The work of advancing diversity, equity and inclusion in wealth management firms today can feel discouraging, as
But a roomful of financial planners gathered yesterday in an Arlington, Virginia event space rallied cautiously, at times defiantly, around the cause of DEI in an industry that still has far to go on its diversity efforts. Currently only
"There have been attacks, as you all know, on university programs that focus on diversity. I don't have to tell you that there are those working to dismantle the progress that we've made," said Kevin Keller, the CEO of the CFP Board, in his opening remarks at the CFP Board Center for Financial Planning's
"But let me be unambiguous. … We at the CFP Board are unwavering in our pursuit of a diverse financial planning profession."
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Over 300 attended the conference, a one-day event at the Renaissance Arlington Capital View Hotel that began at 7:30 a.m. and ran until 7:30 p.m. Attendance was in line with prior recent years, a spokesperson for the board said in an email. In keeping with the event's theme of "Inclusion 360 … Profession, Planner, Community," throughout the day attendees acknowledged the difficulties of retaining diverse talent and giving back to historically marginalized communities as planners and celebrated instances of progress among peer firms.
"Like many of you, like the rest of the world, I'm in a whole world of hurt right now," said Daisy Auger-Domínguez, a DEI consultant and the author of the book "Inclusion Revolution: The Essential Guide to Dismantling Racial Inequality in the Workplace," in a keynote speech at the event. Auger-Domínguez is also the founder of Auger-Domínguez Ventures and former global chief people officer at Vice Media Group.
However, facing one's fears is critical to progress on DEI, she said, and that starts with leaders at each firm humbly listening to each employee on what they need to feel more included at work. Then, leaders must reflect, use data to understand how to respond with appropriate policies, "visualize" and deliver those policies and persist even when external conditions make it tempting to step back, she said.
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"In a raging storm … you put one foot forward, and you bring your team," she said.
Events at the conference were wide-ranging: discussions sharing best practices in designing more inclusive workplaces and holding leaders accountable for that change; quick-fire mini TED-style "CFP Pro Talk" speeches by individual practitioners on their personal journeys to succeed and create change as diverse professionals; presentations of research on how to better serve the LGBTQ+ community and engage diverse college students; and a discussion on closing the racial wealth gap,
The event came as the CFP Board celebrates the 50th year of the CFP designation, which launched in 1973. On Wednesday, prior to the summit, the organization also held a virtual job fair to help connect employers to diverse candidates.
Legacy wirehouse Merrill Wealth Management dominated the conference as its lead sponsor. The firm placed rows of gray Merrill-branded duffel bags on a table near the registration desk, which many participants eagerly grabbed; Merrill advisors and executives spoke in several events. Merrill became the event's exclusive premier sponsor in 2022 as part of a four-year agreement that lasts through 2025, a spokesperson for the CFP Board said in an email. Other partner sponsors included AssetMark, Ballentine Partners, Edward Jones, Morgan Stanley, Prudential and Vanguard.
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The occasion at times resembled a religious gathering, with some speakers from the CFP Board addressing the room like preachers.
Cy Richardson, a senior vice president for economic and housing programs at the National Urban League and chair of the Diversity Advisory Group at the CFP Board, said in closing remarks at the end of the summit that planners must "continue to be evangelists" in promoting the profession. "We need to compel [planners] to live it, embody it," he said of the event, adding that much work remains to be done on diversity and inclusion.
Summit attendee Jason Andrade, a CFP who is the director of financial services at Compass Working Capital, a nonprofit that helps low to moderate income families build assets and become homeowners, said his first time at the conference Thursday was "a really good experience."
"Wealth is transferring, women have a lot more economic power [as do] people of color. … And lived experience, representation, is so important to be able to give people relevant advice that they feel is actionable."
