Work to be done
DEI has been recognized for its promotion in supporting diverse workforces, but it has also received praise for highlighting inclusive thinking. This incorporates how professionals tackle and respond to discrimination in and out of the workplace.
It’s a lesson that still needs to be taught among some in the industry today. Brown, who recalls being subjected by industry professionals to microaggressions and biases including statements about hair, along with assumptions about culture, food, and music, recalls one experience speaking with an advisor during a conference. During their conversation about travel, the advisor mentioned that he had been stopped by airport security for secondary inspection. Responding to the incident, he stated matter-of-factly, “I mean it’s not like I even look like a terrorist.”
The statement stunned Brown, who questioned how the bias influences the advisor’s work with colleagues, clients, and their push for fair retirement practices in the industry.
“If you don’t think you look like a ‘terrorist,’ and then you see someone who you think does, is it okay for them to go through the secondary search? But then what do you do when they are your employee? How do you treat them?” she asked. “It’s more of a recognition of the biases that we have, and how do you, in that moment, ask ‘why am I thinking that? How does that come through in the way that we talk to plan participants? How does that come through in the way that we fight for legislation in the retirement industry?’”
In other instances, Brown has had trouble defending her work in WIPN with colleagues and advisors and has been subject to comments that perpetuate gender bias, like claims that the group drinks mimosas or paints their nails at events or meetings.
Such remarks further dismiss the work and connections the group has achieved in an industry that also continues to build client relationships by partaking in activities like playing golf, Brown added.
“One of the reasons that diversity is so incredibly important is its importance in relationships and in developing the understanding of those unique needs.”
Roberta Hess
“How do you justify time spent with WIPN versus someone’s time spent on the golf course?” she questioned. “It’s truly about making the connections and having those relationships, but one is downplayed and the other is not.”
These experiences highlight the need for inclusivity in a workforce that has struggled with diversity in the past, while calling on senior leadership to denounce statements that reinforce bias. “It’s putting people in positions of power where they can speak up and advocate for others in the room to create an environment,” Brown added. “It shouldn’t always be on you to say, ‘I’m offended’ but it should be on others to recognize things that are simply unacceptable.”
As the future of DEI remains uncertain, some are optimistic that diversity in and out of the workforce will ultimately prevail. Ana Chavez, a lead transition consultant for Ameritas and the DEI chair for WIPN, believes that while obstacles persist, the industry is susceptive to change and improvement. “One thing that I can really appreciate about our industry is that we’re acknowledging these challenges but we’re doing what we can to work through them,” she noted.
Instead of focusing on the divisiveness that’s opponents have created, Hess hopes firms support advisors wanting to expand their clientele and career. “If you’re an employer to your employees, be sure that they’re getting the resources, tools, and the culture that they need to do their very best for their clients,” she said.
Ultimately, at a time when artificial intelligence (AI) becomes prevalent in financial planning and the role of human advisors is questioned, Davidson anticipates that firms will see the opportunities DEI can bring to their business and clients.
“There’s a lot that we know that technology and AI can do, but that ability to connect, to empathize, to motivate, to build that sense of trust, all of that depends on the person who is sitting across from you. If you just look at the demographics of the country and where we are now versus 10 years ago and where we’re going to be going, you have to acknowledge that if you want to grow your business, you have to understand the experiences of all sorts of different people,” she continued. “These things matter to our financial planning and to our worldview on things, and if we lose respect for the uniqueness of people and the things that inform that uniqueness, I think it can be very problematic.”
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.
