You certainly can’t call Ross Marino a hands-off conference manager.
The founder and CEO of Excel 401(k): The Advisors’ Conference and its presenting company, Rekon Event Management, also happens to be a 401(k) advisor with 28 years under his belt, so he was bound to jump in with a subject near and dear to his heart—diversity in the 401(k) industry, and financial services at large.
Marino took time from his hosting duties in Las Vegas on Monday afternoon to moderate the somewhat subversively-titled panel discussion, “What’s Up With All The White Guys?” featuring Sheri Fitts, founder of ShoeFitts Marketing, as well as Kevin Gaston, strategic relationship manager with CUNA Mutual Group.
“Diversity in the 401(k) and financial advice industries means some of the white guys are under the age of 50,” Marino quipped. “Let’s face it, our industry has a serious diversity problem. We don’t resemble “America”, and that hinders our ability to serve some participants and plan sponsors.”
He also explained the reason the topic was near and dear to his heart—Marino and his wife are the proud parents of two adopted mixed-race daughters.
“We’re aware [the lack of minorities and women in the industry] is a challenge that must be addressed. We must connect with a diverse group of people, and in this regard, advisors can be game changers.”
Marino noted that he hired a woman as a planner and helped her develop her book of business, but she left for a completely different industry.
“Guess what? When she left, so did her female clients, because I’m not a woman, and many like female participants and retirees like to deal with female advisors,” he said.
The solution, he argued, lies in how advisors structure their practices.
“We can’t be successful as an industry in addressing the issue if we try to do it ourselves as white men. It’s a business-to-business challenge. We have to hire the right people.”
By extension, he added, women and minorities will help to attract a a diverse client base.
“Diversity is accretive to the bottom line,” Marino concluded. “It’s a way to enter new markets, but those markets must be approached based on trust. A diverse staff relects a value system at your firm. I keep pictures of my children all over my office. If for some reason a client might have a problem with them or with the fact that I’m their parent, we can get that right out of the way upfront, and won’t waste any time. They’re free (and encouraged) to move on to somewhere else.”