Today, at its Annual Meeting, the Securities Industry and Financial Markets Association (SIFMA) awarded Edward Jones, Wells Fargo Advisors and Goldman Sachs with its Diversity Leadership Awards.
- Emerging Leadership Award: Edward Jones, accepted by Norm Eaker, partner responsible for Firm Administration
- Innovative Leadership Award: Wells Fargo Advisors, accepted by Kent Christian, Senior Managing Director and President, Financial Services Group
- Sustained Leadership Award: Goldman Sachs, accepted by David Heller, Global Co-Head of the Securities Division
“We are pleased to honor these firms for their sustained commitment and innovation to promote inclusion in the workplace,” said Tim Ryan, president and CEO of SIFMA. “As an industry we must meet the challenges and maximize the opportunities of an increasingly diverse employment pool and customer base both in our own country as well as across the globe.”
Emerging Leadership Award: Edward Jones
Edward Jones created two new, alternating forums designed to spotlight and support its successful minority and women financial advisors. The Minority Leadership Forum was held in 2007 for 88 financial advisors, and the Women’s Leadership Forum was held in 2008 for 149 financial advisors. The forums alternate by years at Edward Jones’ headquarters in St. Louis, MO.
These forums recognize financial advisors for their business success and their leadership roles in their regions. They also create a “think tank” opportunity for the firm to learn from and better understand the nuances of being a minority or female in the financial services industry. One benefit is allowing the firm to capture and document the best business-building strategies used by these financial advisors.
The forums are designed for those financial advisors who attend, but the impact of the forums is projected farther. The proceedings, presentations and best practices are posted afterward on the firm’s internal Web site for all financial advisors to share. Also, each of these successful financial advisors is asked to contact and mentor new financial advisors, and to help the firm recruit other women and minorities for the financial advisor role. Edward Jones wants these forums to celebrate the diversity within the firm, and then to help share that excitement with others.
Innovative Leadership: Wells Fargo Advisors, LLC
Wells Fargo Advisors recognizes that each investor has different priorities, needs and life goals, and that domestic partners and same-sex couples often have added concerns and questions about their unique financial situation. Through a partnership with the College for Financial Planning®, Wells Fargo Advisors created the Accredited Domestic Partnership Advisor? (ADPA?) program designed to educate advisors about the unique needs and financial considerations of domestic partners. Beginning in November 2009, Wells Fargo financial advisors who earn this designation will be well-equipped to work with domestic partners and lesbian, gay, bisexual, and transgender (LGBT) clients to develop a thoughtful approach to meeting their financial goals.
The APDA? designation ensures that financial advisors are acutely aware of the challenges, laws and regulations that impact the financial planning needs of the domestic partner and LGBT communities. This additional knowledge affords clients peace of mind in knowing that their needs will be heard, understood and thoughtfully explored. Currently, 25 financial advisors are participating in the pilot phase. This group is geographically diverse with participants from California, Arizona, Michigan, Missouri, Texas, Iowa, New Jersey, Minnesota and Oklahoma, and includes both men and women and advisors who self-identify as LGBT and heterosexual.
The creation of the ADPA? certification is consistent with two key Wells Fargo Advisors’ goals: to provide every client with an individual investment plan, and, to attract, retain and excite the industry’s most talented and diverse workforce. Though initially available only to advisors affiliated with Wells Fargo Advisors, the ADPA? program will ultimately be made available through the College for Financial Planning to all other financial professionals.
Sustained Leadership Award: Goldman Sachs
Goldman Sachs views diversity as a “business imperative” and adheres to the belief that for the firm to be successful its employees must reflect the diversity of the communities and cultures in which it operates. Goldman Sachs continually looks for new ways to enhance its diversity efforts and build a more inclusive environment. In exploring how to evolve its women-focused initiatives, the firm made a decision to embark on an effort to better understand the unique experiences of multicultural women in the workplace.
Goldman Sachs started by conducting in-depth external and internal analyses to better understand the challenges faced by this population. The results indicated that Asian, Black, Hispanic, and Native American women face unique challenges in the workplace. While some of these issues are shared among all women and some are shared with men of color, others are specific to multicultural women because they are “double outsiders” – they must navigate issues related to both gender and race. Further, external research suggested that since many traditional diversity programs did not address these issues, it is common to see higher attrition rates and levels of dissatisfaction among this demographic when compared to other populations.
Goldman Sachs’ senior leadership, including the Firmwide Diversity Committee, responded to the compelling research results, employee satisfaction survey and business case by launching the Multicultural Women’s Initiative, in October 1997, to focus on and support the career advancement of the growing population of multicultural women at the firm by providing them with targeted professional development programs. In addition, the Initiative was established to facilitate relationship building and networking at the firm and across the industry.
Award Categories:
Emerging Leadership – Consideration is given to firms that are early in their diversity efforts (i.e., programs or initiatives in place for two years or less) and have incorporated comprehensive planning and communication, clear articulation of goals and measure of success, and use of best practices.
Innovative Leadership – Consideration is given to firms that develop or employ exceptionally unique and creative approaches to their diversity efforts.
Sustained Leadership – Consideration is given to firms demonstrating continued commitment and advancement of diversity strategies and efforts.