“Love has everything to do with why diversity matters,” Braxton told webinar participants. “What we're seeing in the 21st century, although we’ve definitely seen it before but even more so now, is marriages and unions that are producing biracial offspring, such as tennis star Serena Williams and her husband Alexis Ohanian as well as Prince Harry and his wife Meghan Markle.”
The potential for increased revenue cited by the McKinsey & Company report is significant given the changing demographics and the number of multiracial young adults that are expected to flood the workforce in coming years. For example, according to the U.S. Census Bureau, Americans who identify as biracial of white and black descent increased by 134 percent while those of white and Asian descent grew by 87 percent.
“When you have biracial children, oftentimes there is not only the integration of race but also the integration of wealth and culture,” said Braxton, who advises interracial married couples with joint assets to consider how inherited wealth will be transferred to their children. “It’s a legacy issue. If an advisor cannot speak to all those facets including culture, they will be left behind and won't be relevant anymore.”
Braxton’s tips for attracting a more diverse clientele included the following:
- Include photos of people of multiple races in marketing materials, such as websites and promotional pamphlets. “If you say diversity is important or that you want diversity, photos that show one homogeneous group doesn't speak to diversity so well,” said Braxton.
- Maintain relevancy by reading the top-selling books and viewing the top-selling films, such as Black Panther. Braxton says, “Cultural competency, like any competency, requires study.”
- Report racial prejudice that you hear or experience. “You can equalize all humanity for opportunity and access economically by reporting biases that prevent diverse populations from gaining employment, getting promoted or that prevent them from potentially earning what they could,” Braxton said.