MINNEAPOLIS, October 27, 2022 /PRNewswire/ – RBC Wealth Management – US is committed to bringing more diversity to financial services. That’s why the company is excited to join the activities of the Financial Alliance for Racial Equity (FARE) coalition. RBC Wealth Management fully supports FARE’s mission to unite financial services companies, historically Black colleges and universities, and industry partners around the goal of making a career in financial services more attractive and inclusive.
“We have made strides to make our industry a more attractive place for women to grow and prosper as financial advisors,” said Shareen Luze, head of culture and field experience at RBC Wealth Management. “But we still have a lot of work to do to make it more inclusive for Black, Indigenous and people of color.”
As a member of FARE, RBC Wealth Management will focus on raising awareness of opportunities to attract and retain diverse talent in the financial services industry, increasing the retention of early career professionals of color and helping professionals mid- and late-career progress in their careers.
“The Racial Equity Financial Alliance was created because it was clear that no individual company could solve this problem alone,” said Kristi Rodriguez, Senior Vice President of Nationwide, founding member of FARE. “We knew we could have a much bigger impact by working together as an industry to drive change. RBC Wealth Management brings tremendous commitment to this cause, making it an exceptional addition to the FARE coalition.
Research shows that black financial advisors face unique challenges, including discrimination and a lack of mentorship opportunities, and this translates to fewer African American advisors joining our ranks.
According to data collected by FARE, 67% of students who took part in a recent survey say they find the financial services industry attractive, but 90% of black students believe there are unique challenges for black financial advisors. Research shows that lack of support and discrimination from consumers deters them from choosing a career as an advisor.
“These findings are an urgent call to action for our industry,” Luze said. “In addition to making changes to our recruiting activities, increasing mentorship opportunities and other actions to drive inclusion, joining FARE is another step RBC Wealth Management is taking to help bring real changes to our industry.
As a member of the coalition, RBC Wealth Management participated in FARE’s HBCU Connect event, “Finding Your Fit in Financial Services” on October 19 in Columbus, Ohio, where recruiters made contacts with students and recent graduates. Company representatives also spoke at the conference about their backgrounds in the financial services industry and their experience working with the company.
Elie roomcustomer service representative at Canonsburg, Pennsylvania, says what drew him to RBC Wealth Management was the supportive environment and a culture of mentorship and growth opportunities. And her role of working directly with clients is rewarding.
“The fact that I have such a positive impact on clients’ lives and watch them see beyond the color of my skin is amazing,” he said. “They seem to have a lot of respect for me and that extends to respecting the African-American community as a whole.”
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principle-driven approach to delivering industry-leading performance. Our success comes from the more than 92,000 employees who use their imaginations and ideas to bring our vision, values and strategy to life so that we can help our customers thrive and communities thrive. As from Canada the world’s largest bank and one of the largest, based on market capitalization, we have a diverse business model focused on innovation and delivering exceptional experiences to our 17 million customers across Canada, the United States and 27 other countries. Learn more about rbc.com.
We are proud to support a wide range of community initiatives through donations, community investment and employee volunteer activities. See how to rbc.com/community-social-impact.
About RBC Wealth Management – U.S.
In United States, RBC Wealth Management is a division of RBC Capital Markets, LLC. Founded in 1909, RBC Wealth Management is a member of the New York Stock Exchange, the Financial Industry Regulatory Authority, the Securities Investor Protection Corporation and other major stock exchanges. RBC Wealth Management has $510 billion of total client assets with more than 2,100 financial advisors operating in 184 locations in 42 states.
About TARIFF
Based on research, the Financial Alliance for Racial Equity (FARE) was launched by several leading financial services organizations, industry associations, and historically black colleges and universities (HBCUs) in September 2020. FARE’s mission is to increase racial diversity, foster greater equity, and foster inclusion within the financial services industry and the communities it serves. In addition to RBC Wealth Management, the FARE coalition includes: Swiss Re, Morgan Stanley, M Financial Group, NFP, Employee Benefit Research Institute, Huntington Bank, Franklin TempletonMiami Life, Advisor Group, DCIIA, the American College of Financial Services, Capital Group, American Retirement Association, CFP Board and Nationwide, in partnership with six HBCUs, including Hampton University, Howard University, Lincoln University, Virginia State University, University of Virginia Union and Winston-Salem State University.
SOURCE RBC Wealth Management – United States
