In an effort to increase accessibility and attainability, Broadridge Financial announced it is extending its Fi360 Accredited Investment Fiduciary (AIF) designation training to 100 financial professionals from underrepresented groups.
“Through this initiative, we hope to play a role in increasing the likelihood that underrepresented individuals will stay in financial services, and help them be recognized for career advancement opportunities,” said John Faustino, the head of Broadridge’s fiduciary training, technology and analytics business, in a press statement. “Additionally, financial advisors from diverse demographic groups generally have a higher percentage of clients from those groups, and more AIFs in that equation will help increase access to advisors acting in the best interest of investors.”
AIF Designation Training teaches advisors the principles of fiduciary duty, the standards of conduct when acting as a fiduciary, and the process for carrying out fiduciary responsibility.
According to a release, the training will be sponsored by Envestnet and will be offered at no cost. The training will reach 100 individuals in underrepresented populations, such as women and people of color, according to Broadridge. Candidates are chosen with the help of Choir, a diversity-tech platform that serves underrepresented individuals in the financial services industry.
“This partnership makes us hopeful about the future of financial services,” said Liv Gagnon, co-founder of Choir. “In order for this industry to represent the world we live in, it’s going to require intention and action from organizations like Broadridge and Envestnet who are committed to change at a systemic level. Making the AIF Designation Training more available to historically under-resourced individuals is a phenomenal idea and we’re proud to be a part of the process.”
Advisory industry struggles with diversity
The program comes as the advisory industry has long faced demands for a diverse and inclusive workforce, which has remained overwhelmingly white. According to 2023 CFP Board numbers, close to 83% of financial planners are white, relative to 2.9% of hispanic or Latino planners, 1.9% of Black or African American CFPs, 4.1% of Asian or Pacific Islander planners, and 0.2% of American Indian or Alaskan Native CFPs. Males accounted for 76% of the workforce, compared to 23.6% of women planners and less than 0.1% of non-binary CFPs. The research fielded responses from over 95,000 CFPs.
While these numbers are low, they’re still an increase from years past. Still, these numbers the continued work the advisory industry must do to establish diverse and inclusive workforces.
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