What’s In It For Me? How Diversity in Financial Planning Benefits Us All

What’s In It For Me? How Diversity in Financial Planning Benefits Us All

2 MIN READ 

The financial industry’s lack of diversity has been the topic of many, many discussions. The CFP Board in their now seminal 2017 study on the subject found many potential reasons: the cost to obtain the CFP designation, the lack of awareness of financial planning as a profession among certain populations, not to mention the industry’s (and clients’) bias in selecting planners.

Many people still need to be convinced that it’s in their businesses’ best interests to hire somebody that maybe is not necessarily like them. I’ve seen it in many cases. I’ve known of people excluded because of their gender, race, heritage, religion, and even socioeconomic status.

For them, opportunities are delayed or simply not given. More is demanded from them. There are taller barriers of entry. For a lot of people, it is harder to join “the club”, often for reasons beyond their control, even when they have the professional competency, knowledge, and drive to succeed.

Yes, discrimination is illegal. It has been for decades.

But ask 100 people if they’ve faced professional barriers due to reasons beyond their control (race, gender, last name…) and I’m confident many will raise their hands and will share their stories.

I am very fortunate to not be one of those. I am very fortunate to work at an organization that values diversity and the value that a diverse staff brings to the table.

I am one of the lucky ones. I wish there were more companies this open-minded.

I truly hope that our next Quarterly Conversation, brought to you by XYPN's Diversity Committee, helps open minds and hearts about the value of having a more diverse workforce and serving a more diverse population. Not only because it’s nice or the right thing to do, but because it can also be good for business. Herman Brodie, behavioral finance consultant, co-author of The Trust Mandate, and our webinar presenter, will demonstrate how as he dives deep into stereotypes and explains how and why they are formed, and how they can be changed.

So, please join us on January 23, 2020 for the XYPN Diversity Committee Quarterly Conversation. and learn how diversity in our profession is an asset to you.


miguel_gomez_cfpAbout the Author
Miguel Gomez’s official title is Financial Advisor – Hispanic Investors at Lauterbach Financial Advisors, in El Paso, Texas. Miguel is also the President of the Diversity Committee at XY Planning Network.

In his financial advising position, he’s responsible for developing client relationships and keeping clients happy and aligned to their plans, while providing them advice using his knowledge of investment strategies, securities, and insurance.

In addition to being a financial advisor, Miguel is passionate about helping the general public take the mystery out of personal finance, and has been a weekly financial columnist for over two years at El Diario de El Paso and at MVS Noticias El Paso – Ciudad Juárez. He’s also been a speaker at various community events and has been quoted by Kiplinger, Yahoo! Finance, International Business Times, ABC 7, and Telemundo El Paso, among others. 

How to Master the Art of Prospecting: A Step-by-Step Guide for Financial Advisors How to Master the Art of Prospecting: A Step-by-Step Guide for Financial Advisors
10 Steps for Choosing the Best Business Path for Scaling Your Firm 10 Steps for Choosing the Best Business Path for Scaling Your Firm
How to Get the Most Out of Your Investor Policy Statement (IPS) How to Get the Most Out of Your Investor Policy Statement (IPS)
Having Difficult Conversations: A Skill Every Financial Advisor Needs Having Difficult Conversations: A Skill Every Financial Advisor Needs
XYPN's Financial Planning Process XYPN's Financial Planning Process

Subscribe to Email Updates