Boosting Minority Representation Requires a Sustained, Industry-Wide Effort

In this episode of LPL’s conversation series “Around the Table,” financial advisors discuss ways to address the industry’s disproportionately low representation of Black advisors.

“There has to be a massive outreach goal from the firms, getting out there and proactively speaking to bring Black Americans into the industry,” one advisor said.

At the same time, current advisors note that they could  do a better job of reaching out to those who they think might be a good fit for the industry. “If we know someone at church, in our social circle, in any kind of club that we attend,” another financial advisor said. “We have to introduce the industry to them.”

Commensurate with a deliberate outreach plan should be an industry-wide reassessment of what it represents. “This career is in dire need of a rebrand, especially among the next generation,” another advisor said. “The more we can make it seem like a viable career option and something that’s being considered by all talent that’s graduating undergraduate programs or considering a second career, we’ll put ourselves in a much stronger spot to make a difference from a diversity perspective.”

Watch the complete episode to gain insights on how the financial services industry can increase the number of Black advisors and improve their chances to succeed, along with the role that LPL can play in those efforts.

Stay tuned for upcoming episodes that touch on the challenges and opportunities Black investors face and how advisors fared in 2020.

Watch all episodes of Around the Table: Black Advisors at the Newsroom.

To learn more about diversity and inclusion at LPL, visit Advisor Diversity and Inclusion webpage.

LINK TO VIDEO EPISODE: https://share.vidyard.com/watch/XTfPNFLFJ87QWzjBjtNZap

DISCLOSURES

The views and opinions expressed by the LPL Financial Advisor(s) may not be representative of the views of other Financial Advisors and are not indicative of future performance or success.

Any Advisor firms mentioned are a separate entity from LPL Financial.

Tracking #: 1-05118074