Panel Discussion – Using DEI Principles to Enhance Your Client Service and Grow Your Practice-NAPFA DEI Guide

NAPFA DEI Guide

Pdf Summary

The "Diversity, Equity, and Inclusion (DEI) Guide" by the National Association of Personal Financial Advisors (NAPFA) outlines strategies for integrating DEI into workplace settings, focusing on culture, hiring practices, people, and inclusion. It serves as a resource with a glossary of terms and practical tips, and includes a workbook to aid in the development of a DEI strategy.<br /><br />Emphasizing the importance of diversity training, the document references historic legislation like Title VII of the Civil Rights Act (1964), and subsequent laws addressing discrimination. The guide notes the positive business outcomes associated with diversity, including compliance benefits and improved business performance.<br /><br />The document provides context on NAPFA's initiatives since May 2017, highlighting the efforts of the DEI Steering Committee, which includes creating a welcoming environment, encouraging resource sharing, and fostering community discussion. NAPFA has established a virtual community and participated in research on diversity and inclusion within associations.<br /><br />Key topics covered include:<br />1. **Culture**: Conduct cultural assessments and develop DEI statements, appoint DEI champions, educate management, adjust employee benefits, and host listening circles.<br />2. **Hiring Practices**: Evaluate team diversity, use search firms for diversity, promote DEI in job descriptions, and engage with diverse interns and community groups.<br />3. **People**: Encourage individual advocacy, utilize implicit bias assessments, and continue personal education and growth.<br />4. **Inclusion**: Create task forces, use tools like Alex for checking language sensitivity, support families, review marketing for inclusivity, and ensure respectful communication practices.<br /><br />The guide also encourages firms to tailor DEI approaches to their unique contexts, emphasizing the need for continuous learning, adaptation, and application of DEI principles to develop equitable and inclusive workplace environments.

Keywords

Diversity

Equity

Inclusion

DEI strategy

Workplace culture

Hiring practices

NAPFA

Civil Rights Act

Business performance

Implicit bias