DEI-Driven Retention Strategies

As the need for competent, ethical and diverse financial planners grows, so does the need for the financial planning profession to look inward and examine the retention culture (or lack thereof) in its workplaces.

Creating a DEI-Driven Culture of Retention in Financial Planning: Lessons Learned from Industry Leaders outlines best practices for advisor retention in the financial planning profession that advance diversity, equity and inclusion (DEI).

In addition to presenting case studies from leading financial services firms, the report provides detailed guidance on how these practices can be scaled to fit different organizational sizes and needs, from small firms to large enterprises.

Emphasizing the importance of senior leadership, the report suggests that leaders define and explain the "why" behind organizational efforts to create a culture of retention and that they develop an equity lens to eliminate barriers across the company. And while managers, supervisors and company executives are responsible for building and maintaining a culture of retention, employees must have mechanisms for providing feedback and other input that help to strengthen that culture.

This report is a product of the ongoing DEI work of CFP Board Center for Financial Planning, which advances competent and ethical financial planning and expands CFP® professional diversity for the benefit of the public, including providing educational resources, scholarships and an annual Diversity Summit.

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