The industry statistics for minority participation are strikingly bad. The Certified Financial Planner Board of Standards says less than 3.5% of inancial planners are black or Latino. But a group of Wells Fargo veterans and
their children say programs focused on next-gen talent could be a key way to turn this
Ending discrimination against people of color in financial services, of course, has
involved different measures over the years. Black advisors, for instance, have gone to
court and won legal settlements with JPMorgan ($24 million in 2018), Wells Fargo
($35.5 million in 2017) and Merrill Lynch ($160 million in 2013).
A number of broker-dealers have set up networking groups and recruitment
programs to help address the situation. Wells Fargo Advisors began staging its yearly
conference for black/African American advisors and related professionals in 2009.
At this year’s event in St. Louis, nearly 200 individuals attended, four of whom are
veteran advisors and employees with children in the business at Wells Fargo. Their
stories — exclusively told to Investment Advisor/ ThinkAdvisor.com — highlight the
difficulties they and other people of color have overcome, while showing new ways to
boost minority participation in financial services.
Young African Americans explain why they are
joining their parents in the business.