Reshell Smith, Founder and CEO of AMES Financial Solutions in Ocoee, Fla.
The financial services industry has always struggled with attracting African American employees. For countless reasons, the industry has failed to get it right. It is time to change. Our country is in the midst of a major shift—much of it is economic. For that reason alone, the financial services industry should be leading the way. But just like other industries, many companies in our industry are searching for answers on how to be more inclusive and less biased, as well as how to attract top talent. Here are five ways you can show the African American community that your company wants to change its culture and attract their talent:
• Get involved in the community. Show African Americans that you care about the people, places, things and experiences that are important to them. They are passionate about celebrating their culture. There is Black History Month, Juneteenth, homecoming season at Historically Black Colleges and Universities, Martin Luther King Jr. Day and more. Think of McDonald’s 365, Google’s “A Celebration of Black History Makers” and Nike’s Black History Month collection. Establish partnerships with leaders in the community who spearhead events for these types of occasions, and then participate.
• Show them that representation matters. The financial services industry does not look like an industry where minorities can be successful. Whether you’re a large wirehouse firm or a small RIA practice, expand your marketing efforts to include more African Americans in your advertising. And whether your company uses traditional marketing, social media or a combination of both, the face of your company needs to be diverse; otherwise, it will continue to be ignored. There is a saying in the black community: “You should work and shop where you are appreciated, not where you are tolerated.”
• Partner with Historically Black Colleges & Universities. This should not be a basic partnership; it needs to be elaborate. A basic partnership calls for you to have a booth at an open house or send out a representative on Financial Literacy Day. Being elaborate means you do those things plus offer scholarships for tuition throughout the year and/or offer summer internships. For those taking industry exams, you cover the fees. And most important, you offer graduating students the opportunity to work with your company.
• Be clear about your company’s career options. Having been in the financial services industry for over 20 years, first at a large national firm and now with my own financial planning practice, I understand there are many career options. For someone on the outside considering a career in this industry, those options are not so clear. I imagine they may be thinking what I once thought—that you had to dress up in a suit and knock on doors or go work on Wall Street to be successful. They do not know about the compliance department, or the diversity and inclusion manager or director of operations. Clarity on the different career paths will almost certainly attract more candidates.
• Invest in training and development. Your employees are your most important asset and training them should be your top priority. If you want to attract and retain black employees, they need to see there is a path forward within the company. Keeping their knowledge fresh, skills innovative and confidence elevated are all keys to maintaining their loyalty. People are more prone to want to work for a company where they see employees who have longevity.
It is time for the financial services industry to get this right. Let’s make this shift along with the rest of the country. This shift has to be significant and impactful. Along with everything discussed, make sure you disrupt the boardrooms and upper management.