Diversity and inclusion took on greater importance at RBC Wealth Management – U.S. five years ago when a new leadership team decided to better recruit and retain diverse employees and better support diverse communities. The firm concentrated on two areas: increasing the number of women financial advisers and increasing racial and ethnic diversity. “We realize that building a diverse business that fosters inclusion takes a lot of hard work, which is why we’ve invested more time, money and spirit into drawing more diverse talent to our industry as well as ensuring they can be their best, authentic selves at work,” said CEO Michael Armstrong. “Our investments are starting to pay off and we are moving the needle in a measurable and sustainable way, putting RBC Wealth Management in a leadership position in the industry.”
Toward its first goal, the firm created a video series featuring female advisers that contributed to a record hiring of female financial advisers and a 60% increase in female branch directors. More women also applied to the firm’s associate financial adviser program, which was revamped to attract those who had taken nontraditional career paths. Nearly 38% of the new program’s first group were women; they are now second-year financial advisers. Of the second group, now first-year advisers, 31.3% were women. To attract more diverse candidates, RBC employed a dedicated diversity recruiter to visit college campuses and organizations including Minnesota Vocational Rehab Services. The firm increased its presence at diversity recruiting events, worked more closely with internal employee resource groups to encourage referrals, and launched a program — Campus Ambassadors — employing 11 former RBC interns as liaisons on seven midwestern campuses to introduce RBC and financial services to diverse students and student organizations.
Contact: Nicole Garrison, director of communications, at nicole.garrison@rbc.com.
— Evan Cooper