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• Kristi Rodriguez , Nationwide
• Aiyisha Adams , Osaic
• Shani Armon , Insured Retirement Institute (IRI)
• Rhonda Burns , Nationwide
• Regina Curry, Franklin Templeton
• Donald Ellenberger , Federated Hermes
• Clarence Knox , ASK Solutions
• Shareen Luze , RBC Wealth Management
• Kizmet Moore , NFP, An AON Company
Nicole Ridley Head of Operations at The Financial Alliance for Racial Equity (FARE)
Since taking on my position as head of operations with The Financial Alliance for Racial Equity (FARE), I have been so excited about the prospects for the employment of HBCU graduates in financial services. The events and initiatives organized by FARE and its partners have reached hundreds of young people who are considering their career choices, and many are showing interest in financial services. Among HBCU students surveyed recently by FARE, about 60% have shown an interest in financial services careers. However, about 90% of them think it would be challenging to start their careers in finance.
It's not hard to see why the students are so unsure. I had the same concerns when I didn’t see people who looked like me when I searched for opportunities in financial services. My experience at Nationwide introduced me to an incredible group of Black women who helped me build a supportive network and inspires me in my mission at FARE.
There is an increased focus on racial equity in finance and closing the racial wealth gap. As the economic impact of the Black community grows, expected to be in the trillions of dollars by 2050 , the work we do has never been more important. That level of financial growth warrants a significant increase in the number of Black and Brown Certified Financial Planners, who currently fill less than 3% of the positions.
Despite recent challenges to diversity, equity and inclusion departments and programs, business leaders recognize the value of diversity, and so do we. Studies have shown that companies embracing DE&I outperform companies that do not. We have been fortunate to work with our partners to encourage companies to open opportunities to more HBCU graduates. Now is not the time to waver on diversity initiatives and we are motivated to do more to increase inclusiveness, belonging and community.
Diversity in the financial services industry isn't just a moral or social imperative; it's a critical business necessity. Inclusive practices not only drive superior business performance by fostering innovation but also ensure that the industry remains responsive to the needs of the ever-changing global market. Through the collaborative efforts of our FARE Firm Members, Industry Partners, and community, we are committed to building a pipeline of talented and diverse professionals ready to transform the industry.
In September, we will celebrate our 4th anniversary when we host our third annual in-person HBCU Live event at Howard University. This year’s theme is “The Future of Finance: Creating Black Wealth.” FARE is focused on the future and making a difference in the lives of a new generation. Our dedication to increasing racial diversity, equity and inclusion in the financial services industry is steadfast and on point.
Aiyisha Adams Vice President of Advisor Engagement, Osaic
Just about anyone who has achieved success in their career will admit they didn’t make it on their own. They had help along the way, and often it was a relationship with a mentor. Sharing knowledge and experience has been a practice since ancient times, and more recently has been embraced to help achieve workplace equity.
Last year, FARE launched its HBCU Mentorship Program to support Black students and young professionals with career growth and professional development opportunities. One of the first beneficiaries of the program was NaKyla Comer, a recent Business Economics graduate from Winston-Salem State University and recipient of a FARE’s HBCU Scholarship. Through her scholarship, NaKayla gained access to the advice and counsel of FARE Board Member Aiyisha Adams, vice president of Advisor Engagement at Osaic. With more than 18 years of experience in the financial services industry, Aiyisha is helping NaKyla prepare for the Securities Industry Essentials (SIE) exam and a head start to a successful career.
Mentor-mentee relationships are very important to developing and achieving aspirational career goals. There are many different mentor relationships that range from formal to informal. Formal mentoring programs are considered more values-oriented, while social mentoring and others focus on career development. There are program goals, schedules, training for both mentors and protégés, and often evaluation. Some mentors are available for face-to-face meetings, but most often involve remote contact through telephone, email and online. This allows access to a wider variety and higher level of mentor contacts.
NaKyla A. Comer Nationwide Financial Analyst, Solutions Center, Financial Services
Mentors are an important element in building a professional network that can be lifelong. Besides the professional connection, there can be social aspects. For example, NaKyla and Aiyisha both share a common bond through their affiliation with Alpha Kappa Alpha Sorority, Inc. This creates another level of partnership that can contribute to mutual success.
In her announcement as a FARE board member, Aiyisha said ,
“ I am committed to ensuring that our financial professionals mirror the diverse communities they serve. This alignment fosters trust and comfort, enabling individuals to see themselves in their financial professionals.”
Aiyisha Adams Vice President of Advisor Engagement Osaic
Major: Business Economics
Minor: Finance
Current Post Graduate Position: Nationwide Financial Analyst, Solutions Center - Financial Services
“ FARE has profoundly impacted my career journey, providing both mentorship and opportunities within the financial services industry.”
Major: B.A. in Criminology and B.A. in Spanish Minor: Political Science
Received the honors distinction of Summa Cum Laude, and earned the Highest Department GPA for World Languages/Cultures.
Current Post Graduate Position: Chapter Leadership Consultant for CHAARG (a women’s health and wellness organization)
“ From the guidance of wonderful mentors to the access to professional spaces, FARE has shown me the limitless possibilities of having financial freedom as a young Black woman.”
Major: B.B.A in Finance Cum Laude
Current Post Graduate Position: Starwood Capital Group: Real Estate Analyst
“ FARE has shaped my career pathway, empowering me to build a deeper understanding of the finance an d investments industry.”
New FARE Member: Goldman Sachs Asset Management joined FARE as a new Firm Member. As a world-leading investment manager, Goldman Sachs Asset Management brings deep expertise and a dedication to positive change, aligning perfectly with our mission to draw talent from diverse backgrounds.
New FARE Member: The American Council of Life Insurers (ACLI) joined FARE as a new Industry Partner. ACLI advocates on behalf of companies whose products and services help 90 million American families achieve financial security.
New Staff Member: Morgan Williams joined the FARE team as our newest Program Manager. With eight years of experience in consulting, higher education, and non-profit sectors, Morgan's commitment to fostering diversity, equity, and inclusion is exemplary.
New Board Member: Rhonda Burns, Associate Vice President of Diversity, Equity, and Inclusion at Nationwide
New Board Member: Donald Ellenberger, Senior Vice President, Head of Multi-Sector Strategies at Federated Hermes.
Erin Vance Melendez was promoted to Assistant Vice President, Diversity & Inclusion at NFP, an Aon Company
Kizmet Moore was promoted to Assistant Vice President, Diversity Equity Inclusion at NFP, An Aon Company
Embracing Authenticity: Reclaiming the Code Switch
June 27, 2024
In our most recent webinar, participants learned from our FARE Partners, who had successfully embraced their true authentic selves in their careers and reclaimed their code switch. Our panelists, including corporate executives and entrepreneurs, shared personal stories and insights on creating safe environments and fostering positive corporate cultures.
New Board Member: Kizmet Moore, Assistant Vice President of Diversity, Equity, and Inclusion at NFP, An AON Company.
New Board Member: Aiyisha Adams, Vice President of Advisor Engagement at Osaic.
Beyond Numbers: Crafting Your Path in Financial Services
March 26, 2024
Our FARE industry leaders shared their inspiring success stories and offered invaluable insights on crucial development skills, pivot strategies, and the significance of cultural fit in the financial services sector.
The Power of Representation
Nicole Ridley
Head of Operations, FARE
Three Tips to Help Black Investors Feel More Confident
Paula Cole
Vice President, Head of Pension Risk Transfer, Nationwide Financial
Celebrating Black History In February And Beyond
Shareen Luze
Head of Culture and Field Experience, RBC Wealth Management
Paving The Way For Inclusivity In Financial Services
Aiyisha Adams
Vice President of Advisor Engagement, Osaic
FARE is a finalist for the Wealth Management Industry Awards
FARE was named a finalist in the WealthManagement.com 2024 Industry Award (the “Wealthies”) in the Diversity, Equity, and Inclusion category for its HBCU Student Conference. The awards program honors outstanding achievements by companies, organizations, and individuals that support financial advisor success.
The First, but not the Last Erika Goodwin
Director, Advocacy Engagement, American Retirement Association (ARA)
Nationwide, the founding member of FARE, was recently recognized by John Carter, President & CEO of Nationwide Financial at Nationwide. Nationwide’s recently released Corporate Sustainability
Bridging the wealth gap: The power of financial education
Kizmet Moore
Assistant Vice President, Diversity Equity Inclusion, NFP, An AON Company
Congratulations to FARE Board Member Shani Armon , Chief Membership and Marketing Officer of the Insured Retirement Institute (IRI), for receiving the prestigious IRI Chairman Award! Shani's commitment to advancing racial equality in finance shines through her remarkable leadership.
We are proud to announce that the Defined Contribution Institutional Investment Association (DCIIA) , a FARE Industry Partner, has been honored as a PLANADVISER 2024 Vision Award Winner. This award recognizes DCIIA's leadership in enhancing retirement security for U.S. workers and retirees.
FARE sponsored the Columbus HBCU Classic Nicole Ridley , FARE’s Head of Operations, delivered an inspiring message to attendees, emphasizing the importance of financial education and career paths in the financial services industry.
FARE recently attended the Insured Retirement Institute (IRI)'s 2024 Annual Conference . This three-day conference explored the latest insured retirement industry developments and insights through sessions on technology, compliance, and marketing, all led by top leaders in the field.
Kristi Rodriguez , FARE Board President and Senior Vice President of the Nationwide Retirement Institute at Nationwide Financial, was a featured panelist at Franklin Templeton's Diversity Equity and Inclusion Conference . Kristi leads teams advocating for financial empowerment, serves as a community advocate, and founded FARE.
FARE Members took center stage at the Financial Advisor Magazine’s Invest In Women Conference to address the critical topic of Diversity, Equity, Inclusion, and Belonging (DEIB) within the wealth management industry. Moderated by Suzanne Siracuse , the panel featured influential speakers, such as FARE Member Shevawn Adams of RBC Wealth Management, who shared their success stories, best practices, mentorship programs, and insights on navigating the industry-wide impact and potential backlash.
Shevawn Adams , Senior Manager Field Diversity Enablement at RBC Wealth Management, participated in a panel titled “Addressing Diversity: Opportunities and Challenges Within the Wealth Management Industry.” She stressed the importance of inclusive hiring practices and initiatives, such as RBC's pilot program to source interns from historically Black colleges and universities.
Cynthia Hoes , Nationwide Financial’s Associate Vice President, presented at the annual convention for The Bank Insurance and Securities Association (BISA), a leading financial services industry. Her interactive workshop, “Transform Your Culture Through Authentic and Purpose-Driven Employee Communities,” highlighted FARE’s transformational work in the Diversity, Equity, Inclusion, and Belonging (DEIB) space.
Ridley, FARE's Head of Operations, attended the Wealth Management EDGE, where she participated in a thoughtprovoking session called Think Tank. During this session, industry leaders and professionals came together to openly discuss the opportunities and challenges they face in attracting and retaining individuals from underrepresented groups in our industry.
Ridley also attended the DCIIA/SPARK Public Policy Forum in Washington, DC, where she connected with subject matter experts on ways to improve the retirement security of America’s workers through the retirement savings system.
In an era where inclusivity forms the bedrock of societal progress, the Nationwide Retirement Institute (NRI) stands out as a beacon of innovation and commitment. Through its Diverse Market Program, NRI is not merely participating in the dialogue about financial inclusivity; it is actively shaping the future of financial services. This program, dedicated to the financial and retirement preparedness of diverse and underserved communities—including Black, Hispanic, Rural, LGBTQ, Asian, and special needs Americans—exemplifies a comprehensive approach to understanding and addressing unique financial needs.
“At the core of the Diverse Market Program is an ambitious research agenda, meticulously designed to unravel the complex financial needs of diverse populations. In an innovative move to enhance representativeness in its data, NRI has strategically oversampled its annual Social Security and Healthcare surveys to gain better insights into diverse consumers. In 2023, this approach included additional participation from Black and Hispanic consumers, thereby ensuring that the insights gathered are reflective of the true diversity of the American population.
Beyond the annual Social Security and Healthcare surveys, NRI conducts groundbreaking qualitative and quantitative research on these underserved populations. Notably, NRI has conducted primary research tailored for Black and Rural communities, reflecting a commitment to address the diverse spectrums within underserved demographics. The most recent research focuses on special needs communities. This pursuit of knowledge began in 2023 with qualitative investigations taking place in collaboration with The American College of Financial Services, aiming to develop a tailored understanding of their specific needs. This research is being rounded out in 2024, with quantitative research which will dive deeper into the insightful findings from the qualitative survey.
Looking ahead to 2025, we will be extending our research efforts to include Asian consumers, further broadening the inclusivity of the program. This rigorous approach to research not only bolsters the
program’s credibility but also guarantees that the solutions devised are rooted firmly in empirical evidence, catering specifically to the identified needs of each community.
The essence of NRI's approach is to translate research findings into actionable knowledge. Through ongoing educational initiatives, NRI aims to educate financial professionals through key insights and tactical business solutions that empower them to serve their clients effectively. Highlights include the creation of Continuing Education (CE) presentations tailored to the needs of Black, Hispanic, Women, LGBTQ, and Rural populations, and innovative annuity concepts designed for Black and LGBTQ consumers. These initiatives are part of a broader strategy that aims at enhancing the skills and knowledge of financial professionals to effectively serve an increasingly diverse clientele.
NRI’s commitment extends beyond research and education. The program strategically leverages the expertise of Nationwide Financials’ diverse leaders through its ambassador initiative, enhancing thought leadership within the financial industry. Furthermore, prestigious collaborations, such as with the National Council on Aging and The American College of Financial Services to amplify the program’s reach and impact, addressing the comprehensive needs of underserved communities.
Nationwide Retirement Institute’s Diverse Market Program exemplifies a proactive and impactful approach to financial inclusivity. By continuously expanding its research, refining educational tools, and fostering strategic partnerships, NRI is not just responding to the call for diversity—it is setting the standard. As we look forward, the continued evolution of this program promises to further empower financial professionals and, importantly, the diverse communities they serve. This ongoing commitment to equity and understanding is not just commendable; it is essential for the future of financial services.
CFERS is a Joint Initiative from Aspen Institute Financial Security Program, Defined Contribution Institutional Investment Association (DCIIA), and Morningstar Retirement
The Collaborative for Equitable Retirement Savings (CFERS) was launched in 2023 to examine the dynamics of DC retirement savings and identify disparities in outcomes based on race and gender. The analysis of anonymized plan data, coupled with qualitative, peoplecentered research, provides insights into specific actions toward racial equity within the DC system.
In reports released in March and May 2024, CFERS presents some initial findings, focusing on identifying existing race and gender disparities in retirement account balances and their causes. The inaugural report examined anonymized 2022 data from nine 401(k) plan sponsors across approximately 180,000 active plan participants and found that, even after controlling for salary and tenure, significant race and gender disparities remain in account balances. The report attributes those differences to variations in contribution, loan, and preretirement withdrawal behavior.
Additional initial findings include:
• Black and Hispanic females contribute lower percentages of their salaries than their counterparts after controlling for age, salary, tenure, and plan design variables.
• Black and Hispanic workers withdraw a larger portion of their account balances before retirement and take these preretirement withdrawals more frequently than their white counterparts. These differences grow more extreme the closer people get to retirement.
• Black participants have a higher probability of having an outstanding loan than their white counterparts. At ages 55-59, both Black men and Black women have a 49% probability of having a loan outstanding.
The report’s simulation results indicate that eliminating preretirement withdrawals would substantially mitigate race and gender disparities, particularly for early- and mid-career 401(k) participants.
Inaugural report - How Large are Racial and Gender Disparities in 401(k) Account Balances and What is Causing Them: Initial Findings from the Collaborative for Equitable Retirement Savings
Inaugural report summary - Same Income, Same 401(k), Different Account Balance: The Critical Role of Retirement Plan Design in Addressing Racial and Gender Retirement Savings Gaps
In 2027, the Saver’s Match provisioned by Secure 2.0 will allow for millions of retirement savers in the U.S. to qualify for a match of up to $1,000 per individual from the federal government, depending on income. Based on analysis done with CFERS research with a set of behavioral assumptions, the Saver’s Match will have the potential to increase the retirement savings of a significant portion of the population, especially Black females. The Saver’s Match has the potential to help mitigate disparities in 401(k) savings for different groups based on race and gender. Learn more in CFERS’ newwest report: How Effective Might the Saver’s Match Be in Mitigating Race/ Gender Disparities in 401(k) Plans: Evidence From the Collaborative for Equitable Retirement Savings Project
For more information on The Collaborative for Equitable Retirement Savings (CFERS), click here. If you have any questions, or if you are an employer who would like to learn more about participating in the CFERS project by sharing anonymized data, please contact info@dciia.org
Complex Assistant Manager
RBC Wealth Management
Adonika Watkins is a Complex Assistant Manager at RBC Wealth Management, a company she’s been with for 18 years. With abackground in education, Adonika pivoted to afulfilling career in finance that allows her to use her many skills and expertise. Adonika started out as a Client Associate, earned her licenses and eventually became a Complex AssistantManager. Her job gives her the opportunity to learn about sophisticated financial products and interact with high-net-worth clients. She leans on her teaching background and people skills as she works with her staff and clients. “Any opportunity that I have to make a connection with someone is important to me.” Adonika says RBC Wealth Management is a large firm, “but it’s one that feels very familiar. We know each other and we know our clients. As a result of that, we trust one another. Our CEO and managers are all approachable; they’re visible. We constantly get emails from our CEO and leaders informing us of new initiatives, encouraging and supporting diversity and inclusion within our company.”
Any opportunity that I have to make a connection with someone is important to me. RBC Wealth Management is a large firm, but it’s one that feels very familiar. We know each other and we know our clients. As a result of that, we trust one another.
