Although about 13% of the U.S. population is Black, only about 5% of the advisor population is. A result of this disparity is that a large percentage of this demographic does not have access to the financial guidance they need to close whatever financial gaps they have, build wealth and achieve financial security.
That’s the word from National Association of Insurance and Financial Advisors, which released a position paper, “Diversity And Inclusion: Serving The African-American Community.”
This report offers hints for recruiting Black advisors, as well as tips and techniques advisors can use to expand their reach in the Black community.
Education is usually a first step in understanding how to recruit and retain minority agents and advisors, as well as how to teach all agents to successfully sell to diverse markets, the NAIFA report said.
The report contains advice and insights from NAIFA members on how to increase diversity and inclusion in the industry, as well as how to serve consumers in minority groups.
Among the topics covered are:
- “Awaken The Ally Within: Embodying Diversity, Inclusion And Equity As A Financial Professional.” Brian Haney of The Haney Company in Silver Spring, Md., discussed ways that white advisors can examine their own biases and become intolerant of intolerance.
- “Increasing The Number Of African American Advisors.” Ray Jones, a financial advisor from Columbus, Ohio, said, “If securities firms are really interested in hiring more people of color, they need to provide coaching and exam preparation to help these candidates prepare for, and pass, the Series 7 and other required exams.”
- “Attracting African Americans To The Insurance And Financial Services Profession.” Toni Harris Taylor, a motivational speaker from Houston, said the way to find great recruits into the profession is to “go where we are,” including professional organizations, networking and charity events, and historically Black colleges and universities.
- “Recruiting And Retaining African American Financial Professionals.” Ayo Mseka, editor of NAIFA’s Advisor Today magazine, said mentorship and sponsorship are the top two actions companies can take in attracting and retaining more Black advisors.
Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.
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