“Although every interviewer should be educated about the kinds of off-limit questions and topics that could offend or cause legal issues, being too hesitant to connect at a personal level also hinders the process and could give the impression of an intolerant firm culture,” the report said.
Financial leaders also should promote diversity in the industry as a whole, CFA said. “When selecting asset managers, ask consultants to propose diverse slates of firms consistent with your definition of diversity. Differentiate between emerging firms and firms with diverse ownership.”
The next phase of the CFA effort will be to set up a system of “experimental partners” with firms, the institute said. The firms will agree to implement the ideas raised in the roundtable discussions and provide confidential reports to CAF on the effectiveness of the changes.
“We want firms to pick a few of the recommendations, implement them and report back," Fender said. "This topic will continue to evolve.”
The report can be found here.