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CFP Board Study Provides Map For Increasing Diversity in Advice Sector

By Mark Schoeff Jr. November 18, 2020 InvestmentNews

Increasing racial and ethnic diversity in the investment advice sector depends on building support for the effort from the bottom up and making it a strategic imperative, according to a report released Wednesday.

The study, Diversity in Action: How to Sustain the Financial Planning Profession, provides case studies of several financial firms that have implemented diversity initiatives. One of the keys to success is to create volunteer, employee-led groups that foster an inclusive environment and amplify the same tone from executives.

“Many of these firms have been effective in enacting change within their organizations because they were intentional in identifying barriers, creating solutions that address them, and holding leadership accountable for individual behavior and firm-wide practices,” the study said.

The report, sponsored by the Certified Financial Planner Board of Standards Inc.’s Center for Financial Planning, was released on Wednesday, the first day of the center’s virtual diversity summit.


Mark Schoeff Jr.
November 18, 2020