Gender diversity in the RIA industry needs work, but offers a lot of return for the effort.
To that end, Schwab Advisor Services has launched RIA Talent Advantage, an initiative designed to help advisors understand the opportunity for and the value of creating a diverse workforce, and to help them take action toward accomplishing it.
According to Schwab, "the program is designed to help firms build a culture of inclusion and more effectively attract, promote and retain talent at their firms and be optimally positioned to thrive in a highly competitive marketplace."
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Among the program's elements is a LinkedIn community that was created as a resource for the leaders and employees of RIA firms. It is intended to serve as a connection point for diversity advocates and their peers for discussions as well as strategy development on how to build an inclusive firm culture.
Schwab intends that the community will be a hub for custom content that will include guest posts from industry thought leaders, proprietary and third-party research, moderated discussions and connections to educational programming.
The program will have three different focal points in advisor talent and investor segments: investors aged 30–45 (termed Generation Now), ethnic diversity and women. The framework itself will cover three different areas: the RIA firm, and helping advisors build an inclusive culture within their firms as well as better serve diverse investors; employees, and the cultivation and development of diverse internal talent for leadership, ownership and client-facing roles; and the pipeline, with assistance for firms to build diversity into the candidates who will help to meet future business needs.
See also: 7 steps to hiring great employees
"As the face of the investor changes, we believe greater diversity will be critical in driving RIA growth and sustaining success for the long term," said Neesha Hathi, senior vice president, in a statement. Hathi co-leads the diversity effort at Schwab with Mary Rosai, senior vice president and head of marketing for Schwab Advisor Services.
Hathi continued, "RIA firm growth will be driven by assets that not only come from their existing client base, but increasingly from a more diverse population and advisors must be ready to meet the unique needs of these individuals and their families. With a focus on gender, culture and generational diversity, our program will help RIAs forge new ground and share best practices to serve the evolving investor profile."
Schwab will conduct and provide research to the program that is designed to give advisors tangible, actionable insights and solutions for effecting change in their firms.
In its first phase, the program will focus on helping advisors better serve female investors through the recruitment of more female talent. It is also intended to help advisors create an inclusive culture, develop women and men currently in the industry, and make the RIA industry, as a whole, a destination of choice for women advisors and investors.
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