Episode Summary

Peggy Chait, compliance consultant, chats with Bruce and Jeff about Finra's effort to increase the diversity of the financial services industry. They discuss the details of Form U4, disclosures, and the role of Finra versus an employer. Teri Shepard from Carson Group talks about their new research on women in the RIA space. Jeff searches for concrete answers to the question: Why aren't there more women RIAs?

Episode Notes

Interview with Peggy Chait — 0:30 - 28:15

• What goes into the U4 form.
• The degree of disclosure on the U4.
• How that degree of disclosure interferes with diversity efforts.
• How much disclosure should potential employers or clients have access to?
• The role of Finra vs. the role of the employer.

Interview with Teri Shepherd — 28:25 - 52:15

• Carson Group's research on the low number of women RIAs.
• The sales culture hurdle.
• The gateways into the industry.
• Teaming up as a way to solve these challenges.
• Positive reinforcement of the progress so far.
• The Bain investment in Carson Group.

Related Article: Finra should review Form U4 to help industry diversity: Robinhood

Related Article: Carson Group valued at $1 billion in latest deal

Guest Bios:

Peggy Chait works for Integrated Solutions

Teri Shepherd: As President at Carson Group, Teri focuses on strategic planning and development, financial forecasting and analysis as well as continuous improvements to optimize the client experience. Teri leads the operations, technology, compliance and legal teams that oversee more than 110 adviser firm locations.

Teri was the first woman executive to join the Carson Group team. Prior to this, the company she was with comprised only 2% female advisers, and she made it her personal mission to increase that number at Carson Wealth. When Teri joined nearly five years ago, the number of female advisors stood at zero — it has since increased to 40%.