Fall 2023_Forward Thinking: A Fare Publication

FALL 2023

Financial Alliance for Racial Equity

FEATURES HBCU Live: Event Recap PG 4

2023 Success Stories PG 5

FARE HBCU Scholarship Program

Forward Thinking: A Quarterly Update from The Financial Alliance for Racial Equity (FARE)

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F EATU R E D 2023 Success Stories PG 5

CONTENTS 3 Let te r fro m the FAR E Pre s ide nt H BCU Live : I n the B lack 4 FARE Re c a p p otlight: FAR E Me m b e r 6 SFirm — Fra n k lin Te m p leto n E H BCU S ch o l a r sh ip 7 FAR Progra m Me nto r sh ip Program 8 FARE At te n d s CA AF P 9

S p otlight: FAR E I n dustr y Par t ne r — E B R I

10 Adve r tise me nt s 11

S p otlight: FAR E I n dustr y Par tne r — I R I

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FARE C F P ® C e r tific atio n Dive r si ty S ch o la r sh i p

CONTR IBUTORS FARE Member Firms: • Fra n k lin Te m pleton • Nationwide • RBC Wea lth Ma na ge m e nt

FARE Industr y Par tners:

•A m e ric a n Retire m e nt Associ ati on (ARA) •D efe rre d C ontribution Insti tuti onal Investm e nt Association (D CI IA) •C FP Board • I nsu re d Retire m e nt Institute ( I RI )

HBCUs: • Virg in ia State Un ive rsit y

PU B LIS HED BY

Th e Financ ial Allianc e fo r Rac ial Eq uit y ( FARE)

DES IGN

Blac k Dig ital

Kristi Rodriguez

President, FARE and FARE Board Chair Hello! I’m excited to welcome you to the first edition of Forward Thinking: A FARE Quarterly Update — a resource that’s designed to promote and inspire meaningful change through inspirational stories, knowledge sharing and research on advancing diversity, equity, and inclusion in financial services.

It’s quite a coincidence that we are launching this publication around the same time we instituted FARE three years ago. FARE was created in September 2020 with the mission to increase racial diversity, drive greater equity and foster inclusion within the financial services industry and communities served.

The underrepresentation of minority financial services professionals has long been a challenge for the financial services industry. Through the shared efforts of many financial firm partners, industry associations and Historically Black Colleges and Universities, we are on a path to help change the trajectory. I’m humbled and proud to say our collective plans are paving the way for great success as well as incremental change. In only three years, it’s been amazing to see our financial firm partners, associations and HBCUs come together through FARE to help diverse students and financial professionals envision what’s possible with a career in financial services.

Financial Services Organizations

HBCUs

Industry Associations

We’ve seen thousands of students join in FARE HBCU live events, conferences and career fairs, obtain internship opportunities with financial firms, participate in our inaugural FARE mentoring program and receive scholarship funding to pursue financial services certifications (be sure to subscribe to updates on 2024 scholarships). These are a few of the many ways we are working collaboratively to inspire meaningful change — and what better way to share those experiences than through our new quarterly publication!

A heartfelt thank you goes to each and every FARE member, association, HBCU leader and student for raising your hand to commit to this mission. We are tremendously excited to keep the flame of positive change burning.

We invite you to come on the journey with us to learn more about FARE, our firm partners, relevant research insights and more. We hope you’ll be inspired by profiles of HBCU students like Joe’l Bowers, Kirsten Curran, Jasmine Pierce, and Kennedy Reid. Who knows…after learning about FARE, you just might be moved to become part of the journey with us. Let’s go!

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Recap

We are thrilled to share the success of the recent FARE HBCU Live: In the Black event, an educational and networking series hosted at Howard University in September. This event brought together over 100 enthusiastic students and professionals, creating a dynamic platform for learning, networking, and exploring opportunities in the financial services industry.

Our sincere thanks go to our FARE member firms, industry partners, and HBCU leaders who graced the event with their presence. Their active participation and support, including hosting a career fair, added significant value to the experience.

This gathering was a powerful testament to our shared commitment to increasing diversity, equity, and inclusion within financial services. We look forward to building on this success and continuing our mission to drive positive change in the industry.

Stay tuned for more updates and information about our upcoming events.

Together, we are shaping a more inclusive future for financial services!

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2023 Success

Stories

Joe’l Bowers, Kirsten Curran, and Jasmine Pierce are in many ways representative of so many students at Virginia State University. Their stories and accomplishments are profound but not terribly unlike scores, if not hundreds, of other extraordinary young people at this Historically Black College and University.

For starters, the three are all-around good people! Difficult to measure but easy to identify, the three are decent, considerate, and loyal. Perhaps it’s why they jumped at the opportunity to spend a few days in Columbus at FARE’s HBCU Live 2022 Educational and Networking Series Event — Finding Your Fit in Financial Services, and why they are achieving so much professionally and personally.

Joe’l Bowers

Now a Virginia Commonwealth University grad student earning a degree in Decision Analytics, Joe’l was a student-athlete at VSU. A member of mentoring programs including the Association for Corporate Growth and Morgan Stanley, Joe’l earned an invite to work full-time at the latter but instead, at least for the moment, decided to attend grad school.

Kirsten is an acclaimed baker and even operates a cakemaking business! This lady is very comfortable marching to the beat of her own drum and should not surprise anyone when, like Joe’l and Jasmine, she hits it big! Now a manager for Amazon, this lady just returned from the Islands, where she helps with her family business.

Kirsten Curran

Of the three, Jasmine is the only one still in undergrad at VSU but don’t be fooled; this lady’s resume is just as accomplished!

In New Jersey, interning in marketing for Church & Dwight (an Arm and Hammer company), Jasmine is set to run the show when she resumes her curriculum in August at VSU. Jasmine is active in the American Marketing Association, is a Gloucester Institute Leaders program member, and is a mentee in FARE’s HBCU Mentorship program!

Together, these three dynamos are representative of “Greater ATHLETE Happens Here” at Virginia State University!

Jasmine Pierce

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Spotlight: FARE Member Firm

FARE is a DEI&B strategic partner of Franklin Templeton (FT).

financial sales career: ‘You get what you focus on.’ Focus in this

We are thrilled to work with our intern, Kennedy Reid, who was

context starts with partnering with FARE. Focus is then intensified

recruited through FARE. We are also proud to feature FT FARE

by descending on HBCU campuses and engaging with students

mentors Rodney S. Jones and Quinton Alston-Spratt, who

between classes; having a professor agree to a classroom takeover

have been highly involved with introducing students to the industry

to share insights about the profession; delivering a financial literacy

through FARE programs.

seminar; then attending a career fair. This experience afforded me the opportunity to share with emerging professionals how their

Success Story: “I first learned about FT at a networking event hosted by FARE back in September of 2022. I was immediately drawn to the firm due to their culture and D&I practices. After the event ended, I knew where I wanted my summer internship to be. Fast forward a few months — I made this dream into a reality! This summer, I

talents and unique perspectives are needed in our industry. I’m even more excited about the outcome, because in the end, you get what you focus on.”

Rodney S. Jones Senior Investments Learning Consultant, Franklin Templeton Academy

have been working on diversity and inclusion- focused projects as

“Serving as a FARE Mentor was one of the highlights of my year. The

a Talent Acquisition Intern, and I have learned more than I could

program provided the opportunity to mentor some of the sharpest

have ever imagined in such a short duration of time. Everything

students I have ever met. The FARE Program set itself apart from

from organizational skills to little gems of information my team

other programs by focusing on two key areas. The program focused

members share with me have shaped my intern experience into

on professional development through mentorship, and personal

a real growth opportunity. My internship this summer at FT has

development through the financial literacy program. All while

allowed me to excel as I explore a potential career path.”

encouraging the establishment of lasting personal relationships

Kennedy Reid

with peers and mentors. I would like to thank Franklin Templeton

Intern, Franklin Templeton Summer Internship Program Junior, Howard University

for seeing the value in partnering with FARE and providing me the

Employee Engagement:

Quinton Alston-Spratt

“My experience from the FARE events at Howard University

opportunity to make a difference.”

Head of Advisor Practice Management, Franklin Templeton

reminded me of a lesson I learned in the early stages of my

Kennedy Reid 6

Rodney S. Jones

Quinton Alston-Sprat

Financial Alliance for Racial Equity

FARE HBCU Scholarship PROGRAM The Financial Alliance for Racial Equity (FARE) HBCU Scholarship aims to provide current HBCU students with the necessary funds to prep for and take the Securities Industry Essentials (SIE) exam. This scholarship will provide HBCU students with $2,000 each to help prepare them to sit for and take the SIE exam. If the recipient passes the SIE exam, there is a bonus of $1,000. The SIE is one of the first steps to take when starting a career in financial services.

STUDENT REQUIREMENTS » Must be a current HBCU student

» Must be at least 18 years of age

» Must maintain a GPA of 3.2 or higher and » Must be a U.S. Permanent Resident; or be in good academic standing; official transcript required

» Active on campus and in the community; demonstrated interest in financial services

U.S. Citizen or hold an active student visa

» Must exhibit professionalism and

the ability to enhance and maintain the profession’s public image, as demonstrated in an essay to be submitted during the application process

Subscribe for updates on the 2024 FARE Scholarship Opportunities >> thefare.org/scholarship << 7

FARE Mentorship Program Attends CAAFP In August 2023, the Financial Alliance for Racial Equity (FARE) facilitated a successful interaction between 10 HBCU student mentees and seven mentors from the financial services industry at the Conference of African American Financial Professionals sponsored by The American College of Financial Services. The FARE HBCU mentorship program is designed to provide comprehensive support to Black professionals across various stages of their careers — in early, middle and late stages. The program convenes quarterly, with one of the sessions taking place in-person at the CAAFP Conference.

If you attend a FARE member HBCU or know someone who does, reach out to info@theFARE.org to explore becoming a mentee or mentor. Seize the opportunity to learn more, and apply today.

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Spotlight: FARE Industry Partner

Employee Benefit Research Institute (EBRI) Student loan debt is commonly viewed as a path to bettering oneself, achieving upward mobility, and having a higher lifetime salary that comes with higher education. However, this differs dramatically along race and ethnicity lines, as well as gender and other factors.

Over the past several years, Employee Benefit Research Institute (EBRI) has engaged in a significant amount of research to identify the impact of student loan debt on the retirement and overall financial wellness of diverse workers. In addition to other disparities, EBRI uncovered generational gaps, where younger workers today face greater student loan debt burdens than previous generations. Specifically, in a 2021 intersectional analysis of generation and race/ ethnicity, EBRI found that student loan debt was

universally higher for Millennial families compared with Generation X families at the same ages.

Student loan debt can have an enormous impact on the wealth gap between minority workers and other workers. Importantly, employee benefit programs can play a critical role in reducing the financial stress from the compounding effect of rising higher-education costs and wealth disparities; yet, many workers are unaware or do not take advantage of them. In a 2021 survey, EBRI found that Black workers were less likely to be using student loan debt relief/repayment, tuition reimbursement, and financial coaching or planning programs offered by their employers as compared to White workers.

With narrowing prospects for expanding student loan debt forgiveness, it is integral for new college graduates to not only be aware of, but also take advantage of employee benefit programs that can help manage student loan debt stress.

— Stay informed with our weekly newsletter EBRInsights.

Black Millennial Families in 2019:

Median student loan debt was

99

= 5X

$34,000

the amount of student debt held

by Black Generation X in 2001

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Financial Alliance for Racial Equity

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Spotlight: FARE Industry Partner

Insured Retirement Institute Benchmarking Survey to Identify Future Opportunities: “ IRI fielded a survey in 2021 asking member companies to share employee demographic data, information about the demographic information companies collect, and details about the best practices used to foster DEI&B. Results revealed substantial progress in implementing employee retention tactics and opportunities for progress in talent acquisition and demographic data capture.”

Gender Tracking (n=25)

Median Gender Distribution

by Level (n=25)

24% 76% 52% 47%

68%

All

•Male/Female Only •Expanded

32%

VP+

71%

29%

Board

• Male •Female

Read More >>

Insured Retirement Institute (IRI) DEI&B Best Practices for Talent Acquisition: “ Our industry is working hard to ensure we source the best talent for our workforces wherever that talent may be found.

That’s why DEI&B has been and continues to be critical to hiring practices. Through conversations and interviews with HR and DEI&B leaders from member companies as well as secondary research, IRI has compiled a list of best practices that firms are using to incorporate DEI&B into the processes we use to hire early- and mid-career employees.

This publication is an excellent resource for teams desiring to benchmark their current playbooks or those who want to identify new ideas.” Read More >>

PHASE 1

STRUCTURE Goal Setting Partnerships Ownership

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PHASE 2

SOURCING TALENT Marketing Job descriptions Job postings Referrals Resume screening Pre-hire testing

PHASE 3

CANDIDATE EVALUATION MR screening Interview(s) Offer decision Background check Employment offer 11

CFP Diversity

® Certification

SCHOLARSHIP In 2022, the Financial Alliance for Racial Equity (FARE) partnered with the CFP Board Center for Financial Planning to offer a new scholarship aimed at transforming the financial services ecosystem to better serve diverse employees and communities. The Financial Alliance for Racial Equity CFP® Certification Diversity Scholarship is designed to advance the financial planning profession by growing the next generation of diverse CFP® professionals.

The scholarship provides financial assistance to qualified individuals pursuing CFP® certification who identify as Black or African American. It supports students attending certificateand undergraduate-level CFP Board Registered Programs.

Since its launch, the Financial Alliance for Racial Equity CFP® Certification Diversity Scholarship has awarded a total of $75,000 in scholarships to 14 recipients.

“I chose Financial Planning because representation matters,” says Sidra Johnson, a spring 2023 FARE scholarship recipient based in Fairfield, California, who is enrolled in Dalton’s CFP® Certification program at Howard University. “This career choice is my way of encouraging people of color to become financially literate and financially stable.”

Other scholarship awardees are completing their CFP® certification coursework at institutions that include Michigan State University, Boston University, the University of North Texas, the College for Financial Planning® — A Kaplan Company, and Winthrop University.

CFP Board is grateful for the ongoing support and engagement of FARE members and firms to develop this scholarship program. The Financial Alliance for Racial Equity CFP® Certification Diversity Scholarship will be open for applications again in spring 2024.

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Forward Thinking: A Quarterly Update from The Financial Alliance for Racial Equity (FARE)

FALL 2023 Financial Alliance for Racial Equity

thefare.org 13