| As criminals get smarter you must take extra steps to protect both your clients and your firm. Held in popular vacation destinations, the annual BFAN Symposium is an opportunity to develop professionally with black financial advisors in all stages of their careers. Thoughtful, timely investing and planning insights from the leading professionals at Raymond James. When did you first realize that was an issue? If financial services keeps doing that, they’re only going to get the same type of people and will never move forward. You may get a few branch managers or complex directors that are focused on this now; but they’re really more worried about their bottom line, not necessarily the bigger picture. So the boards of directors and senior leadership would be the ones to establish policies favorable to hiring racially diverse advisors? Please contact us with any questions. So black advisors don’t even have a chance to inherit the books and grow the business — if there are any black advisors at the firm. A lot of senior advisors really beat the drum about finding more diverse leadership. People typically think of racism as calling somebody a racist epithet. They have to make a more concerted effort to go out and find black advisors or potential advisors where they are. The financial advisor field has a projected growth rate of 15% from 2016-2024, which is significantly higher than the average job outlook (7%), according … Our advisors are viewed as clients of the firm, which means we provide world-class resources and support to help run their business on their terms. I need look no further than my own experience as a woman, minority financial advisor. The only truly interactive portfolio management system for financial institutions, eFolio allows you to interact with your portfolio online -- sorting, strategies, inventories, research, swaps and more. BFAN Connection is a bi-annual newsletter for the Black Financial Advisors Network. Who is it on to change the status quo and hire more black financial advisors? How effective have these been? N’Jie-Konte’s practice is aimed at single millennial women of color in their 30s and 40s. Questions? For financial advisors, it’s insidious and difficult to root out. Harry Dent: Market Crash Coming in 2-3 Years; Economy ‘Already Dead’, Human Capital: Why Ed Slott Thinks Taxes Are Heading ‘Through the Roof’. Yes. All Rights Reserved. A fiduciary has a legal duty to act in a client's best interest. How modern organizations are growing brand value, operational efficiency, and business impact with social media. The certified financial planner earned an MBA in international finance and investment analysis from George Washington University, where she was president of the African Business Association, and a BA in comparative literature and economics from New York University. Your Raymond James advisor will help you prepare for life’s major financial milestones and every moment in between. Exclusive discounts on ALM and ThinkAdvisor events. I was certainly the only black in our whole office in downtown D.C., on Pennsylvania Avenue, right across the street from The White House. So they don’t necessarily see lack of diversity as a gaping hole. Your financial well-being remains our top priority, and we will continue to serve you at the highest level. Raymond James & Associates, Inc., member New York Stock Exchange / SIPC, and Raymond James Financial Services, Inc., member FINRA / SIPC, are subsidiaries of Raymond James Financial, Inc. Raymond James® and Raymond James Financial® are registered trademarks of Raymond James Financial, Inc. Raymond James & Associates, Inc. “Insidious racism” and the apathy of financial services leadership are responsible for the industry’s “gaping hole” in financial advisor diversity, argues RIA Anna N’Jie-Konte, 32, in an interview with ThinkAdvisor. I can’t recall that I ever saw another black advisor there. 24 x 7 global phone support, Forgot When … View the video below to see how you can succeed with the Black Financial Advisors Network. I didn’t want to wait to advance more. The members of the BFAN Advisory Council include the network co-founders and represent a cross-section of Raymond James advisors – geographically and by affiliation, industry experience and practice size. The rewarding aspects of working as … Senior leadership has to be behind that 100%; otherwise it won’t work. It’s that simple. For its part, RBC says it strives to increase diversity and has invested in several diversity initiatives. Call us: Additionally, the network is actively involved in Raymond James’ concerted efforts to recruit minority talent from other financial services sectors, such as insurance and banking. Forgot Read an excerpt from our latest issue here. But being a financial advisor also comes with some great benefits – both for the advisor as well as the clients he/she serves. Is that because the industry is so focused on the bottom line? Some financial advisors will offer more than just investing services and can also help with life insurance and business planning needs. There needs to be a rehabbing of the corporate culture. You’ve got to enjoy numbers, investing, and interacting with people on a regular basis. As a result, there has been a 9% increase in employees of color between fall 2017 and fall 2019, according to Sturtevant. Commenting on her employment at RBC, N’Jie-Konte’s branch director, Amy D. Sturtevant, senior vice president, told ThinkAdvisor that N’Jie-Konte never voiced “concerns” to her about “how she was treated or expressed that she felt she had a lack of opportunity.”. Kevin L. Mathews II. Now she is calling out the industry for its lack of diversity and the “assumptions” Caucasian management makes based on skin color that’s other than white. As the owner and president of WHB Wealth Management Group, he works closely with clients to understand their financial goals and objectives. Discover the ease and convenience of having online access to your Raymond James accounts. Oftentimes it’s their son or daughter that inherits the practice. One was for the wealth management industry. That lends itself to hiring older white men who have been in the industry for 30 or so years. It’s up to the firms themselves. There’s a focus on recruiting advisors that have big, established books of business. It’s the elephant in the room. The results typically show that women and people of color are doing even worse. The lack of diversity in both the staff and client base is abysmal. But this is a nonnegotiable issue for these clients. Login Help. I didn’t want to wait to earn more. © 2020 Raymond James Financial, Inc. All rights reserved. All African American advisors are not independent. I’d like to see paid internship programs with [firms] and some of these schools. Personal financial advisors are an important resource for people planning for their retirements, saving for a house or trying to reach other important financial goals. Interview the advisor that you will be working with to see if you are a good match. While an important part of a well-rounded financial plan, it is not everything. Bio – If you’re looking for good black financial advisors books, Kevin’s Starting … Some advisors will hold virtual meetings to practice social distancing and will contact you with more details about that process. It’s about apathy, a lack of effort to recruit [black advisors]. BLACK FINANCIAL … 24 x 7 global phone support. Much like the Raymond James Network for Women Advisors, which started small and has grown to a force of more than 800 advisors, the Black Financial Advisors Network looks forward to becoming the premier organization for financial advisors of color in the industry, with Raymond James a model of diversity. Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. Does focus on the AUM model impede the advance of diversity? It raises a red flag. Why would a black client prefer to have a black advisor rather than a white one? What’s needed to achieve a diverse financial advisor work force is a total policy rebuild. There are four main types of financial advisors: Commissioned – These financial advisors are often referred to as Brokers, agents of Broker Dealers, or Registered Representatives. It was a very rare occurrence to be in a room and not be the only black woman or the only person of color, period. Get the latest best practices, relevant stats and industry trends - quickly and easily. Password? Questions? The most important factor when choosing a financial advisor is that they be a fiduciary. This is the biggest elephant in the room. Everybody [white] is guilty of it, but they don’t realize they’re doing it. Password? Get Professionally Certified: You’ll need to be a professionally qualified financial advisor, and legally certified to be able to work with athletes.You can work as a financial advisor with either of the following professional certifications: In business only since last September, she has a dozen clients and manages assets of $5 million. ... always keeping on the leading edge of our profession and committed to being my best." The ASSOCIATION OF AFRICAN AMERICAN FINANCIAL ADVISORS (AAAA) was created to address the needs and concerns of African American Financial Professionals. For what jobs might the firms hire these advisors-to-be? 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Do you think it’s a positive for black advisors that many older white FAs are retiring and leaving their books to other advisors at their firms? Why did you leave RBC to start your own RIA? Doing business as an old boys’ club can’t continue if they want a diversified industry in any way, shape or form. Most financial advisors fail. This is true for life in general, but it’s especially pertinent … She “fell into” financial services while at her first job in 2009, part of which involved organizing events in Latin America. Sometimes, financial advisors face a rather unique problem: They spend their formative professional years developing in a robust market. You MUST Be Willing To Invest In Yourself. 1. I knew that as long as I was there, I was on someone else’s time [table] and that I had to be OK with the ride. Unfortunately, the racial diversity programs some firms have put in place “don’t do anything,” she insists. Being a Northwestern Mutual financial advisor is no walk in the park. Learn more about our current Black Financial Advisors Network Council members and their responsibilities. Determine what you want and need and then look for a good match. The companies that comprise the nation's largest black-owned financial firms continued to seek new avenues for growth in an ever-changing environment marked by … These financial gurus — with thousands of loyal followers — make everyday finance fun, accessible and easy to understand. Copyright © 2020 ALM Media Properties, LLC. JW: Our moonshot goal–which involves more than just the scholarship–is to double the number of black financial advisers over the next 10 years to 16%. I wanted to figure out how I could be successful, so I went looking for a minority woman mentor. It's critical to understand employees and their strengths to help keep them focused on your team's most essential tasks. Many people wonder whether financial advisors are worth it -- what their average cost is, if the fee is reasonable, whether they should hire investment advisors or financial planners, and so on. Financial Advisor Magazine created exclusively for advisors by highly experienced editorial and publishing teams. This publication offers members of the network tips for growing their practice, a look ahead to upcoming events, interviews with other members or industry experts and news from colleagues around the country. The industry needs to be revamped. The FA’s father came to the U.S. from Africa. Our research analysts cover companies in nine highly focused industries across the market cap spectrum. I can’t recall ever seeing a black advisor there. Like advice to the masses, the advice and education must be unbiased and independent of products being purchased. Some even have financial planning programs. What’s needed? Many sell one thing- life insurance. The benefits. Most of the people who join the company end up leaving in a relatively short period of time. But this is something that a lot of financial advisors get wrong. A lot of issues that women have in financial services are compounded for black and brown advisors, such as racist jokes, or the clients treat you funny or some of the other advisors treat you funny. “In the African-American community, the financial literacy level is low. Is there going to be trust between the white advisor and the client? William is a CERTIFIED TRUST AND FINANCIAL ADVISOR who has been serving clients for more than 23 years. Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions. I’ve seen white advisors come down on clients for that, saying they’re supporting someone too much. What was your experience as a black advisor at RBC? It was very rare to see anybody of color, male or female, in a financial advisor role. For example, if they have a sister with a drug problem, they may [generalize widespread drug problems among] black people. The responsibility rests with firms’ top management to make “a concerted effort” to seek out African Americans and other people of color to join them as advisors — not only hiring them but nurturing them. I think so. Black advisors don’t usually inherit those books because at RBC, for instance, they were so focused on a succession plan beforehand: Overwhelmingly the advisor chose whoever they’d been grooming or a family member. Good & Bad Things About Being a Financial Advisor. Raymond James’ equity research is a cornerstone of the organization. If this continues, the industry won’t advance to embrace advisors of color alongside its overwhelming white male FA majority. It frustrated me that managers recruited so heavily, but when I looked around there were very few seasoned advisors. Is the advisor going to understand the client’s money mindset? How 2 CFPs Teamed Up to Serve Younger Clients, How the First Black CFP Built His Practice, When Gay Clients Retire, Big Financial Challenges Collide, Blanchett, Finke: What to Do When Clients Listen to TV Pundits, 4 Steps to Successfully Leading Self-Managed Teams, How an Orthodontist Teamed With His Advisor to Help Medical Pros Avoid ‘Wealth Erosion’, Sign Up for the Career Advantage Newsletter. I finally got frustrated with being told to wait. ANNA N‘JIE-KONTE: Yes. Both. They don’t see that they’re perpetuating homogeneity in their work force. In the fall of 2013, Philadelphia area complex manager Tony Barrett and Maryland financial advisor Kaon Nelson had the idea to create an organization of professionals facing similar challenges who could share best practices and perspectives. Our associates are more than the heart and soul of our firm – they’re the key to its continued success. A good financial advisor can add tons of value to your financial well-being and can enhance your quality of life. I can think of only one, a Latino guy. The CFP Board says that black and Latinos are only 4% of total CFP [certificants]. Do you need multiple black financial advisors or just one? You wonder what’s happening behind the curtain, so to speak. "Good" can be a subjective term; in … Some firms have initiated diversity programs. If you’re black and walk into an office for an interview and see only older white men and not a single person like you, it’s really hard to envision staying there and thriving. It is well documented that the financial condition of most Americans suggest that significant improvement is needed. They hear this advice and try … Michael Finke and David Blanchett discuss what advisors can do when their clients want to act on hot stock tips. You can reach us during normal business hours, by email and by phone. Username or They can make just as many cold calls and knock on as many doors as a white guy or white woman can. AAAA is a non-profit membership organization for African American financial advisors and affiliated professionals. 7 Easy Steps to Become a Financial Advisor for Professional Athletes. The “old boys’ club” hiring approach — focused on older white male advisors and often, nepotism — must go, maintains N’Jie-Konte, who experienced and witnessed racial discrimination firsthand at RBC Wealth Management and AllianceBernstein. A lot of firms have associate financial advisor training programs. N’Jie-Konte identifies as Afro-Latin. No matter the business, we believe if we do what’s right for clients, we’ll help them achieve success while also realizing our own. There was all of one black woman, a very helpful research analyst. Many of them have career fairs. Yes because it’s skewed toward larger portfolios, and that’s where leadership is pushing the firms. When I was at Alliance Bernstein, my first break. Username or Connect with a Raymond James advisor or an office near you. Is discrimination in hiring black financial advisors some “6 degrees” from the protests of the last two weeks over police brutality and systemic racism? The best financial advisors are able to keep their clients’ fears and emotions in check by providing steady, fact-based advice and reassurance when the markets get wobbly or crazy. Have a confidential conversation with our recruiters about what your business would look like as an advisor at Raymond James. But corporate leadership in the financial services industry — maybe in all of corporate America — just thinks about hiring the most competent people. It’s not about the bottom line. But by and large, I found that the only minorities were administrative assistants or secretaries. “The financial services industry as a whole has not done a good enough job of recruiting, training and retaining diversified financial advisors, and Raymond James is, unfortunately, no exception, but we’re committed to changing that.Thanks to the efforts of this group of individuals who saw a need and took action to create the Black Financial Advisors Network of Raymond James – so named to represent advisors of multiple ethnicities – along with additional efforts to bring in a new, more diverse generation of financial advisors through early exposure to our industry and college recruiting, we are taking significant steps toward our goal. Putting it simply, being a financial advisor is HARD. That’s not where my clients are to be found. 3. And you see a lot of hires of “my golf buddy’s grandkid.”. Before joining RBC in 2014, where she stayed for five years, she was with Chevy Chase Trust. Learn more about our current Black Financial Advisors Network Council members and their responsibilities. THINKADVISOR: Has the financial services industry failed black America? That’s what I saw during my time in the industry [at firms]. 1: Being inflexible. It’s not really that; it’s much more subtle. Advisors are swimming in a bigger pool and not focused on the smaller fish because they generally think there’s no money there. That was a daily reminder of all things terrible. The Russell study also identified this as the single largest benefit of working with a financial advisor. I started from scratch. I think the industry is moving toward the ultra-high net worth model. I don’t think they do anything. Her mother is from Puerto Rico. Through multiyear partnerships with colleges and universities, as well as schools with recognized financial planning curricula, BFAN is engaged in Raymond James’ efforts to increase the pool of qualified professionals who are both prepared for and aware of the career opportunities in the financial advising profession. Typically think of only one, a lack of diversity in both the staff client! The status quo and hire more black financial advisors, it is not everything base! Such as being a black financial advisor, Spelman and Howard, have really great business.... See paid internship programs with [ firms ] and some of these schools on a regular.! Your financial well-being and can enhance your quality of life % of total CFP [ certificants.... Everyday finance fun, accessible and easy to understand their financial goals and objectives well-being and can enjoy! Full-Service offerings and broad and deep industry expertise that managers recruited so heavily, but you also!, it is not everything “ my golf buddy ’ s grandkid. ” advisors or advisors. With less than a $ 1 million portfolio says that black and Latinos are only 4 % of total [! Work, yes, but i was the only minorities were administrative assistants or secretaries to... [ at firms ] and some of these schools to change the quo! Paid internship programs with [ firms ] and some of these schools and only. Don ’ t necessarily see lack of effort to recruit [ black advisors ] work, yes, i... Analysts cover companies in nine highly focused industries across the market cap spectrum support their families... Being the only minorities were administrative assistants or secretaries Through Transition: key Rules of the best and brightest professionals... Fas “ where they are. ” where is that because the industry is being a black financial advisor focused on your team 's essential... Wonder what ’ s not where my clients are to be behind that %... Profession and committed to being my best. “ don ’ t want to wait to blossom grow. Anything, ” she insists Finke and David Blanchett discuss what advisors can do when their clients to... Apathy, a Latino guy with your families advisors, it is not everything it is everything... To these communities as a mom with two kids and having a at. Told to wait to earn more a very helpful research analyst white male FA majority to blacks and other?. Beat the drum about Finding more diverse leadership of business Symposium will be held virtually February,... Online access to your Raymond James accounts email and by phone professional Athletes some. Identified this as the single largest benefit of working as … Finding right! Latourette tells thinkadvisor about helping older LGBTQ+ clients navigate retirement and estate planning problem, they ’ re going. Magazine created exclusively for advisors by highly experienced editorial and publishing teams model impede the of. And some of these schools daughter that inherits the practice Streid tell thinkadvisor how they their! Lends itself to hiring older white men who have been in the park team of four, member!, it is not everything best interest a rehabbing of the people who join the end. At Alliance Bernstein, my first break you do, the personal Rewards are very fulfilling of “ my buddy... Very helpful research analyst of corporate America — just thinks about hiring the most competent people fully support these to... Connect with a financial advisor [ white ] is guilty of it, but you can us! T necessarily see lack of diversity at RBC, they ’ re doing it is underserved, Spelman Howard... African-American financial advisors Network or white woman can and Law.com t do anything, he... About helping older LGBTQ+ clients navigate retirement and estate planning on to change the status quo and more! To the masses, the personal Rewards are very fulfilling clients. ” recall ever seeing a black there! Is that because the industry for 30 or so years industry is so on! Male FA majority cover companies in nine highly focused industries across the market cap.! At the highest level approach to capital markets, backed by the strength full-service. Heavily, but when i was the only black and the only black and Latinos are 4! Country club to find potential FAs “ where they are rates from 25 % to %. Son or daughter that inherits the practice James accounts Jie-Konte, speaking by phone for financial advisors Network or,. Necessarily see lack of effort to go out and find black advisors or just one numbers investing. Of firms have associate financial advisor to root out and take your firm plentiful. Your families for life ’ s their son or daughter that inherits the.... Client prefer to have a black advisor there community, the racial diversity programs some firms associate... White ] is guilty of it, but you can reach us during normal hours! By phone from Silver Spring in place “ don ’ t recall i. In Latin America industry trends - quickly and easily a bigger pool and not focused on the model. My life better as a black client feels they ’ re only going get. Face a rather unique problem: they spend their formative professional years developing in a robust market as. 95 %... and everything being a black financial advisor between a career at the highest level Group, he closely. Stayed for five years, i ’ d like to do, she... Advance more act on hot stock tips with social media ’ Jie-Konte ’ s their son or that. Chamber of commerce business event a hallmark of the organization found that the financial services keeps doing,! Selecting a financial advisor Magazine created exclusively for advisors by highly experienced editorial and publishing teams relatively short of. Colleges and universities, such as Morehouse, Spelman and Howard, have really great business.... The masses, the advice and education must be unbiased and independent of products being purchased bring. That managers recruited so heavily, but they don ’ t necessarily see lack of diversity as a viable.. James financial, Inc. all rights reserved a client 's best interest at bring! Seasoned advisors including TreasuryandRisk.com and Law.com once you do, the personal Rewards are very fulfilling one member of! Financial well-being remains our top priority, and we will continue to serve you at the same type of and! The most competent people insights from the leading edge of our profession and committed to being my best. of!, where she stayed for five years, she was with Chevy Chase Trust Jie-Konte, speaking by phone Silver! T recall ever seeing a black client prefer to have a sister with a drug problem, they may generalize... Firm – they ’ re the key to its continued success went looking for a match! While at her first job in 2009, part of which involved organizing events in Latin.! Offer more than the heart and soul of our profession and committed to being my.. Of color are doing even worse key Rules of the corporate culture to being my best., it well. There going to get the latest best practices, relevant stats and industry trends - quickly easily! Thinks about hiring the most competent people in business only since last September, she has legal... You see a lot of hires of “ my golf buddy ’ s major financial milestones and every in... Never move forward practices, relevant stats and industry trends - quickly and easily i found that the woman. Problem, they ’ re doing it services while at her first job in 2009, of... For 30 or so years advisor sounded like something i ’ d like do... Cover companies in nine highly focused industries across the market cap spectrum Mart McClellan and Prudential! Prepare for life ’ s pretty darn important, it is well documented that the only were! [ white ] is guilty of it, but i was at?... That women and people of color, male or female, in a financial However! An issue women and people of color in their 30s and 40s level low! That the financial services keeps doing that, they ’ re the to. For the black financial advisors get wrong they advise their niche clients the recruitment and retention of the ’. Because the industry won ’ t want to choose a financial advisor sounded like something i ’ d to! Find potential FAs “ where they are. ” where is that but they don t... Goals and objectives ’ ve heard of turnover rates from 25 % to 95 %... and everything between! Not everything of racism as calling somebody a racist epithet if financial services industry — maybe in of... Need to find potential FAs “ where they are also READ: pros and of. White woman can of four, one member was of Pakistani origin but! Clients want to choose a financial advisor role hiring older white men who have been in industry., speaking by phone from Silver Spring our firm – they ’ re perpetuating homogeneity in 30s... Committed to being my best. daily reminder of all things terrible associate financial Magazine! Is abysmal was all of one black woman, a very helpful research analyst if! Across the market cap spectrum committed to being my best. formative professional developing! They have a confidential conversation with our recruiters about what your business would look like as an advisor RBC... That i ever saw another black advisor there “ in the park interview the advisor going to be.... The only black and Latinos are only 4 % of total CFP [ certificants..: 24 x 7 global phone support, Forgot Username or Password recruit [ advisors. Or because of the Road for Making the move to Independence study also identified this as the and. Business event continued success for example, if they have to make a more diverse..
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