NAPFA DEI Initiative Advances Diversity, Equity, and Inclusion

By Michelle Wilson

In an era when diversity, equity, and inclusion (DEI) are not just buzzwords but essential components of any thriving organization, NAPFA is making strides in fostering a more inclusive financial planning community. This article looks at NAPFA DEI Initiative plans for the upcoming year and the committee’s accomplishments from the past year.

Coming in 2024

In the upcoming year, the committee is dedicated to advancing its mission of promoting DEI within financial planning. Among the key initiatives on the horizon, the committee aims to expand the DEI Training and Certificate Program, with a focus on providing training opportunities at the firm level. This will complement our mentorship program started this year, which will accept new mentors and mentees early in 2024.

Inside NAPFA, the committee will continue to create content for the NAPFA Advisor, along with NAPFA blogs, webinars, and social media channels. We will also offer four DEI scholarships to NAPFA conferences.

Outside the organization, strategic partnerships are being cultivated with the Association of African American Financial Advisors, Onyx Advisor Network, and CHIP (Changing How Individuals Prosper), as well as other organizations, to broaden the reach of DEI initiatives. Lastly, the committee is establishing an LGBTQIA+ (lesbian, gay, bisexual, transgender, queer, intersex, asexual, and additional identities) group of advisors. The committee welcomes all to join in their commitment to shaping a more inclusive future in the financial planning profession.

Also in 2024, the committee will undergo a leadership transition. John Eing and Mindy Neira have led the committee for several years, with a leadership team that included Jadah Riley, Michelle Robinson, Bill Hampton, and Liz Plot. They have been working to select new leaders from the team and ensure a seamless transition. Other DEI committee members include Mike Walther, Maha Gannavaram, Michelle Wilson, Han Xue, Liz Paulson, Sonia Brinkman, Joe Frazer, and Daria Victorov, with Ben Jacobs as the board liaison. The committee is supported by staff liaison Nikki Palluzzi.

DEI Training & Certificate Program

One standout achievement of the NAPFA DEI Initiative in 2023 was the continuation and expansion of its DEI Training & Certificate Program. It conducted both in-person and virtual sessions, enabling broad participation. These sessions provided financial advisors with invaluable insights and tools to better understand and serve their diverse clientele.

As of early October 2023, 86 individuals had completed the program, illustrating their dedication to fostering diversity and inclusion in their financial practices. These individuals are now better equipped to craft financial strategies that address the unique needs and concerns of diverse clients, thereby enhancing the profession’s reputation.

Scholarships

Recognizing the significance of removing financial barriers to DEI engagement, the committee has awarded one NAPFA conference scholarship so far in the 2024 fiscal year, with plans to award two more in the spring. These scholarships underscore the committee’s commitment to nurturing future DEI champions and provide opportunities for individuals who might not otherwise have access to these valuable programs.

DEI Guide

A vital component of the DEI Initiative’s work in 2023 involved the creation of a DEI Guide, which offers practical guidance and best practices for firms seeking to enhance their DEI initiatives. To ensure its relevance and effectiveness, the committee conducted interviews with six firms and published case studies based on their experiences. These case studies serve as practical examples for financial advisory firms striving to make meaningful DEI improvements within their organizations. Firms are encouraged to explore these case studies for insights and ideas.

Mentorship Program

In April 2023, the committee initiated its mentorship program, designed to foster long-term relationships between mentors and mentees. In this program, eight mentors were thoughtfully matched with eight mentees, embarking on a six-month journey of personal and professional growth. This initiative not only offers valuable guidance but also actively promotes diversity within financial planning, nurturing aspiring professionals from underrepresented backgrounds. Applications for the next class of the mentorship program will open in April 2024. Email Nikki Palluzzi for information.

Advisor Magazine, Member Newsletter, and Social Media Engagement

The committee worked to actively engage advisors and firms on a more personal level by creating a holiday calendar and sharing stories about personal experiences on the NAPFA DEI Initiative webpage and through the NAPFA Advisor and NAPFA’s social media channels. Several committee members, including John Eing, Michelle Wilson, and Michael Walther, contributed articles covering their holidays and cultural perspectives. The committee is eager to receive stories from advisors about how they celebrate different holidays in their families or firms. Advisors interested in sharing their stories can contact Nikki Palluzzi.

Looking Ahead

The accomplishments and ongoing endeavors of the NAPFA DEI Initiative reflect its unwavering dedication to promoting diversity, equity, and inclusion within financial planning. Through overcoming challenges, embracing new ideas, and fostering collaboration, the committee actively shapes a more inclusive future for NAPFA and its members. With a steadfast commitment to continued progress, the committee is poised to inspire positive change in the financial planning community for years to come.

Learn more at napfa.org/DEI.

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Michelle Wilson, a financial planner at Athens Impact Socially Responsible Investments, is a Fee-Only fiduciary advisor with a unique focus on impact investing. She combines financial expertise with a commitment to diversity, advocating for inclusive and ethical financial solutions.

image credit: istock.com/adamkaz