In the spirit of Black History Month, it’s imperative to reflect on the roles of advocacy and allyship within the financial services sector. As an industry, financial services have not been immune to the challenges of diversity, equity, inclusion, and belonging (DEIB). The path to rectifying these disparities is multifaceted, with advocacy and allyship serving as critical components. Understanding these concepts, their importance and how to effectively engage in both can catalyze meaningful change, fostering an inclusive environment where all professionals, especially those from underrepresented communities, can thrive.
What is Advocacy And Allyship?
Advocacy in the financial services context involves speaking out and taking action to support the rights and opportunities of underrepresented groups. It’s about using one’s position of influence to enact or lobby for changes that lead to a more equitable industry. Advocates work on behalf of others, often pushing for systemic changes that address inequalities at their root.
Allyship goes hand in hand with advocacy, requiring individuals to stand with and not just for those in marginalized communities. An ally in financial services leverages their privilege to support, uplift and make space for underrepresented voices. True allyship is a continuous process of learning, unlearning, and relearning—it demands listening, understanding and action from those who wish to make a difference.
Why Are Advocacy And Allyship Important?
The financial services industry wields significant influence over economic outcomes, impacting communities and individuals’ lives. Historically, systemic barriers have limited access to financial capital, career opportunities and representation for Black individuals and other minorities within this sector. Without advocacy and allyship, these barriers perpetuate inequalities, stifling talent and hindering the industry’s growth and innovation.
Advocacy and allyship are vital for dismantling these barriers, ensuring that financial services not only benefit from a diverse range of talents and perspectives but also contribute to a more equitable society. By advocating for DEIB initiatives and acting as allies, professionals in financial services can help create an environment where everyone has the opportunity to succeed.
How To Engage In Advocacy And Allyship
1. Educate Yourself And Others
The journey begins with education. Understanding the historical context and current state of diversity within the industry is crucial. This knowledge forms the foundation for effective advocacy and allyship. Financial professionals should seek out resources, attend workshops and listen to the experiences of Black colleagues and those from other underrepresented groups to gain insights into the challenges they face.
2. Support DEIB Initiatives
Actively supporting and participating in DEIB initiatives within your organization is a tangible way to practice allyship. This could mean advocating for the implementation of mentorship programs, diversity recruitment efforts, or financial literacy programs targeted at underserved communities. It also involves holding your organization accountable for its DEIB goals and progress.
3. Amplify Underrepresented Voices
Amplifying the voices of Black professionals and other underrepresented groups in financial services is a powerful form of allyship. This can involve advocating for diverse representation on panels, in leadership positions, and within decision-making processes. It also means creating platforms or opportunities for these voices to be heard and valued.
4. Challenge Biases and Inequities
Advocacy and allyship require challenging systemic biases and inequities, both within and outside your organization. This can involve questioning policies or practices that disadvantage certain groups, advocating for change and supporting efforts to address inequities in access to financial services.
5. Mentor And Sponsor
Mentorship and sponsorship are direct ways to support the career advancement of Black professionals and other minorities in financial services. By offering guidance, sharing opportunities and advocating for mentees, mentors and sponsors can play a crucial role in opening doors and breaking down barriers.
6. Engage In Community Outreach
Financial professionals can extend their advocacy and allyship beyond the workplace by engaging in community outreach. This might involve volunteering for financial literacy programs, supporting Black-owned businesses, or partnering with organizations that work to improve economic outcomes for underrepresented communities.
It can be daunting to know where to start in this journey. Look into organizations, like F.A.R.E. (Financial Alliance for Racial Equity) Financial Alliance for Racial Equality (FARE) that do a great job at creating opportunities for organizations to strengthen their advocacy and allyship.
Advocacy and allyship are not merely buzzwords but essential practices that can drive the financial services industry toward greater inclusivity and equity. As we celebrate Black History Month, let’s commit to being advocates and allies not just in February but throughout the year. By doing so, we can help ensure that the financial services industry reflects the diversity of the communities it serves and leverages the full spectrum of talents and perspectives available. The journey towards inclusivity is ongoing, but through sustained advocacy and allyship, we can create a more equitable and vibrant future for the industry.
Aiyisha K. Adams, MBA, CRPC, is vice president of advisor engagement at Osaic.
Osaic is a proud member of Financial Alliance for Racial Equality (FARE).