What’s so funny about diversity, equity & inclusion?

What’s so funny about diversity, equity & inclusion?
InvestmentNews will continue to promote what we perceive to be in the best interests of the advisory industry now and for generations to come: a diverse, equitable, inclusive, and exuberant makeup.
APR 17, 2023

This marks the sixth year InvestmentNews has recognized Excellence in Diversity, Equity & Inclusion. We’re proud to spotlight individuals and firms in the financial services industry who advance opportunities for underrepresented groups.

It seems to be working: Data show that more women and people of color have joined the advisory industry than when we started tracking this in 2018. Nearly a third of newly certified financial planners were women in 2022, and the number of Black CFPs grew 8.8%, according to the CFP Board of Standards Inc.

One would think DEI would be welcomed universally. But there are those who prefer to use DEI as a scapegoat for the woes of companies that failed to conduct their business in a sober and sensible way.

I was surprised when the downfall of Silicon Valley Bank was attributed by some to its C-suite being preoccupied with DEI, not to poor risk management. But a lie will travel around the world before the truth can get its boots on, as Mark Twain said, and plenty of people will parrot the false accusation that DEI caused SVB’s collapse.

Whether it’s DEI or ESG (environmental, social and governance), two related areas that challenge the status quo, there’s an odd resistance to expanding what a company can achieve and how it can achieve it when it comes not only to a company’s profitability but its sustainability — another buzzword for those resistant to change.

We say we believe in the American Dream, but so long as there’s a willful ignorance of the real barriers, it isn’t truly available to everyone. As George Carlin said in the late 20th century, it’s called the American Dream because you have to be asleep to believe it. I hope that’s not true.

In the 21st century, Gen Z is vocal about diversity, equity, inclusion, sustainability and democracy — I should know, I’m raising two of them. But plenty of millennials, Gen Xers and baby boomers also support workplaces and portfolios that better reflect the American mélange.

InvestmentNews will continue to promote what we perceive to be in the best interests of the advisory industry now and for generations to come: a diverse, equitable, inclusive, and exuberant makeup.

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