SIFMA - Securities Industry and Financial Markets Association Inc.

08/26/2024 | News release | Distributed by Public on 08/26/2024 03:07

The Diversity & Inclusion Leadership Series

At SIFMA's 2024 Diversity & Inclusion Leadership Summit, senior business executives gathered from every facet of the capital markets to broadly understand how diversity and inclusion shapes today's workforce and plays an imperative role in how we serve our clients.

The Diversity & Inclusion Leadership Series is a video series that provides a platform for senior business leaders in the industry to bring greater attention to D&I efforts and the progress made, to discuss D&I initiatives at SIFMA member firms, and explore the shifting workforce and needs of employees and clients.

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Explore the Episodes:

Troy Duffie, Director, Financial Markets, Milken Institute

As part of the D&I Leadership series, Troy Duffie discusses the role firm leadership plays in D&I and the potential obstacles in sustaining an inclusion strategy.

"We define diversity as encompassing employees with various backgrounds, experiences, and traits. Equity is pivotal, offering employees opportunities within a company culture that fosters career advancement, values their input, and ensures equitable compensation. Inclusion entails cultivating a supportive environment akin to a family, where every employee feels valued and collaborates to innovate for clients, thereby maximizing productivity.

As a leader, it's crucial to champion these principles throughout the firm's leadership hierarchy. Our firm was established not as a diversity-owned entity, but to competitively engage with other banks, reflecting our foundational DNA. We've dedicated ourselves to earning respect within the financial services community while nurturing a culture that embraces diversity and enables early-career access to the industry.

Our culture promotes idea inclusion and supports career progression for all employees. We view the financial services sector as an exceptional field and are committed to providing our team members with opportunities from the outset of their careers."

Katia Paz Goldfarb, Ph.D., Associate Provost for Hispanic Initiatives and International Programs, Montclair State University

As part of the D&I Leadership series, Katia Paz Goldfarb defines D&I in financial services and how it has positively impacted firms.

"It is critical for us to think about the definition of diversity and inclusion broadly. It needs to encompass many people from very different backgrounds, not only in terms of how we look and talk but also where we come from and what we do. Who we are must be part of the workforce that is so needed at this moment. It is essential for organizations to reach out to universities and places where diversity is present. By coming to where we are, we can have conversations, collaborate, and work together. This collaboration ensures that organizations get the talent they want and we develop the partnerships we need.

Diversity is everything. We do not need to look or speak the same, but we can build an environment and a climate within our organizations that is welcoming, respectful, and appreciative of the strengths that people bring. It should not be a monolithic way of looking at things; it should be open and diverse. This approach needs to permeate from the top to the bottom of the organization."

Veronica Johnson, Senior Associate, Diversity & Inclusion, SIFMA

As part of the D&I Leadership series, Veronica Johnson discusses the next opportunities to advance D&I across the financial services industry and how firm leadership plays an important role in promoting D&I.

"The best opportunity to continue advancing diversity and inclusion (D&I) across the industry is to build our early talent pipeline. We have students entering the industry who are bright, ambitious, and eager to learn about our industry. Through our work with SIFMA Invest, we're educating more students about the industry and showing them it's a place to start their careers and pursue their paths.

I believe firm leadership's most significant role in D&I is saying yes, giving everyone and other leaders the chance to seek diverse talent from different places beyond traditional channels. Without this leadership, diversity and inclusion efforts could stagnate."

Lisa Kidd Hunt, Managing Director, Head of International Services, Charles Schwab & Co., Inc.

As part of the D&I Leadership series, Lisa Kidd Hunt discusses how D&I has positively impacted Charles Schwab and the industry and the role SIFMA plays in diversifying the industry.

"The way we think about disrupting the industry is important because it requires a variety of perspectives, experiences, and personalities. With our clients, we aim to bring investing and the ability to create wealth to help people change their lives across all spectrums. Engaging with individuals around the world from different cultures, perspectives, and socioeconomic backgrounds is a game changer for both Schwab and the world. Empowering people to improve their lives benefits society as a whole.

I have been on the board of SIFMA for almost a decade and have been impressed with the support that SIFMA provides to all our firms, ensuring that we stay connected regarding diversity and inclusion. SIFMA takes the lead in helping our firms grow and improve our ability to attract and retain diverse talent. Initiatives like the resume database, work with HBCUs, and events such as the annual Diversity and Inclusion Conference unite our firms to share best practices, engage in thought leadership, and promote an industry that leads in diversity and inclusion. This is one of the best parts of being a member of SIFMA."

Jean Lam MacInnes, Managing Director, Head of Diversity, Equity & Inclusion, Mizuho Americas

As part of the D&I Leadership series, Jean MacInnes defines D&I at Mizuho Americas, the potential obstacles in sustaining an inclusion strategy and how firm leadership plays an important role in promoting D&I.

"I love this question because I think very often diversity is redefined for us. At Mizuho Americas, we are very committed to diversity in all its forms. It's critical for us to have people from various backgrounds, experiences, perspectives, and points of view. That includes race, gender, ethnicity, LGBTQ+ status, disability, and veteran status, of course. But we are really looking at it from a much more holistic viewpoint. It's important for us that all of our employees, customers, and clients feel included and valued. Diversity for us is a very broad term.

Truthfully, time is a challenge. I wish I could do everything all at once, but there's always a need to prioritize. Prioritizing can be challenging because everything is so important and critical, especially when it involves our employees. Our biggest challenge is probably time, but it's also important to execute our strategies in a very thoughtful and meaningful way. It's very easy to have knee-jerk reactions and try to respond quickly to one need or another, but we want to ensure we are not excluding anyone or causing other consequences from our actions. We try to execute our strategy thoughtfully, including all stakeholders. The challenge with this is time and patience, but the strategies tend to be the most sustainable and effective.

Firm leadership is critical to promoting diversity and inclusion. We need to lead from the top and build from the bottom up. Both sides are essential, and without one or the other, you won't have a sustainable or successful strategy. I'm grateful for our firm leadership. They saw a need for this role prior to May 2020, reflecting the industry's need to diversify our talent and perspectives in the office. They understand that this is how a company continues to innovate and achieve its goals, putting clients first and excelling in client service. It's all part of our business strategy, which I'm grateful for because it was built on and continues to strengthen our business strategy. Our leadership is very supportive and committed. I'm grateful I don't have to explain why diversity and inclusion are important, which was crucial to me in taking on this role."

Samuel A. Ramirez Jr., President & CEO, Ramirez Asset Management, Senior Managing Director, Samuel A. Ramirez & Company, Inc.

As part of the D&I Leadership series, Sam Ramirez defines D&I at Ramirez and how it has positively impacted the firm.

"We define diversity as diversity of employees with different backgrounds, experiences, and traits. Inclusion is really part of the culture of our firm, where we have created a family-like environment for our employees. Our employees feel there is inclusion of all different types of employees working together to bring the best ideas to the forefront for leadership to embrace and embody at the top level of the firm as well as all other senior leadership at Ramirez. Diversity and Inclusion is part of our DNA. We were founded as a firm not as a diverse-owned firm, but to compete against all other banks. That is our DNA. We have worked hard to be a respected member of the financial services community and to create a culture that embraces the ideas of diversity and inclusion of ideas."

Jo-Ann Rolle, Ph.D., Dean, Medgar Evans College, City University of New York

As part of the D&I Leadership series, Jo-Ann Rolle defines D&I in financial services and how firm leadership plays an important role in promoting D&I.

"A lot of the strategies that have been deployed before have not yielded the performance or the number of candidates that the firms wanted. We find a tendency to be comfortable with what we've done before. My suggestion, which I mentioned to the broader audience, is that if you haven't gotten the results you want using those old strategies, you should launch out, innovate, create, explore, and find new ways to reach these new students and new employees. Become different-can I use that word?-from what we did before.

A very important role is to avoid being merely transactional. If it's just about checking the boxes, you won't see the performances and yields that I talked about. The investment must be a long-term one, and it has to start at the top."

Amanda Scipione, Head of Global Diversity and Inclusion, Fidelity Investments

As part of the D&I Leadership series, Mandy Scipione defines D&I in financial services, the next opportunities to advance D&I and how it has positively impacted Fidelity.

"I think diversity and inclusion simply mean creating an atmosphere and environment where everyone feels like they belong. When you think about inclusion, it's really about vulnerability, and if you're able to be vulnerable, you feel like you belong somewhere.

I think we've made a ton of great progress and continue to have great momentum in the work that we're doing. Things like thinking about diverse interview panels and having diverse candidate slates are practices we need to continue. Currently, we have five generations in the workforce at the same time, which brings a whole lot of different life experiences, personalities, and opinions. We need to build and continue to hone the muscle of flexibility, understanding our life experiences and perspectives, and learning about others. It's essential to be open to different ways of thinking and doing the work, which can lead to better outcomes.

If I can give two examples, we know that around 20% of the global population is neurodiverse. We've partnered with our neurodiverse associates to build a community and figure out what resources we can provide to make work more inclusive and accessible. For example, we partnered with our real estate team to offer fidget toys at our hospitality desk, quiet rooms, and noise-canceling headphones for on-site visits.

Another example is our accessibility marketplace. We know associates might need different digital tools to do their work, such as ASL interpreters for meetings or Grammarly for those with English as a second language. We made it easy for them to get access to these tools without having to go through hoops or ask their manager for permission. Associates can visit a website, select what they need, and have it on their computer within days, if not minutes. This allows associates to show up, do their job, and avoid extra hurdles, ultimately benefiting everyone. When you build for one, you end up supporting many, and this has been a great avenue for us."

Pedro Suriel, SVP, Diversity & Inclusion, Raymond James

As part of the D&I Leadership series, Pedro Suriel defines D&I in financial services and discusses the next opportunities to advance D&I. Watch the video below and read our Q&A.

"For me, the definition of D&I in financial services is about understanding who we are as individuals and taking the definition beyond the typical perspectives of gender, race, and ethnicity. In financial services, I liken this to the principle of diversification in asset portfolio management, where diversification helps mitigate risk. Applying this principle to our human capital means introducing different perspectives and points of view into conversations, which fosters innovation, creativity, and collaboration.

The next opportunities to advance D&I within the financial services industry involve organizations leaning into the purpose of their business. When D&I is tied into the overall strategy and aligned with the work being done, it drives impact and outcomes over time. Focusing on the areas where we excel and are committed to delivering for our shareholders allows us to drive the business case for D&I, which includes improved productivity, innovation, and financial outcomes. Leaders should ask themselves what the cost of not doing this is and what is being left on the table when D&I is not considered part of the overall business strategy."

Joseph Vaughan, Principal, Franklin Advisors LLC

As part of the D&I Leadership series, Joe Vaughan defines D&I in financial services, discusses the next opportunities to advance D&I and how firm leadership plays an important role in promoting D&I.

"In my view, the definition of diversity and inclusion varies and applies to the goals and strategies of each financial services firm. Each organization and business model is different. Their workforce, products, and services target different retail consumer bases. Diversity and inclusion mean that every community and segment of the US population has a place both in your workforce and in your consumer base. An effective strategy reaches those various audiences as well.

The future of the financial services sector and the need for access to financial products is very bright and will only continue to grow. I believe the opportunity for this industry is to begin to reach new consumer bases across the country. Everyone needs access to financial literacy, financial products, and financial services. Every parent wants to see their child go to college, and access to 529 plans is essential. Everyone wants to build for and plan for retirement, so retirement savings vehicles are critical. Additionally, access to financial products is necessary to manage day-to-day needs, build assets, and build wealth. For the industry, the future lies in reaching those consumers they have not engaged with in the past and delivering services that will help improve their quality of life.

Executive leadership teams are critical to the success of diversity, equity, and inclusion programs because they set the example for all other leaders within the firm to follow. They understand the goals and mission of the organization and how to prioritize business imperatives that are essential to the bottom line. Every day when they walk into the office, interact with the staff and other teams, conduct meetings, and lead discussions internally, they set the tone, drive performance, and others follow in their footsteps."

Joseph Wells, Director, Masters Programs, Earl Graves School of Business & Management, Morgan State University

As part of the D&I Leadership series, Joseph Wells discusses the next opportunities to advance D&I and how D&I has positively impacted the industry.

"I think from my perspective, working in an academic institution, the opportunities to advance diversity and inclusion at the firm level start with partnership and education for students. It involves pushing that education level further down, so students are exposed to what careers look like in the financial services industry as freshmen and sophomores. This prepares them for internships over the summer or during the academic year. Juniors and seniors are prepared for certification exams, know what the industry requirements are, understand the paths to success, and what retention strategies look like. This approach builds the next generation of students. It starts with exposure and intentionality on the part of firms.

We've seen the fruits of successful diversity and inclusion strategies, which include better preparation of students, better recruiting, and importantly, having students come in, be successful, and increase retention. This is particularly relevant for students from HBCUs. The goal is not only to bring students in but also to ensure they are prepared and intentional about being successful, understanding what success looks like. Firms that have done this successfully have been able to take our students and place them. As they do this more across the landscape, they will continue to build a successful diversity and inclusion strategy."

Erika Whyte, VP, Director of Diversity, Equity, and Inclusion, Janney Montgomery Scott

As part of the D&I Leadership series, Erika Whyte discusses the next opportunities to advance D&I and how D&I has positively impacted the industry.

"The next opportunity is with the generation that's coming up. So that would be Gen X, Gen Z, those who are just now entering the industry. That is because we know that the great wealth transfer is happening. If our firms in financial services don't align with this wealth transfer, then it is going to be really hard for us to sustain our trajectory.
That means bringing in younger people who may have been first-generation college students or are getting access to this wealth transfer. If we don't figure out what is meaningful to them-in other words, their viewpoints on things, which are very different from their parents or grandparents-we've got to educate ourselves and make sure that we are aligning the value proposition of our industry and what it means to get that wealth transfer with what is important to them. We have to lean in for this next generation that's coming along behind us.

Where there's still an opportunity for us to advance, it's easy to attract talent into this industry, but it's another thing to retain them. If we're not doing the things that retain people and make them want to stay and advance their careers, as well as creating opportunities for people to advance their careers, then we are just bringing people into a house that's on fire. We need to make sure that we are ready for people to come into this industry and that we are creating the systems and the value proposition for them to want to stay, grow their careers, and then realize the potential of people coming behind them.

We should not treat this industry like crabs in a barrel, where once I get mine, I don't care about what you want or how you're doing for yourself. Instead, I'm going to reach back purposely and pull you along because that's how we're going to continue to make advancements. We have done a lot in the 30 years that I've been involved in this industry, but there's still such a long way to go."

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