Schwab launches program to boost diversity in RIA industry

Initiative will help educate advisers about recruiting women, young people and minorities.
NOV 06, 2014
One of the big messages at this week's Schwab Impact conference is helping advisers change the culture and face of the registered investment adviser industry. As part of this effort, Schwab is launching “RIA Take Advantage,” a multi-faceted initiative to help advisers and industry leaders develop tactics to diversify their workforces. The initiative will include an online community of advisory firms that will educate advisers on how to be more inclusive in recruiting practices. “As the face of the investor changes, we believe greater diversity will be critical in driving RIA growth and sustaining success for the long term,” said Neesha Hathi, senior vice president, who co-leads the diversity effort at Schwab. The program will focus on three aspects of adviser talent and investor segments: generation “now' (investors between the ages of 30-45), ethnic diversity and women. The underrepresentation of women in leadership roles and client-facing positions continues to be industrywide issue and Ms. Hathi said gender imbalance in senior adviser positions has hampered firms from expanding their female client base. “If you don't have women in leadership roles, you aren't going to evolve your culture and be attractive to women investors,” Ms. Hathi said. In 2012, Schwab launched a Women's Advisory Council to examine steps that firms could take to increase the presence of women in executive positions. “We are now adding emphasis and additional structure to our effort to help advisers better understand the business opportunity and to cultivate female employees for leadership and ownership roles,” said Mary Rosai, senior vice president and head of marketing for Schwab Advisor Services.

Latest News

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

'We are monitoring the situation,' SEC says of private funds
'We are monitoring the situation,' SEC says of private funds

New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline