Seven Ways To Address The Diversity Problem In Finance

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The finance industry is struggling with diversity. This concern has caught the attention of many in the field, and they agree that this is a problem that warrants immediate action. Diversity will be the key to making even greater strides in finance.&l;/div&g;

We asked members of the&a;nbsp;&l;a href=&q;http://forbesfinancecouncil.com/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Forbes Finance Council&l;/a&g;&a;nbsp;how to best address this problem. The answers all pointed to not just having a more diverse work pool but also actively choosing diversity and inclusion to change the trends in the finance industry.&l;b&g;

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&l;img class=&q;size-large wp-image-3396&q; src=&q;http://blogs-images.forbes.com/forbesfinancecouncil/files/2018/07/Seven-Ways-To-Address-The-Diversity-Problem-In-Finance-1200x620.jpg?width=960&q; alt=&q;&q; data-height=&q;620&q; data-width=&q;1200&q;&g;&l;em&g;Members share their top tips for promoting diversity.&l;/em&g;

&l;b&g;1. Seek out different perspectives.&l;/b&g;&l;span&g;&a;nbsp;&l;/span&g;

Finance is one of the slowest industries to evolve. This is at least partially due to the lack of diversity. By proactively seeking out underrepresented groups, finance leaders will achieve two different objectives: doing the right thing and bringing valuable insight that likely comes at a challenge from a completely new angle.&a;nbsp; -&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;https://www.linkedin.com/in/drew-cook-92804411/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Drew Cook&l;/a&g;,&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;http://www.wearpact.com/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Pact Apparel&l;/a&g;&l;span&g;&a;nbsp;&l;/span&g;&l;b&g;

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&l;b&g;&l;span class=&q;il&q;&g;2&l;/span&g;. Work as a united front.&l;span&g;&a;nbsp;&l;/span&g;&l;/b&g;

Across the industry, we need to agree that there&a;rsquo;s a lack of diversity and that diversity matters. Then, as a united front, we can begin the important work of hiring and investing in a more diverse group of people. As companies in our industry that invest in diversity inevitably succeed, other companies will quickly see the value and do the same until the past cycle of homogeneity is broken. -&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;https://twitter.com/QuickBridgeOC&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Ben Gold&l;/a&g;,&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;http://quickbridge.com/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;QuickBridge Funding&l;/a&g;&l;span&g;&a;nbsp;&l;/span&g;

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&l;div class=&q;gmail_default&q;&g;&l;b&g;3. Invest in more than hiring practices.&l;/b&g;&l;span&g;&a;nbsp;&l;/span&g;Diversity in the finance industry can&a;rsquo;t be improved through hiring practices alone. But the new perspectives a diverse workforce brings can bestow real benefits to an industry experiencing so much disruption. This is why programs like&a;nbsp;&l;a href=&q;http://www.girlswhoinvest.org/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Girls Who Invest&l;/a&g;&a;nbsp;are essential. GWI aims to create a pipeline of talented, motivated young women dedicated to success in finance through education and mentorship. -&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;https://twitter.com/iwrixen?lang=en&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Ismael Wrixen&l;/a&g;,&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;https://feinternational.com/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;FE International&l;/a&g;&l;span&g;&a;nbsp;&l;/span&g;&l;/div&g;

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&l;b&g;4. Seek out diversity.&l;/b&g;&l;span&g;&a;nbsp;&l;/span&g;

Study after study shows the positive impacts of diversity and inclusion on the income statements of companies. We see public company research with women board members, global studies about increased performance in teams, and increases in creativity and innovation when teams are diverse versus homogenous. The key term here -- inclusion -- means having a truly collaborative culture where people with diverse backgrounds are invited and encouraged to participate.&a;nbsp; -&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;https://twitter.com/tomhood&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Tom Hood&l;/a&g;,&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;http://www.blionline.org/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Business Learning Institute / Maryland Association of CPAs&l;/a&g;&l;span&g;&a;nbsp;&l;/span&g;&l;b&g;

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&l;b&g;5. Be more approachable to the general public.&l;/b&g;&l;span&g;&a;nbsp;&l;/span&g;

By engaging with the twenty-first century through social media outlets, it is much easier to engage with your audience&a;nbsp;in a variety of demographics with the right message. Try to use more educational&a;nbsp;information to empower consumers from all walks of life.&a;nbsp;It can open up horizons in the finance field for people who may not have considered such otherwise. -&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;https://www.linkedin.com/in/smibroker&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Marcus Arkan&l;/a&g;,&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;http://www.syndicatemortgages.com/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Syndicate Mortgages&l;/a&g;&l;span&g;&a;nbsp;&l;/span&g;&l;b&g;

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&l;div style=&q;padding: 20px 0pt;margin: 20px 0pt;border-bottom: 1px solid #DDDDDD;border-top: 1px solid #DDDDDD&q;&g;&l;a href=&q;http://www.forbesfinancecouncil.com/qualify/?source=forbes-text&q; target=&q;_blank&q;&g;Forbes Finance Council&l;/a&g; is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. &l;em&g;&l;a href=&q;http://www.forbesfinancecouncil.com/qualify/?source=forbes-text&q; target=&q;_blank&q;&g;Do I qualify?&l;/a&g;&l;/em&g;&l;/div&g;

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&l;div class=&q;gmail_default&q;&g;&l;b&g;6. Prioritize diversity and inclusivity.&l;/b&g;&l;span&g;&a;nbsp;&l;/span&g;Many of us in the industry are working to diversify our workforces and leadership teams. One thing that we are learning from other industries is that, beyond diversity, inclusivity is key. Hiring is important, but it&a;rsquo;s not enough.&a;nbsp;It&a;rsquo;s critical for leaders to create a culture of inclusion and opportunity where every team member&s;s voice is heard so they, and the companies they work for, can achieve their potential. -&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;https://twitter.com/JayShah_PC&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Jay Shah&l;/a&g;,&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;http://www.personalcapital.com/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Personal Capital&l;/a&g;&l;span&g;&a;nbsp;&l;/span&g;&l;b&g;

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&l;b&g;7. Choose inclusion.&l;/b&g;&l;span&g;&a;nbsp;&l;/span&g;

Senior leadership within the financial industry has to be genuine in their acceptance of workflows and tactical styles that are not typical of their industry. Leadership must be open to understanding the cultural factors that impede their ability to foster a diverse workforce. The end result can be strong and resilient companies that form through diverse thought and purposeful inclusiveness. -&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;https://twitter.com/mdvasquez&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Miguel Vasquez&l;/a&g;,&l;span&g;&a;nbsp;&l;/span&g;&l;a href=&q;http://financialfitnessgroup.com/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Financial Fitness Group&l;/a&g;&l;span&g;&a;nbsp;&l;/span&g;

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