Orthodontist and advisor Mart McClellan and former Prudential advisor Tim Streid tell ThinkAdvisor how they advise their niche clients. It’s the elephant in the room. But being a financial advisor also comes with some great benefits – both for the advisor as well as the clients he/she serves. If you’re black and walk into an office for an interview and see only older white men and not a single person like you, it’s really hard to envision staying there and thriving. It's critical to understand employees and their strengths to help keep them focused on your team's most essential tasks. You MUST Be Willing To Invest In Yourself. Yes. This is the biggest elephant in the room. The rewarding aspects of working as … ANNA N‘JIE-KONTE: Yes. I didn’t want to wait to advance more. It’s up to firms’ senior leadership and the boards of directors to institute policies to expand their racial diversity view and reach. As criminals get smarter you must take extra steps to protect both your clients and your firm. While an important part of a well-rounded financial plan, it is not everything. Harry Dent: Market Crash Coming in 2-3 Years; Economy ‘Already Dead’, Human Capital: Why Ed Slott Thinks Taxes Are Heading ‘Through the Roof’. The benefits. A lot of firms have associate financial advisor training programs. Advance your career and take your firm's production to the next level with FREE practice-management tips. I didn’t want to wait to earn more. When did you first realize that was an issue? Get Professionally Certified: You’ll need to be a professionally qualified financial advisor, and legally certified to be able to work with athletes.You can work as a financial advisor with either of the following professional certifications: 7 Easy Steps to Become a Financial Advisor for Professional Athletes. Thoughtful, timely investing and planning insights from the leading professionals at Raymond James. A lot of issues that women have in financial services are compounded for black and brown advisors, such as racist jokes, or the clients treat you funny or some of the other advisors treat you funny. It’s about apathy, a lack of effort to recruit [black advisors]. THINKADVISOR: Has the financial services industry failed black America? A lot of black and brown folks support their extended families. There’s a focus on recruiting advisors that have big, established books of business. Guided by a spirit of excellence and a client-first approach, the network is committed to contributing to the long-term success of black advisors and Raymond James. Discover the ease and convenience of having online access to your Raymond James accounts. You wonder what’s happening behind the curtain, so to speak. That would go a long way to at least bring the profession to these communities as a viable option. Now she is calling out the industry for its lack of diversity and the “assumptions” Caucasian management makes based on skin color that’s other than white. You want Time Freedom. The Black Financial Advisors Network supports the recruitment and retention of the best and brightest black professionals in the financial services industry. Login Help. I don’t think they do anything. Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions. She “fell into” financial services while at her first job in 2009, part of which involved organizing events in Latin America. Here are just 6 of them. I’ve seen white advisors come down on clients for that, saying they’re supporting someone too much. A fiduciary has a legal duty to act in a client's best interest. It’s up to the firms themselves. Sometimes, financial advisors face a rather unique problem: They spend their formative professional years developing in a robust market. Interview the advisor that you will be working with to see if you are a good match. So black advisors don’t even have a chance to inherit the books and grow the business — if there are any black advisors at the firm. All African American advisors are not independent. ... always keeping on the leading edge of our profession and committed to being my best." Connect with a Raymond James advisor or an office near you. Is discrimination in hiring black financial advisors some “6 degrees” from the protests of the last two weeks over police brutality and systemic racism? How effective have these been? Doing business as an old boys’ club can’t continue if they want a diversified industry in any way, shape or form. The [objective] is twofold: getting people in the door, and once you find the talent and hire them, making sure they feel welcome and aren’t discriminated against. Were you conscious of being the only black person because of your own feelings or because of the firm’s attitude toward you? Held in popular vacation destinations, the annual BFAN Symposium is an opportunity to develop professionally with black financial advisors in all stages of their careers. There has to be a substantive shift, a concerted effort, in the way the industry is approaching this because the way it is just isn’t working. Some firms have initiated diversity programs. She calls it “a pretty plentiful cohort” and one that is underserved. You may get a few branch managers or complex directors that are focused on this now; but they’re really more worried about their bottom line, not necessarily the bigger picture. Questions? When I was at Alliance Bernstein, my first break. This is true for life in general, but it’s especially pertinent … Kevin L. Mathews II. The council’s role is to set direction for the network and work with multiple home office associates in developing the programs and initiatives that will ensure BFAN thrives, grows and makes a lasting impact. JW: Our moonshot goal–which involves more than just the scholarship–is to double the number of black financial advisers over the next 10 years to 16%. The companies that comprise the nation's largest black-owned financial firms continued to seek new avenues for growth in an ever-changing environment marked by … 1.Highly Paid Profession: Being a financial advisor means you are a member of an elite profession that is not only highly respected and sought after, but which also pays well. How 2 CFPs Teamed Up to Serve Younger Clients, How the First Black CFP Built His Practice, When Gay Clients Retire, Big Financial Challenges Collide, Blanchett, Finke: What to Do When Clients Listen to TV Pundits, 4 Steps to Successfully Leading Self-Managed Teams, How an Orthodontist Teamed With His Advisor to Help Medical Pros Avoid ‘Wealth Erosion’, Sign Up for the Career Advantage Newsletter. The results speak for themselves. Financial planner Laura LaTourette tells ThinkAdvisor about helping older LGBTQ+ clients navigate retirement and estate planning. Hi everyone - hoping to get some perspectives on switching career paths after 7 years as a Financial Advisor/Investment Associate/Paraplanner. For what jobs might the firms hire these advisors-to-be? A financial advisor can help clients prepare taxes, make … In business only since last September, she has a dozen clients and manages assets of $5 million. Unfortunately, the racial diversity programs some firms have put in place “don’t do anything,” she insists. 24 x 7 global phone support. Most financial advisors fail. BFAN Connection is a bi-annual newsletter for the Black Financial Advisors Network. What’s needed? I’d like to see paid internship programs with [firms] and some of these schools. The seventh annual Black Financial Advisors Network Symposium will be held virtually February 1-3, 2021. Questions? Password? Raymond James’ equity research is a cornerstone of the organization. At Alliance Bernstein — in a support role, her first job in the industry — not one black FA was employed in the firm’s midtown Manhattan headquarters, where she was located, she recalls. What’s needed to achieve a diverse financial advisor work force is a total policy rebuild. Black advisors don’t usually inherit those books because at RBC, for instance, they were so focused on a succession plan beforehand: Overwhelmingly the advisor chose whoever they’d been grooming or a family member. The “old boys’ club” hiring approach — focused on older white male advisors and often, nepotism — must go, maintains N’Jie-Konte, who experienced and witnessed racial discrimination firsthand at RBC Wealth Management and AllianceBernstein. They don’t see that they’re perpetuating homogeneity in their work force. Do you think it’s a positive for black advisors that many older white FAs are retiring and leaving their books to other advisors at their firms? Michael Finke and David Blanchett discuss what advisors can do when their clients want to act on hot stock tips. The financial advisor field has a projected growth rate of 15% from 2016-2024, which is significantly higher than the average job outlook (7%), according … Leading Teams Through Transition: Key Rules of the Road for Making the Move to Independence. The network highlights the firm’s inclusive culture to prospects throughout the country. | So it’s hard for a black client to have a real candid conversation with a white advisor because the [FA] might come across as judging them. One was for the wealth management industry. I didn’t want to wait to blossom and grow. All Rights Reserved. It was very rare to see anybody of color, male or female, in a financial advisor role. Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. “The financial services industry as a whole has not done a good enough job of recruiting, training and retaining diversified financial advisors, and Raymond James is, unfortunately, no exception, but we’re committed to changing that.Thanks to the efforts of this group of individuals who saw a need and took action to create the Black Financial Advisors Network of Raymond James – so named to represent advisors of multiple ethnicities – along with additional efforts to bring in a new, more diverse generation of financial advisors through early exposure to our industry and college recruiting, we are taking significant steps toward our goal. Exclusive discounts on ALM and ThinkAdvisor events. You said the firms need to find potential FAs “where they are.” Where is that? On the job, are there personal affronts to blacks and other minorities? The FA’s father came to the U.S. from Africa. Because I was working on a team, I didn’t want to leave on a bad note by taking a bunch of clients with me. Her mother is from Puerto Rico. “A financial advisor sounded like something I’d like to do,” she recalls thinking. Over the years, I’ve heard of turnover rates from 25% to 95%... and everything in between. I started from scratch. 1: Being inflexible. Many sell one thing- life insurance. Most clients are upper-middle-class individuals with six-figure incomes. “I love to problem-solve, help people, and I’m very extroverted.” Now she’s helping to lead the charge to convince the financial services industry to drop its limiting, discriminatory practices. For its part, RBC says it strives to increase diversity and has invested in several diversity initiatives. Being the best planner/advisor is more important than being the largest firm Behavioral Economics is one of the single-most important factors in determining plan success J. But corporate leadership in the financial services industry — maybe in all of corporate America — just thinks about hiring the most competent people. At RBC, she was on a team of four in the firm’s D.C. office, where she was the only black advisor. Some advisors will hold virtual meetings to practice social distancing and will contact you with more details about that process. I finally got frustrated with being told to wait. For financial advisors, it’s insidious and difficult to root out. Bio – If you’re looking for good black financial advisors books, Kevin’s Starting … There is a big difference between the types of financial advisors. Yes because it’s skewed toward larger portfolios, and that’s where leadership is pushing the firms. Why did you leave RBC to start your own RIA? I fully support these efforts to help Raymond James create a more diverse advisor population to better serve clients.”. Leadership needs to be involved pushing people in the field to do this work. 3. Most of the people who join the company end up leaving in a relatively short period of time. She is a black advisor who worked at three wealth management firms before breaking away in frustration last year to open her own RIA, Dare to Dream Financial Planning, in Silver Spring, Maryland, close to Washington. Advance to embrace advisors of color, male or female, in a bigger pool and not on! The strength of full-service offerings and broad and deep industry expertise Network the... Failed black America growing brand value, operational efficiency, and that s! My golf buddy ’ s practice is aimed at single millennial women of color in their work force financial However... Industry won ’ t advance to embrace advisors of color alongside its overwhelming male! 4 % of total CFP [ certificants ] up leaving in a robust market skewed toward larger portfolios, it. Should race should be a consideration in selecting a financial advisor can add tons of value to your financial remains. 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