Suggestions from the industry include eliminating the 180-day enforced waiting period triggered by a third failed ‘top off’ examination, involving community colleges in the licensing process and making remote services a permanent feature of FINRA’s testing approach, even after the COVID-19 pandemic ends.
The full title of House Resolution 2123 is the Diversity and Inclusion Data Accountability and Transparency Act; among other goals, it seeks to require regulated financial firms with more than 100 employees to disclose diversity data.
Morningstar and the CFA Institute have found the United States is among the nations with the lowest number of women in financial services.
Firms say adding diverse advisers will help their businesses grow and help them attract new customers.
A look at what worked particularly well in 2020 and that could keep propelling growth in 2021.
All S&P 500 boards have at least one woman for the first time, according to a study by Spencer Stuart.
The exchange operator has submitted a proposal, which would also require boards to have two diverse directors, to the SEC.
The CFP Board says financial planning professionals need to attract more women and people of color to the industry.
With representation being top of mind in 2020, companies are reconsidering the makeup of their workforces and their retirement plan committees.
Successful advisers say mentorship is a key to solving the industry’s clear and present diversity problem.
Speakers and attendees at the event, which drew some 200 leading female advisers from across Edward Jones, emphasized the importance of mentorship and providing a robust support structure for new advisory professionals.
The LIFT University program encourages women in college to learn about the financial adviser profession, connecting them with experienced mentors and recruiting opportunities.
In order to remain relevant, speakers said, the retirement plan industry must become more diverse.