A lack of education is one of the top reasons advisors are having a hard time connecting with clients of diverse backgrounds.

That was the assertion of attendees at Edward Jones’ third annual Diversity, Equity, and Inclusion Conference, held last month.

During the conference, the firm polled 130 conference attendees, including financial advisors, client support team members and home office associates. Forty-one percent of them said the most important step financial institutions can take to meet the needs of current and prospective diverse clients is by offering financial education resources.

Fifty-four percent listed access to financial education resources as the most pressing need with clients from diverse backgrounds. Forty-nine percent did not think financial institutions were doing enough to meet the needs of those clients. 

“When we equip our branch teams with the right resources to support all of our clients, including their unique life experiences and backgrounds, we can create lasting financial strength and growth,” said Jennifer Kingston, head of enterprise diversity, equity and inclusion at Edward Jones.

It’s not only important for clients to have access to educational resources, but it’s equally important that the advisors use educational resources too, so that they can better understand the clients, Kingston said.

“The more we can learn and understand peoples’ different life experiences, we’re going to be able to serve them better,” she said. “The more in-depth I can know and understand my clients’ background, life experiences, [and] what matters most to them, the more individualized support I can give to them.”

St. Louis-based Edward Jones provides its own in-house education program for its advisors called “DEI 365,” Kingston explained. Each month the program highlights a different group and allows advisors to learn about them, their life experiences, and how that might translate into their financial decisions.

“That’s a great way to lean in and learn about the experience of someone who may not have the same background or life experience you do,” Kingston said.

The survey also asked participants what would have the most impact so that those from different backgrounds can benefit early in their career. Most of those surveyed, 65%, said they needed to find a professional development pathway so they could advance and build new skills. Last year, slightly more than half, or 55%, highlighted that. 

The top suggestion last year was that they should seek out a mentor, chosen by 74% of those polled (this year, mentorship came in second, with 62% selecting it). Also this year, 42% said networking with other professionals in the industry would have the most impact, the study said.

Edward Jones has a mentorship program that it relaunched last month. The program pairs mentors with mentees according to personality traits, skills and areas for improvement. Geographic proximity is not a factor in pairing. 

“With our mentorship program it’s really available to all associates,” Kingston said. “I think it’s a great resource for advisors who are newer to the business to be able to have that as well, but really it’s open for everyone.”

While the relationship between mentor and mentee is only technically for six months, Kingston said the two can continue their relationship for as long as they wish. There are currently more than 2,000 people signed up for the program, she added. 

The firm also has a regional mentorship that is run by the regional managers, according to Kingston. This allows mentors and mentees to interact when they might work geographically closer to each other.