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How financial planning firms can embed equality, diversity, and inclusion in their business.

Journalist: Marc Shoffman, Freelance

ended 22. August 2022

I am writing a piece for the Personal Finance Society magazine looking at how financial planning firms can embed equality, diversity, and inclusion in their business.


I am keen for advice firms, regulatory experts and consultants to comment and provide examples on the below..

What are the FCA’s requirements for financial advice firms on equality, diversity and inclusion?

How can you become more diverse and inclusive when you are a smaller advisory business?

Many thanks,

Marc

4 responses from the Newspage community

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Editor
Aaron Strutt
Product and Communications Director at Trinity Financial
We work with a wide range of people from first-time buyers, to homemovers and next-time buyers. They live all over the United Kingdom and have varying financial situations. We want to give advice to a range of borrowers and ensure they secure the best possible mortgages. We do this by having a diverse workforce, using targeted marketing plus a range of business introducers like estate agents and accountants.
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Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
The FCA have a legal and ethical responsibility to have a diversity and inclusion policy, especially in an industry that is so old, white and male. However, real change doesn't happen from the regular downwards to happens in the other direction. Financial adviser firms are business that want to be successful, and businesses that are the most successful reflect society. Those that don't recognise this will fail. We are a small IFA practice in the South West of England but, unlike most of our size which are nearly all white, straight and male, we have female advisers and support staff, advisers from ethnic minorities and gay advisers. We haven't sort to fill a quote or recruit from a particular demographic. Far from it, we have tried to put all bias aside in our recruitment process and understand that our clients want to be advised by people like them. Our approach has been successful and, unlike some firms of our size, we have grown every year for the last seven year and predict we will continue to do so. Whatever your background or personal circumstances, if you're a good adviser we are excited to hear from you!
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Rhys Schofield
Brand Director at Peak Mortgages and Protection
No matter what size firm you are you can't go far wrong if you genuinely recruit based on talent and aptitude rather than how smart someones suit looks. Guess what, having the best people in jobs regardless of background does wonders for your business results too and actually being genuine about it leads to diverse work force because people want to work with you. It's no good going through the motions and having some grand strategy with plenty of buzz words to tick a box when it comes to diversity as a big business when there are small firms like us just getting on with it. Smaller firms definitely seem to buck the trend in an industry still dominated by men in grey suits.
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Paul Neal
Mortgages & Equity Release Advisor at First Choice Financial Services
Being an “ethnic minority” this subject always gets a little under my skin. Coming from an emergency services background where equality and diversity is huge and it feels more emphasis is on ensuring your are the right minority group or sexual orientation over your ability is frustrating. We look at are you the best fit for the role irrelevance of your background, surely that should be how it’s done. I think we can all appreciate having a business that reflects your community but should that be based on ability, sexuality or ethnicity