New Report Outlines Path to More Inclusive Financial Planning Profession

(NewsUSA) – More than 600 diversity and inclusion experts and leaders of financial services firms recently came together for a virtual discussion about how to increase racial and gender diversity in the financial planning profession.

The CFP Board Center for Financial Planning’s third annual Diversity Summit also convened financial planning practitioners, college and university academic program directors and students, and organizations representing diverse constituencies for the three-day, virtual, event. The Summit focused on moving from talk to action with metric-driven, long-term diversity, equity and inclusion initiatives that can strengthen the profession.

Attendees explored the challenges and opportunities related to implementing and sustaining firms’ diversity, equity and inclusion initiatives and gained insights into successful programs that have created culture change and advanced women and people of color within the profession. They also heard from CERTIFIED FINANCIAL PLANNERTM professionals from diverse communities about their personal experiences working in the profession.

Additionally, the Summit shared case studies showcasing best practices for diversity, equity and inclusion initiatives. A new report released during the event highlighted several advisory firms that have successfully pursued more diverse and inclusive models and provided actionable strategies for firms and individuals seeking to replicate that work.

Diversity in Action: How to Sustain the Financial Planning Profession outlined building-block recommendations for establishing effective programs, including:

* Tailoring initiatives to a firm’s unique mission and values to ensure long-term sustainability

* Developing a mission and vision statement specifically for diversity, equity and inclusion programs

* Ensuring executive leadership is committed to prioritizing diversity, equity and inclusion efforts

* Developing a clear strategy with goals and tactics to guide implementation

* Establishing and tracking meaningful metrics

* Inviting feedback and contributions from all employees

* Using surveys and questionnaires to support the evaluation of program status and progress

Fostering profession-wide inclusiveness is a key challenge for financial planning, as the current advisor workforce does not reflect the population it serves today, or the client base it expects to serve in the future. The Diversity Summit is one of several initiatives seeking to address this challenge by attracting younger, more diverse talent to the profession and supporting the career advancement of female, Black and Hispanic financial planners.

To learn more about the Diversity Summit and the Center’s other diversity programming, visit

Sharing perspectives and information about what is working to advance diversity and inclusion will create opportunities for the financial planning profession to expand the talent pipeline and broaden its service to all Americans.