Whole article previously published by Family Wealth Report on July 19, 2022.

Time for diversity

Wealth management firms are also reporting a huge surge of interest in diversity and inclusion, both from employers seeking to hire more women and people of color and job candidates who don’t want to be in homogenous environments.

While recruiting success for people of color remains low, it hasn’t been for lack of effort. The latest industry initiative is being undertaken by the UHNW Institute, which has formed a Diversity, Equity and Inclusion Council headed by Carol Schleif, deputy chief investment officer for BMO Family Office in Minneapolis.

“It’s been hard for the industry getting diverse candidates,” said Schleif. “Entry level isn’t easy, but finding mid and senior level candidates is especially challenging.”

The Council plans to start an employee resources and networking group, initiate training and leadership development projects and produce best practices content for the industry.

To attract diverse candidates, Schleif suggests “hiring recruiters who look like the people you’re trying to recruit” and establish relationships with HBCU schools (Historically Black Colleges and Universities). Firms that are reviewing candidates for open positions can “neutralize” résumés, she added, taking off names, names of schools and addresses, to minimize the inherent biases of executives making hiring decisions.

Emphasizing a wealth management firm’s commitment to social causes and “stewardship capital,” a conviction that the firm is about more than just making money, is another way to attract diverse – and younger – candidates, Schleif said. Examples include supporting women who may need to travel out of state to get an abortion, having a carbon neutral footprint and supporting financial education for lower-income communities in the firm’s market.

Access the entire article here: How To Win Cutthroat Competition For Talent (familywealthreport.com)