The firm has college recruitment programs and an initiative to attract early career changes—people in their 20s who have a tried a career and find they do not like it and are searching for something new, he said.
Firms that want to make progress in diversity and inclusion need to have the programs in place to expand employment opportunities, but also need to have a culture that encourages employees to stay and prosper, Gerend said.
Advisors also are more inclined to stay and clients are attracted to do business with a firm that has cutting edge technology, which Northwest Mutual has made investments in in recent years, Gerend added. Young people are tech-oriented and all clients and advisors value the ease of doing business that technology provides, he said.
“We have a responsibility to help improve diversity and inclusion across the entire industry. We can do more together than we can alone,” said Gerend.
Northwestern Mutual works with the American College for Financial Services’ Center for Economic Empowerment and Equality and with the Certified Financial Planner Board of Standards to promote diversity and inclusion.