Highlighting DEI at VCI and WIPN’s 10th Anniversary Women’s Summit
A group of 75 of the most influential figures in the retirement planning industry gathered last week in Cape Cod, MA, for the Annual Women’s Leadership Summit, co-hosted by Viking Cove Institute (VCI) and women’s network WIPN.
Celebrating its tenth year, the three-day event featured discussions on the vitality of inclusive practices, innovations in healthcare, and artificial intelligence (AI) in retirement plan administration, among other themes.
One panel opened with conversations on diversity, equity, and inclusion (DEI) strategies, and how recent efforts to dismantle diverse and inclusive practices in workplaces could hurt businesses—and a professional’s fiduciary status—in the long run.
Once championed as a crucial feature among organizations following the Black Lives Matter movement, more companies have reduced or even overhauled DEI initiatives in recent months.
Much of the cutback could be linked to President Donald Trump’s handling of diverse and inclusive strategies since he took office in January. Since the start of his presidency, mega institutions like Walmart, Target, and Meta have all scaled back on inclusive initiatives.
Such reductions could have lasting negative impacts to business operations, including recruitment and retention strategies, panelists say.
“People will go where they are accepted or included. If their voices aren’t heard, you miss out,” said Rosalyn Brown, a PFN program manager with Principal Financial Group.
Some of the panelists touched on an issue with DEI’s acronym in public discourse, and not necessarily on the concept itself. In a joint study with WiPN and the Defined Contribution Institutional Investment Association (DCIIA), respondents noted a fatigue with the acronym behind DEI. “A lot of people feel like the acronym has a connotation that is not well-received,” said Kim Watters Ryan, a board member of WIPN and the chief client officer of consulting practice My Corporate Ally. “There’s a population that thinks there’s a bit of fatigue and believes need a rebrand. A lot of companies are looking to that in this political climate.”
Rather, survey respondents say they’ve seen changes in DEI influenced by today’s political environment. Rather than focus on the acronym, “the overarching tone from the survey is that people want it to be a cultural thing, where this is just how we value and treat each other,” Watters Ryan said.
Some large corporations have since moved away from the acronym. J.P.MorganChase’s CEO Jamie Dimon earlier this year announced a change in the name of its diversity program, from DEI to “DOI,” or diversity, opportunity, and inclusion.
Karen Zander, executive director of National Retirement Accounts at J.P. Morgan Asset Management, says that not much has changed in the corporation’s internal practices other than the name shift. “Our vision is always to ensure that all of our practices are inclusive, and not just for our clients but also our employees. I can’t say that the name change changed much internally,” she said.
Brown countered the explanation, adding that diverse and inclusive conversations and initiatives should highlight the systemic adversities that communities face and continue to hurdle through, especially in the financial and retirement space. Rather than shy away from an acronym, companies should build those initiatives further into their business, she added.
“You cannot ignore all of these different populations and then expect that you are going to grow in your business,” Brown stated. “It’s not a fluffy thing; it should be a fatigue.”
In an industry that is heavily regulated by multiple government agencies including the Department of Labor (DOL) and the Securities and Exchange Commission (SEC), financial institutions have treaded lightly on their social practices. Panelists offered comprehensive insights into how firms could navigate regulation while also uplifting DEI practices.
This includes sticking to their words from years prior, when DEI was uplifted by the industry. “As we talked just a few years ago, everyone had a message. Everyone said they were inclusive, this matters, etc. Your audience is looking. People don’t forget who you actually are as an organization,” Brown said.
Watters Ryan noted that respondents to WIPN and DCIIA’s research felt similarly, with many in the survey willing to challenge the reductions in DEI initiatives.
“[WIPN is] going to double down,” she added. “Companies have to stand up to this administration, and there has to be some leadership who stands up.”
Editor’s Note: An earlier version of this article mistakenly listed Rosalyn Brown’s title with Prudential Financial, instead of Principal Financial Group. This has been corrected. This article has also been edited to add additional context on WIPN’s and DCIIA’s survey findings.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
