LPL Financial Launches Video Series on Issues Facing Black Community
“At LPL, our goal is to reflect the diverse marketplace and be agents of positive change in our industry.” – Lauren Taylor Riley
CHARLOTTE, N.C. – Feb. 18, 2021 – LPL Financial LLC, today announced the launch of a new video series, “Around the Table: Black LPL Advisor Voices,” which features six Black LPL Financial advisors who gathered virtually for a meaningful conversation on real issues facing Black advisors and investors.
About this series
The seven-episode series will feature discussions among the LPL advisors moderated by Lauren Taylor Riley, head of LPL’s Advisor Diversity & Inclusion team. The advisors share their unique perspectives on overcoming barriers to success, why they chose to become independent financial advisors, the importance of mentorship and how the industry can better serve the Black community, among other topics. Episodes will be released weekly through March 30 in the LPL newsroom.
“We brought these advisors together during Black History Month for a special video series because we believe representation truly matters,” Taylor Riley said. “At LPL, our goal is to reflect the diverse marketplace and be agents of positive change in our industry. We believe everyone brings a different perspective to the table, and we are committed to cultivating spaces for underrepresented advisor groups to connect, share best practices for growing their businesses and have the opportunity to be a part of a community of peers with similar backgrounds and shared experiences.”
Barriers to success for Black advisors
In the first episode, the group discusses barriers facing Black advisors, who are still underrepresented in the industry. A 2020 CFP Board report noted that Black and Latinx advisors represent less than 4% of the CFP® professionals in the industry. Additionally, a recent Cerulli diversity study called out a lack of familiarity with the financial advisor profession, particularly with women and advisors of color, as a barrier for breaking into the industry. “When there’s nobody that looks like you in a hiring position, it makes it that much more difficult to compete,” LPL advisor Brian Butler of Wealth Standard Financial said during the discussion, referring to entry-level positions in most wirehouses. “It’s a hard mountain to climb, and the business is hard enough anyway.”
Other barriers to success for Black advisors, according to the group, include compensation issues, lack of training and mentorship opportunities, preconceived biases and difficulties establishing a client base.
View the first episode: Barriers to Success.
Meet the advisors: Introducing Around the Table
About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader* in the markets we serve, supporting more than 17,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to objective guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.
* Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2020); No. 1 provider of third-party brokerage services to banks and credit unions (2019-2020 Kehrer Bielan Research & Consulting Annual TPM Report)
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