CFP Board pushes for firms to improve diversity in financial planning profession

On Behalf of | Dec 6, 2022 | CFP Board

The Certified Financial Planner Board of Standards is calling on financial planning firms to improve their efforts to bring more diversity to the profession, according to a report by Financial Advisor.

The CFP Board’s CEO, Kevin Keller, addressed the topic following the organization’s Diversity Summit that was held October 27 in Washington, D.C. At the annual summit, the CFP Board Center for Financial Planning convenes firms, academic institutions, partner organizations and CFP® professionals to create a more diverse financial planning profession.

In an interview after the meeting, Keller said the firms should place a strong focus not only on increasing diversity, but also equity and inclusion. He said the equity phase involves providing support for team members through mentoring and other means of development, while inclusion would involve giving women and minorities more power and responsibility within their firms. These measures will increase opportunities to have a more diverse workforce, Keller said.

The report also included the comments of Kamila Elliot, founder and CEO of Atlanta-based Collective Wealth Partners, a majority women- and Black-owned wealth management firm. Elliot, the CFP Board’s first Black female chairperson, said the firms should approach diversity, equity and inclusion goals with the same emphasis as they place on other business goals.

She cited the need for transparency among financial planning firms in demonstrating how their recruitment, hiring and promotion practices are meeting benchmarks for improving diversity.

Financial professionals with the Certified Financial Planner (CFP) designation are required to uphold the high standards outlined in the CFP Board’s Code of Ethics and Standards of Conduct. If you receive a Notice of Investigation from the CFP Board’s Enforcement Counsel, you should immediately hire experienced counsel to guide you through the process. Lewitas Hyman PC represents advisors, brokers and other financial professionals in all matters involving the CFP Board, including CFP Board investigations. For more information relating to CFP Board investigations and discipline or other matters, contact Lewitas Hyman at (844) 651-2643 or through our online contact form for a free consultation.

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