CNBC's Michelle Fox reports on the CNBC Financial Advisor Summit's DEI roundtable featuring Lazetta Rainey Braxton
As more Americans push for diversity, equality and inclusion in the world around them, financial advisors are finding ways to adapt.
The Black Lives Matter movement and nationwide protests have changed the dynamic, yet many financial firms are still dominated by White males. In 2019, 77.7% of those who worked in the management, business and financial operations occupations were White, according to the U.S. Bureau of Labor Statistics.
Yet to adapt, financial advisors need to do more than just checking off a box by hiring a person of color and then calling it a day, experts told CNBC’s Sharon Epperson on Tuesday during the CNBC Financial Advisor Summit, a day-long roundtable for financial advisors.
They’ll have to rethink their strategies and find ways to attract and sustain diverse new talent and clientele.
“If you are really interested in reaching a certain segment, it needs to be authentic,” said certified financial planner Lazetta Rainey Braxton, co-founder and co-CEO of New York-based advisory firm 2050 Wealth Partners.
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