White advisors need to talk about race.
When I say this to white advisors, they almost invariably ask: Why just white advisors?
Because, I say, based on my discussions with people of color in the industry, they are already accustomed to discussing race and ethnicity. They know this topic on an intimate level because it has almost certainly impacted their careers and personal lives.
Everyone in financial services should be working toward an industry in which every professional feels they belong; it is a moral imperative. But for the purposes of this column, let’s concentrate on the business reasons white advisors need to get better at talking about race.
Changing demographics
Although white Americans currently make up approximately
You may find it easier to stay silent, and not take on this taboo subject. But by not acknowledging race,
Clients: To effectively serve clients of different races, being culturally knowledgeable about different attitudes toward money helps in relationship-building and constructive communication. Cultural attitudes about money aren’t always tied to race, but race often informs culture. Also remember that even if your primary client is white, that doesn’t mean their spouse or kids are as well.
Staff: If you want access to the industry’s full talent pool at a time when hiring and retaining top talent is crucial to growing a thriving business, it’s absolutely foolish to alienate 40% of the population, even if that alienation is unintentional.
Keep existing staff happy by learning about and
Realize that your good intent does not always translate to positive impact.
Centers of Influence: The ability to talk about race and an openness to understanding different cultures, especially those prevalent in your business community, will allow you to extend your business network and connect more deeply with centers of influence and with people who may refer business your way.
But how?
It’s not easy. It has taken me eight years of conscious work to be able to talk about race frankly, and the effort has led to a more fulfilling life and has opened more doors than I could have imagined.
You don’t have to know everything about a particular race or culture. You can learn by reading works by authors of color, or following
Stay open
If someone from an underrepresented group shares their experience with you, believe them. Don’t discount their experience because it is different from your own. As you continue to listen and learn, you’ll begin to see patterns emerging, and may realize your lived experience has been substantially different from that of your colleagues or clients of color. Not sure where to start listening? Try season one of the
Be curious but don’t pry
Enter conversations with a curious mind, but don’t pry or expect people of color to use their time to educate you. This is a fine line, and if you are worried about overstepping, be candid about your learning journey and invite those colleagues to give you feedback. If they give you feedback, don’t be defensive; just keep listening with an open mind. Realize that your good intent does not always translate to positive impact. If you find you’ve made mistakes, apologize for the negative impact you made.
It’s possible you’ll never be entirely comfortable talking about race. It still makes my heart race a little when I talk about it on stage. But it’s time to get used to being uncomfortable. For yourself, your business, your colleagues and your community.