INDUSTRY GROUPS GRAPPLE WITH DIVERSITY DEFICIT INFRONT their consumers. That’s moved away now to just a paperless society where we look at what a statistical touchpoint tells us.”
Push To Diversify
Minorities have long been underrepresented in the financial services industry, and 2020 seems to be the year that industry groups are making a push toward attaining more diversity. The goals are twofold: to attract and retain more Black professionals, and to serve a community that needs help in building wealth.
“If your community is not represented, it will be ignored.” Andrew Mais, Connecticut Insurance Commissioner In August, The American College launched “Four Steps Forward,” a program aimed at helping the Black community attain upward mobility and wealth building. The program’s four goals are: 1. Assist 1 million Black women in completing a financial literacy and well-being program by 2025. 2. Work with other organizations and professionals to create lasting change in how Black communities view and create wealth. Establish a platform that includes financial and investment tools in partnership with individuals who understand policy impact. 3. Build a pipeline of Black leadership in the industry by identifying next-generation Black leaders at financial services firms and develop their leadership, interpersonal and relationship skills. Give them access to pathways that can guide them from middle management into positions of corporate power and influence. 4. Recruit more Blacks into financial services, develop a study-group blueprint
that equips Black professionals with the knowledge to get these groups off the ground, and rally financial services firms and trade organizations to identify top advisors to serve as mentors and coaches for these professional study groups. The College is not the only industry organization examining the issue of diversity. Because of COVID-19 restrictions, The National Association of Insurance and Financial Advisors was unable to hold its annual Congressional Conference in person this year. Instead, NAIFA turned the session into an online event called “Impact Week.” One day of that week was devoted to a Diversity Symposium, in which industry leaders discussed their experiences and challenges relating to being a minority in a mostly white and male industry. In addition, NAIFA in August released a position paper, “Diversity And Inclusion: Serving The AfricanAmerican Community.” The paper reported that although about 13% of the U.S. population is Black, only about 5% of the advisor population is. Education is usually a first step in understanding how to recruit and retain minority agents and advisors, as well as how to teach all agents to successfully sell to diverse markets, the NAIFA report said. The National African American Insurance Association conducted a series of online discussions over the summer, covering such topics as “The Legacy And Future Of The Black Agent” and “Racial Bias: Check Yourself Before You Wreck Yourself.” InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at john.hilton@innfeedback.com. Follow him on Twitter @INNJohnH. Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents’ association and was an award-winning newspaper reporter and editor. Contact her at susan.rupe@ innfeedback.com. Follow her on Twitter @INNsusan.
How To Be An Ally EXAMINE YOUR OWN BIASES: Before I could become an empathetic change agent, I needed to examine my own heart. SEEK OUT MARGINALIZED VOICES AND PERSPECTIVES: How many marginalized people do you follow on Twitter or Instagram? How many minority authors do you read? To grow my capacity as an advocate and ally, I had to deepen my understanding of the plights of minorities. BECOME INTOLERANT OF INTOLERANCE: Next, plant the flag that racism, discrimination and intolerance won’t be tolerated anymore. Make this declaration in your heart and decide to engage in your spheres of influence when you have the opportunity to do so. Speak up and speak out. MAKE INCLUSION PART OF YOUR DAILY LIFE: If you are in any position of authority, be it at work or for an organization or club, you have an opportunity to be more inclusive of people from other backgrounds and communities. But a mistake that’s easy to make is thinking that simply not discriminating is enough. CONNECT WITH AND SUPPORT MARGINALIZED MOVEMENTS: If you come from a place of privilege, use that privilege to help minority groups. Attend a Pride march. Join a minority chamber of commerce. Go to a Black church. Find the right outlets within your community and connect! When people ask what you’re doing there, say, “I’m here to support you.” Then ask them how you can do that. Become an engaged ally who's willing to learn from minority leaders what makes an actual difference, because it might not be what you think. — Brian Haney, The Haney Group, Silver Spring, Md. From NAIFA report “Diversity And Inclusion: Serving The AfricanAmerican Community”
October 2020 » InsuranceNewsNet Magazine
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