FARE FORWARD
• American Council of Life Insurers (ACLI)
• The American College of Financial Services
• American Retirement Association (ARA)
• Bank Insurance and Securities Association (BISA)
• BLX Internship Program
• CFP Board
• Deferred Contribution Institutional Investment Association (DCIIA)
• Diversitas
• Employee Benefit Research Institute (EBRI)
• Insured Retirement Institute (IRI)
FARE Staff
• Nicole Ridley , Executive Director
• Morgan Williams , Program Manager
FARE Board of Directors
• Kristi Rodriguez , Nationwide
• Aiyisha Adams , Osaic
• Shani Armon , Insured Retirement Institute (IRI)
• Rhonda Burns , Nationwide
• Regina Curry, Franklin Templeton
• Donald Ellenberger , Federated Hermes
• Clarence Knox , ASK Solutions
• Shareen Luze , RBC Wealth Management
• Kizmet Moore , NFP, An AON Company
Opening Doors for the Next Generation Celebrating our Progress Towards Advancing Diversity in Financial Services
Nicole Ridley Executive Director, The Financial Alliance for Racial Equity (FARE)
I am filled with immense pride and gratitude following the success of our signature event, HBCU Live 2024. This year’s event, hosted at Howard University, was truly extraordinary and underscored the profound impact we can achieve when we unite to create opportunities for the next generation of leaders.
HBCU Live brought together students from a range of Historically Black Colleges and Universities (HBCUs), including Virginia State University, Delaware State University, Hampton University, WinstonSalem State University, Howard University, and Virginia Union University. These students came eager to learn, connect, and envision their futures in the financial services industry.
I want to extend my heartfelt thanks to our dedicated sponsors, partners, and the tireless work of the FARE team. Your support made this event a remarkable success. One of the most rewarding aspects was witnessing the students’ enthusiasm and hearing firsthand how much they benefited from the experience. From the interactive breakout sessions to Antonio Smith’s keynote on the ‘EasyMoney: The Mindset,’ and the vibrant energy of the student showcase, every moment reinforced the importance of FARE’s mission.
At FARE, we are committed not only to opening doors for these young leaders but also to equipping them with the tools and confidence to walk through them. HBCU Live represents the essence of what we strive to achieve: creating intentional, actionable, and
measurable solutions that enhance diversity, equity, inclusion, and belonging in the financial services industry. Through events like this, we are building a pipeline of diverse talent and ensuring that HBCU students are seen, heard, and valued as the future leaders they are.
I am also thrilled to share that FARE has recently been honored with the Diversity, Equity, and Inclusion Award at the 10th Annual Wealth Management Industry Awards. This prestigious recognition highlights our impactful work in fostering diversity and inclusion through HBCU Live. Additionally, FARE has been named a finalist for the Charitable Giving/Philanthropy Firm Award in ThinkAdvisor’s 2024 Luminaries Awards. These achievements underscore the significance of our mission and our commitment to driving greater equity and inclusion in the financial services sector.
As we look to the future, I am excited about the continued growth of FARE and the opportunities we will create together. Our work is far from over, but with each step, we are moving closer to a more inclusive and equitable industry for all.
Thank you for being part of this incredible journey and for helping us open doors for the next generation.
Amplifying Student Voices: Shaping Programs for Greater Impact
Morgan
Williams
Morgan Williams
Program Manager, The Financial Alliance for Racial Equity
Since joining The Financial Alliance for Racial Equity (FARE) earlier this year, I’ve worked directly with students from Historically Black Colleges and Universities (HBCUs) as FARE’s Program Manager. FARE’s mission is to diversify the financial services industry by fostering relationships between financial service firms and the next generation of financial professionals. As we aim to close the racial wealth gap, I’ve witnessed firsthand the importance of integrating student voices and visions into everything we do.
One of the most exciting parts of my role has been working with the newly formed FARE Student Ambassador team with students from our HBCU partner campuses. Their insights and ideas are crucial in shaping our programs, ensuring that what we provide truly aligns with their career goals and aspirations. The students help shape the experience at events like HBCU Live, where their input has influenced everything from inclusion of activations such as resume reviews with HR professionals to practical giveaways they can utilize as an undergraduate student.
The impact of integrating student voices goes beyond just planning events. We’ve worked hard to include students in visible roles during HBCU Live, one of FARE’s flagship events. HBCU Live brings together students from our partner schools and other HBCUs for workshops, career fairs, and other activities to support students in their career development.
This year, five out of seven of our student ambassadors were at Howard University, where HBCU Live was hosted. These students presented speakers and participated in panel discussions, providing them with valuable exposure and networking opportunities. We’ve also made a point of publicly recognizing their contributions, promoting them on LinkedIn, and highlighting their involvement to show that they are not just participants—they are leaders.
But this process is not just about what we can offer students; it’s also about what they teach us. Throughout my career, I’ve learned so much from the students I work with. Their insights about their academic experiences, their perspectives on the job market, and their lived realities continue to inform my approach to program management.
Program Manager at The Financial Alliance for Racial Equity (FARE)
(FARE)
“Their insights about their academic experiences, their perspectives on the job market, and their lived realities continue to inform my approach to program management. ”
It’s a two-way street. Listening to their voices helps us create programming that is more relevant and impactful, and it ensures that we’re not just giving but also learning and growing with them.
As we look to the future, I’m confident that student voices will continue to shape FARE’s programming. Whether through internships, career fairs, or networking events, we will remain committed to providing meaningful opportunities for students to succeed. At the same time, we’ll continue to listen, learn, and evolve—because the best outcomes happen when we work together.
FARE Attends the Conference of African American Financial Professionals (CAAFP)
In August, FARE attended The American College of Financial Services Conference of African American Financial Professionals (CAAFP) in Atlanta. Representing FARE, Nicole Ridley and Morgan Williams experienced firsthand the impact of this dynamic gathering, which celebrated representation and fueled professional development for Black financial professionals.
The conference marked the first in-person meeting of FARE’s 2024 Mentorship Program participants. Nicole emphasized the importance of this gathering, noting, "Supporting their participation was vital. Research consistently shows that representation matters, and there's no better way for our future financial professionals to envision themselves in this industry than by connecting with leaders who share their backgrounds and values."
One of the highlights was the NextGen Student Forum, where brilliant and determined students, poised to become future industry leaders, engaged with passion and energy. Morgan shared. "These students are not just the future—they are the now."
FARE mentee Narenzo Fleors, a Political Science Honors Scholar at Norfolk State University, reflected on his experience: "Attending the conference expanded my understanding of the financial industry and allowed me to network with a wide range of professionals. The mentorship I received through FARE prepared me to engage meaningfully, and this opportunity was a pivotal moment in my journey."
Another impactful session was "Stand Out and Shine: Empowering Black Women LeadHers in Financial Services," led by Uneeka Jay. Morgan found Uneeka’s insights on leadership, resilience, and selfempowerment deeply resonating, guiding her ongoing support for HBCU students.
FARE mentee Jareema Donaldson, a finance student at Prairie View A&M University, reflected on her experience: "Attending the 2024 CAAFP Conference was incredible. The financial empowerment sessions and workshops were highly informative, and the sponsors provided numerous opportunities. I thoroughly enjoyed the networking events, including the white party and Dee1's performance—an artist I've admired since 2018. Hearing from influential figures like Donna Brazile and Dawn Staley was truly an honor. What stood out most was the warm and welcoming atmosphere created by a diverse group of professionals who share my background and are open to meaningful connections."
CAAFP reaffirmed the significance of mentorship and representation in shaping the future of the financial services industry. The energy and commitment witnessed at the event have strengthened FARE’s resolve to continue empowering the next generation of financial professionals.
“This year’s Conference of African American Financial Professionals (CAAFP) hosted by The American College of Financial Services was particularly special as it not only gathered financial professionals and change agents but also welcomed an incredible group of students from Historically Black Colleges and Universities (HBCUs). These students, majoring in subjects relevant to the financial industry, brought a refreshing energy and a glimpse into the future of our field.
Through a powerful partnership with the Financial Alliance for Racial Equity (FARE)these students had the unique opportunity to connect with seasoned financial professionals, receive mentorship, and exthe various career paths available to them. It was inspiring to see the dedication of both the students and the professionals in fostering these connections and supporting the next generation of leaders.”
– Kizmet T. Moore, MBA, CDE®
FARE ON THE MOVE
The BLX Internship Program Joins FARE as an Industry Association
Earlier this year, BLX joined FARE, reflecting their shared commitment to enhancing racial diversity, equity, and inclusion in the financial services industry. Established in Fall 2020, BLX aims to connect aspiring Black and Latinx financial planners with internship opportunities at fee-only or fee-based firms. Both organizations strive to create a financial industry that reflects the broader population, and BLX has successfully matched numerous firms with quality interns who have flourished as professionals.
FARE Honored with Diversity, Equity, and Inclusion Award at the 10th Annual Wealth Management Industry Awards
FARE has been recognized with the Diversity, Equity, and Inclusion Award at the 10th Annual Wealth Management Industry Awards. This prestigious honor acknowledges FARE’s impactful work in fostering diversity and inclusion through its 2023 HBCU Live event, which aimed to bridge gaps and create opportunities in the financial services industry.
HBCU Live brought together students, alumni, and industry leaders to explore pathways in financial services, providing mentorship, career development, and networking opportunities to historically underrepresented communities.
“We are deeply honored to receive this award,” said Nicole Ridley, Executive Director of FARE . “HBCU Live is more than an event—it's
a movement to create real change in the financial services sector. This recognition underscores the importance of our mission, and we are committed to driving greater equity and inclusion.”
The Wealth Management Industry Awards, known as the “Wealthies,” celebrates companies and organizations that foster advisor success. This year saw a record-breaking number of entries, with over 1,000 submissions from more than 400 companies.
FARE Named Finalist in ThinkAdvisor’s 2024 Luminaries Awards
FARE was named a finalist for the Charitable Giving/Philanthropy Firm Award – Corporate Social Responsibility in the ThinkAdvisor 2024 Luminaries Awards. Now in its fourth year, ThinkAdvisor’s Luminaries Awards highlight outstanding contributions from organizations and individuals redefining excellence in financial services.
FARE’s recognition as a finalist is a result of its ongoing initiatives to advance equity and inclusion through charitable giving and philanthropy, with a particular focus on empowering historically underrepresented communities. The organization’s work includes offering scholarships, mentorship programs, and professional development opportunities to HBCU students, creating a lasting impact within the financial services industry.
FARE Announces Diversity Scholarship Recipients —
Patrick Jackson, Julian Kasmai, Brianne Kilpatrick, Jason Mahoney
Congratulations to the recipients of the Financial Alliance for Racial Equity CFP® Certification Diversity Scholarship! This scholarship supports the development of diverse CFP® professionals by offering financial aid to Black or African American individuals pursuing CFP® certification.
Apply for the FARE HBCU SIE Scholarship
Calling all HBCU students!
We are thrilled to announce a scholarship just for you!
The Financial Alliance for Racial Equity (FARE) HBCU SIE Scholarship supports students in preparing for the Securities Industry Essentials (SIE) exam and rewards recipients who successfully complete and pass the exam. This scholarship will provide approximately 15 FARE HBCU students with $2000 each to help prepare them to sit for and take the exam. If the recipient passes the SIE exam there is a bonus of $1,000. The Securities Industry Essentials (SIE) is one of the first steps to take when starting a career in financial services.
Requirements to Apply
Scan the QR code to complete the online application and upload the following items:
• Transcript
• Resume
• Professional Headshot
What is the SIE?
• Two professional references
• Personal Essay
The SIE exam is FINRA’s general industry exam. It tests basic knowledge of products, risks, the structure and function of the securities industry and its regulatory agencies, and regulated and prohibited practices. Although ideal for university students and career changers, anyone can sit for the exam without prior association with a firm.
Can I take the SIE while I am still in college?
Yes! With an exam fee of ($80) and no firm sponsorship, the SIE exam is ideal for university students who want to get a head start on a financial services career and, most importantly, stand out to potential employers by proving their mastery of basic industry knowledge and the ability to pass a high-stakes examination.
FARE HBCU Live Recap
FARE's HBCU Live 2024 event, hosted at Howard University, was a resounding success in advancing our mission to create opportunities and build wealth for the next generation through diversifying the financial services industry.
Despite early call times, students from HBCUs across the country, including Virginia State University, Delaware State University, Hampton University, Winston-Salem State University, University, Howard University, and Virginia Union University, were engaged and eager to learn. Their enthusiasm was matched by our talented emcees, Lauren Anastazia Cyrus and Joshua Hoover, who expertly facilitated the day's impactful sessions.
Nicole Ridley, FARE’s Executive Director, expressed her pride in the event: “Seeing so many talented students come together with such positive energy was truly inspiring. Antonio Smith’s keynote on ‘EasyMoney: The Mindset’ was a highlight, delivering a powerful message about perseverance and success. It’s events like these that reinforce the importance of our mission to support and empower the next generation of financial professionals.”
The highlight for many was Antonio Smith's keynote address, during which he shared invaluable insights on developing the "EasyMoney Mindset." His message that failure is not fatal and that true success comes through perseverance resonated deeply with our future leaders.
However, the true value came through the one-on-one networking and panel discussions, where our experienced FARE members provided industry expertise and opened doors to meaningful career advancement opportunities for the students.
FARE remains deeply committed to supporting the creation of Black wealth in financial services. Events like HBCU Live 2024 are critical to fulfilling this mission and building a more diverse, equitable, and inclusive industry. We are energized by the talent and passion of these future leaders, and we look forward to our continued partnership in shaping the future of finance.
Breaking Barriers: The Challenges for Black and Latinx Professionals in the Financial Services Industry
Entering the financial services industry is a daunting task for anyone, but for individuals who identify as Black or Latinx, the barriers can seem insurmountable. Despite the industry's growth and the increasing demand for financial services, these communities face unique challenges that significantly hinder their entry and advancement within this field.
Concurrently, FARE supports individuals by providing scholarships and mentorship opportunities for HBCU students exploring pathways in the financial services industry.
Underrepresentation in Financial Planning
A stark representation gap persists in the financial services sector, particularly in financial planning. According to the CFP Board , as of today, only 2% of all Certified Financial Planner(™) (CFP(r)) professionals are Black, and just 3.1% are Latinx. These figures are troubling, considering that Black and Latinx individuals make up approximately 13.4% and 18.5% of the U.S. population, respectively.
Barriers to Entry
Several factors contribute to the underrepresentation of Black and Latinx individuals in financial services:
1. Access to Education and Resources :
Pursuing a career in financial planning often requires specific education and certifications. However, systemic inequities in access to quality education and financial literacy resources disproportionately affect Black and Latinx communities, making it more difficult for individuals from these backgrounds to enter the field.
2. Lack of Mentorship and Networking Opportunities:
In any industry, mentorship and networking are crucial for career advancement. Unfortunately, Black and Latinx professionals often find themselves without access to mentors or networks that can provide guidance and opportunities within the financial services sector.
3. Workplace Discrimination and Bias:
Implicit and explicit biases in hiring and workplace culture can create hostile environments for Black and Latinx professionals. This discrimination not only affects their ability to secure positions but also impacts their career growth and retention within the industry.
The Path Forward
Co-Founder of the BLX Internship Program Luis Rosa says: “instead of talking about DEI at conferences and panels, we need to look at what is actually being done. The BLX Internship Program stands as a beacon of change, bridging the diversity gap in the financial services industry. We connect top-tier, diverse talent with firms that want to be proactive about their future hiring needs”
The BLX Internship Program and The Financial Alliance for Racial Equity (FARE) initiative are collaborating to create valuable opportunities for Black and Latinx individuals aiming to enter the financial services industry. The BLX Internship Program plays a critical role by offering internships at financial planning firms, allowing participants to gain hands-on experience, develop essential skills, and build professional networks within the industry.
Together, BLX and FARE are fostering a more inclusive financial services sector by equipping Black and Latinx individuals with the resources, experience, and support necessary to succeed.
Conclusion
The financial services industry stands to benefit greatly from a more diverse workforce that reflects the society it serves. By addressing the unique challenges faced by Black and Latinx professionals and fostering an inclusive environment, the industry can unlock new perspectives and drive innovation. The journey towards equality is long, but with concerted efforts, we can create a more equitable future for all aspiring financial planners.
For more information and to explore ways to support diversity in financial planning, visit the FARE: https://thefare.org/ and BLX: https://www.blxinternship.org/
Upcoming events: BLX Applications open on Oct 1! If your firm would like to get involved click here: https://www.blxinternship.org/ for-firms.
Learn more about The Collaborative for Equitable Retirement Savings (CFERS)
Q&A with Pam Hess
Executive Director, DCIIA Retirement Research Center
The Collaborative for Equitable Retirement Savings is a multistakeholder initiative in the U.S. that aims to make retirement savings more inclusive by addressing and mitigating race and gender disparities in 401(k) plans. The coalition analyzes challenges and opportunities for equitable retirement savings through data-driven research and analysis; champions policy changes and best practices for employers and recordkeepers to promote diverse participation and savings in 401(k) plans; provides resources and tools to raise awareness about retirement savings disparities and empower individuals to make informed decisions; and brings together key stakeholders from across the retirement industry to work towards solutions. The Collaborative includes Morningstar Retirement, Defined Contribution Institutional Investment Association (DCIIA), and the Aspen Institute Financial Security Program and was formed in 2023. For more information, visit https://www.cfers.org.
What should plan sponsors know about CFERS?
In the retirement industry we assess things by age, by generation, by gender, by pay, but we don't look at things by race and particularly race and gender, which is a more nuanced way to look at retirement savings and can provide some big insights for plan sponsors. In fact, every plan sponsor that we've worked with has disparities by race and gender, and many have found it surprising. Even some of the plans with the most well-thought-out design and the richest benefits still have differences by race and gender. We see Black and Hispanic workers lagging in terms of savings rates and accessing those dollars before retirement at an inordinate rate, and some employers have been staggered by the enormous impact it is having on Black women and Black men – and so far, we're just looking at withdrawals from one year. Imagine the impact of those withdrawals from retirement savings compounding over time, and what that means to their future. It's not just about measuring the data once; it's about creating this platform where we bring people together to figure out what can we do to influence change and learn from each other. With the data we’re getting, we can help identify where we should focus and then test those over time and learn what is helping and be able to share those messages with other plan sponsors.
What are some misperceptions you’ve encountered about the initiative?
There are two main things: this is not a survey, and the data we are collecting is anonymized.
The data to assess employee behavior is typically in two different places -- the race variable is on the HR system, usually the payroll feed; and the recordkeeping data is on the recordkeeping platform. These are pretty standard requests for recordkeepers, so the data “ask” is not as challenging as it may seem up front. And once it's set up and done it's pretty easy to then update over time.
The data is also anonymized, there is no personal identifying information (PII). We want to emphasize this because we hope that that helps get over the hurdles of privacy concerns. We don’t want their birthdate, address, or name. But we do aim to track progress over time to know how these workers fare.
What has surprised you most about the findings?
One of the biggest surprises has been how much we’ve seen that workers need more help with their financial wellness. With SECURE, employers have more options on how to help workers. Emergency savings is really foundational -- helping people overcome those shortterm financial shocks without tapping into their retirement savings.
What are employers doing in response to the findings from their data?
Many of them are having a conversation with their workforce starting with their employee resource groups. One employer reviewed the findings with their workforce and showed individuals what it means to take a preretirement withdrawal – the impact on their future savings and retirement. I think in having that kind of conversation, many employers have felt like it's very eye opening -- that they better understand their workforce. Other organizations are lining up “champions” that are talking to the other workers and making sure folks know what's available to them in terms of financial wellness offerings. They're also doing employee surveys and compensation studies. Another consideration is looking at the retirement plan design – optimizing things that we know work, like automatic enrollment and escalation, and taking a fresh look at the match structure.
FARE Mentorship Program: Quotes from our 2024 Cohort
FARE has partnered with The American College of Financial Services CAAFP NextGen Program to launch a joint mentorship program for more than 60 diverse students from 20 different colleges and universities. The program will include content from Know Yourself, Grow Your Wealth®, and Reimagine Talent and students will be mentored by 14 leaders in the financial industry.
Our FARE Mentees will have the unique opportunity to attend the 2024 Conference of African American Financial Professionals
“I remember listening to a podcast and the host asked, "Would you rather have money or have access?" I quickly decided that I would rather have access because access can be shared. As a Black man in the financial industry, I recognize the importance of providing opportunities to those who might not typically have access.
FARE has provided a platform for us to share access to our network, resources, and insights with young Black students. Together we're doing our part to make sure that this level of access benefits more individuals of color, more families of color, and more communities of color.”
— Rodney Jones, Senior Learning Consultant, Franklin Templeton Academy
“I wanted to participate in the FARE mentorship program to help up-andcoming professionals navigate change in the workplace. Whether it’s technological, regulatory, or leadership-related, it’s important for students to understand the dynamics and think about the best ways to approach work in this evolving industry. I am also excited to learn about my mentees (all five of them!) and their individual experiences.”
– Keisha Smith, Compliance Officer, RBC Wealth Management
conference, which will provide them with in-person opportunities to engage with a diverse community of Black and DEI-committed financial service professionals, entrepreneurs, academics, and executives.
Thank you to our FARE mentors from our firm partner institutions for dedicating their time and expertise to nurturing the next generation of financial services professionals!
“I had the privilege of going to Atlanta, Georgia, for the third time to attend the 18th Annual Conference of African American Financial Professionals last week, August 12–14. It gave me great pride to represent my own HBCU, Miles College in Fairfield, Alabama, to the more than sixty students in attendance who came from twenty various colleges and universities. It was enlightening to attend the Conference. Making connections with driven people and observing their commitment to boosting diversity and representation in the financial services sector was really motivating.! ”
– Jaden Clemon, Student at Miles College
A TOOLKIT FROM HINTON & COMPANY
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