&I in the financial services industry and beyond. 

President Nichols, Vice President and Chief Marketing Officer Jared Trexler, Vice President of Administration and Chief Human Resources Officer Deborah Eskridge Glenn, MA, MSM, SPHR, SHRM-SCP and Executive Director of the Center for Women in Financial Services Hilary Fiorella attended the event to connect with others leading in DE&I and celebrate The College’s recognition.

The College Leads Panel Discussion on Countering Pushback and Addressing Anti-DE&I Sentiments 

President Nichols was joined by Vice President and Chief Diversity and Inclusion Officer of Commonwealth Financial Network Scarlett Abraham Clarke for a discussion on how to counter DE&I pushback moderated by the Executive Director for the American College Center for Women in Financial Services, Hilary Fiorella. 

The discussion focused on the benefits realized from DE&I initiatives, why some employees are resistant, and proven strategies to counter anti-DE&I sentiment. Nichols pointed to political pressures and economic uncertainty over the past year as why some executives have started "falling back to what's 'worked' in the past." Nichols cautioned leaders to continue with DE&I strategic plans and initiatives "even if the business is stressed." 

"Executives need to be realistic in setting expectations and solving the bigger issues. Coming out and saying you're going to increase diverse hires by five percent in a tight environment sets up a false dichotomy where someone feels threatened by personal loss," he said. "We must re-frame so everyone wins with the focus on diversity as a growth engine for everyone."