Access to financial education resources is the most pressing financial need among clients from diverse backgrounds, finds the latest survey from Edward Jones.
According to the findings of the firm’s Diversity, Equity and Inclusion Conference qualifiers, which surveyed financial advisors, client support team members, and home office associates, 41% say that financial institutions can meet the needs of their current and prospective diverse by offering these resources.
Fifty-four percent of respondents say access to these resources is critical for diverse clients, yet close to half (49%) believe many financial institutions are not meeting the needs of clients from diverse backgrounds.
“When we equip our branch teams with the right resources to support all of our clients, including their unique life experiences and backgrounds, we can create lasting financial strength and growth,” said Jennifer Kingston, head of Enterprise Diversity, Equity and Inclusion at Edward Jones, in a statement.
Providing guidance and empathy
“There is an urgency to provide greater personalized and more inclusive client service that extends cross-cultural understanding. That starts from within.”
Jennifer Kingston, Edward Jones
Respondents noted that meeting their clients with “care”—including communicating with empathy to bridge cross-cultural or cross-generational gaps, helps them feel most prepared to meet their needs.
It’s a sentiment that more financial advisors are understanding, too, as diverse Americans express desires to work with advisors who relate to them, both physically and emotionally. A recent study from Allianz Life surveyed Black, Hispanic, and Asian American workers, finding that more choose to work with an advisor who has similar characteristics to them, including similar age, gender, or race.
“There is an urgency to provide greater personalized and more inclusive client service that extends cross-cultural understanding. That starts from within,” said Kingston. “Our colleagues are our greatest asset. Whether they are building relationships with their clients or seeking connection professionally to grow in their skills, our overarching goal is to be a place where every colleague feels valued, respected, seen and heard.”
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- NEPC Finds Over Half of Clients Use Diverse Managers
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.