A 2018-2020 study conducted by the Nationwide Retirement Institute asked African American advisers to identify their chief obstacles to success. Their answers were sobering: discrimination from consumers, inability to create a natural market, and a lack of mentors.
The findings inspired Kristi Rodriguez, senior vice president of the Institute, to address these challenges. Taking a systemic approach, she spearheaded the creation in 2020 of the Financial Alliance for Racial Equity, a coalition comprised of nine leading financial services groups, six historically Black colleges and universities and four strategic partners, including the American College and the CFP Board. FARE’s mission is to create awareness around financial service career opportunities to attract and retain diverse talent.
Some of FARE’s initiatives included:
- Holding a student-focused event in partnership with national student network HBCUConnect that reached 300 HBCU students and alumni. Programming included educational panels, networking, and recruitment sessions for current internships and full-time job openings from FARE member companies.
- Producing three-minute videos for HBCUs, highlighting different roles and pathways into the financial industry
- Raising $120,000 from all the FARE firms in partnership with the CFP Board to help Black financial professionals prepare for their CFP certification
“When we get more financial professionals in the industry, it will help us build trust to reach markets that have not been traditionally engaged,” Rodriguez said.
Contact Kristi Rodriguez, senior vice president, at RODRIK7@nationwide.com to learn more about its diversity, equity and inclusion initiatives.