Research on the lack of diversity among financial planners – and recommendations for changing that situation – will be presented at a Diversity Summit to be held by the Center for Financial Planning.
The Center for Financial Planning, which is part of the Certified Financial Planner Board of Standards, will release a paper highlighting the findings from a research study on the underrepresentation of blacks and Latinos in the financial planner workforce and will offer research-based solutions to create a more diverse and inclusive profession, the center said. The summit will be held Oct. 23 in New York City.
Based on self-reported data provided to the CFP Board, less than 3.5 percent of all 81,000 CFP professionals in the United States are black or Latino, which is significantly less than the representation of blacks and Latinos in the U.S. population. Developed by the center in consultation with its Diversity Advisory Group, “the research is the first step in the center’s ongoing effort to build a more inclusive workforce,” the center said.
”One of the goals of our first-ever Diversity Summit is to inspire commitment and action from participants to affect change,” said CFP Board CEO Kevin R. Keller in a statement. “The influential individuals on our agenda and the research-based recommendations in our thought leadership paper are intended to grow the ranks and diversity of the financial planning profession.”
“Two years ago, the CFP Board Center for Financial Planning launched with a bold mission – to create a more diverse and sustainable financial planning profession so that all Americans have access to competent and ethical financial planning advice,” said Marilyn Mohrman-Gillis, executive director of the center. “As consumer demand for financial planning grows, it is imperative we expand and diversify the ranks of CFP professionals who can meet the needs of our increasingly diverse U.S. population. The Diversity Summit aims to bring together leaders and influencers to address this challenge and commit to actions to advance diversity and inclusion in the financial planning profession.”
The agenda includes keynote presentations from distinguished speakers, personal reflections from black and Latino CFPs on barriers and opportunities for people of color in the profession, best practices from practitioners in the field, and facilitated breakout groups.