The wealth industry is taking steps to diversify its ranks, seeking to add more Black, Latinx, and women advisers. New recruiting initiatives have been announced across the retirement and investment world in recent days.
At the center of the change are three giants of the industry -- J.P. Morgan Wealth Management, Goldman Sachs, and Citi.
On March 26, J.P. Morgan said it planned to hire 300 Black and Latinx advisers by 2025, according to Plan Adviser. J.P. Morgan said it would recruit heavily at historically Black colleges and universities. Last year the company announced a plan to spend $30 billion to foster economic development in underdeveloped areas, particularly Black and Latinx communities.
Also on March 26, Citi announced it had hired Erika Irish Brown as the bank’s new chief diversity, equity and inclusion officer.
Brown is a superstar in the world where finance and inclusion efforts overlap. Citi hired her away from Goldman Sachs, where she had been chief diversity officer and oversaw high-profile initiatives such as “One Million Black Women,” in which Goldman pledged $10 billion to address racial biases, according to Bloomberg News. Prior to joining Goldman she was first global head of diversity and inclusion at Bloomberg LP, parent of Bloomberg News.
The wealth management, retirement planning, and investment industry has long struggled to overcome a reputation as a white-male world. For example, only 3.8% of certified financial planners were Black or Latinx at the end of 2019, the Financial Planning Association told CNBC.
