March 2021 Issue: How Financial Planners can Pursue Racial Equity-How Financial Planners can Pursue Racial Equity by Linda Leitz

How Financial Planners can Pursue Racial Equity by Linda Leitz

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The article explores how financial planners can contribute to pursuing racial equity in the United States. It begins by discussing the historical roots of racial inequity and the challenges faced by Black individuals in accumulating wealth due to slavery, Jim Crow laws, and mass incarceration. The author emphasizes the importance of understanding the racial wealth gap and debunking common myths about its causes, such as homeownership and education. <br /><br />The article then highlights the need for financial planners to take action to support racial equity. It emphasizes the lack of diversity within the financial planning profession and the importance of improving representation to better serve diverse populations. The author suggests that firms should create a welcoming environment for people of color and listen to the insights of Black coworkers and clients. Recommendations include joining organizations that support Black advisors and offering leadership opportunities to Black employees. <br /><br />The article concludes by urging financial planners to be part of the solution to systemic racism and to actively contribute to promoting racial equity in their firms and communities. It emphasizes the importance of diversity and inclusion at all levels and the need to create an environment where everyone feels respected and valued.

Keywords

financial planners

racial equity

United States

racial wealth gap

diversity

representation

systemic racism

diverse populations

Black advisors

leadership opportunities