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HISPANIC NETWORK MAGAZINE www.hnmagazine.com
FINANCE & INSURANCE
G
reater diversity at companies is proven to lead to better business performance, including higher profits and improved customer growth. In the financial planning profession, it is especially valu- able to have as many perspectives and backgrounds as possible to better serve an increasingly diverse customer base. To share why diversity is important, here is more on my experience as a Hispanic woman in the inancial planning profession.
How I carved space for myself in financial planning
Out of the more than 87,000 CFP professionals in 2019, only 23 percent were women and only 3.8 percent were Black or Hispanic. At the beginning of my career, the racial and gender gap in the financial planning profession was even less. When I graduated college, I knew that I wanted to be in the financial services industry, but I did not know exactly where to begin. As a start, I attended an informational interview. At the end of the interview, as I was leaving the office, I saw something written in Spanish on the manager's door, and I let the office know that I could speak Spanish, just in case that would add value to their company. After several days, I received a call that I got hired for my first job. As the only Hispanic woman in the office, I added diversity to the company. Ever since then, throughout my career, I have learned to see my multi- cultural background as a strength and something that makes me unique in the industry.
As a Hispanic Woman, Here's My Hope for The Financial Planning Profession
By Elaine King, CFP
If current trends persist in the racial wealth gap, it will take 84 years for the average Hispanic family to reach the same level of wealth as white families. The financial planning profession has an opportunity to help close this gap faster.
Above: Attendees at the 2019 Diversity Summit hosted by the CFP Board Center for Financial Planning on November 13, 2019 in Washington, D.C. Above, right: Elaine joined other panelists for "Financial Planning as a Career" during the 2020 Diversity Summit. Left: Screen capture of Elaine King, CFP as she spoke, virtually, during the 2020 Diversity Summit.
PHOTOS: CFP BOARD CENTER FOR FINANCIAL PLANNING
Why financial planning should support and advance minority wealth
If current trends persist in the racial wealth gap, it will take 84 years for the average Hispanic family to reach the same level of wealth as white families. The financial planning profession has an opportunity to help close this gap faster. Financial planning firms should actively empower minorities to take control of their personal finances. As an example, I developed a financial program for minority families that includes a workshop, monthly webinars and weekly follow ups. These activities helped them measure and advance toward financial wellness. We have seen a 50 percent improvement in savings, budgeting and debt reduction among the 600 families that have participated in the program.
Why diversity is critical to sustainable industry growth
Sixty-two percent of job candidates would turn down a job offer if the
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