In 2018, Nationwide, along with the American College of Financial Services, initiated RISE Research to determine why there was a lack of diversity in the financial services industry.
When Nationwide conducted this research, there were several known factors:
The Financial Alliance for Racial Equity (FARE) launched in September 2020 as a coalition of financial services firms, industry organizations and historically black colleges and universities (HBCUs) with a mission to increase racial diversity, drive greater equity and foster inclusion within the financial services industry and the communities served. FARE members have a unified vision to transform the financial services industry to better serve diverse employees and communities—current and future generations—using actionable and measurable solutions.
Lack of mentorship opportunities
Discrimination on the part of the consumer
Lack of a natural market
From their research, Nationwide identified actionable solutions to increase the number of Black advisors and financial professionals in the financial services industry.
Nationwide’s goal was to Recruit diverse financial professionals, Invest in them, Sustain them, and Evolve with them. They knew they could achieve more by working with other organizations than they could alone.
Nationwide found that many financial services firms were as committed to DEIB efforts as they were. No matter where they were on their journey to racial equity, ALL of the firms wanted to increase diversity in the financial services industry. So they decided to rise up, together.
We also learned that Black advisors believe that promoting more people of color into senior executive positions in the financial services industry is important to increasing their success.
Nationwide knew they could achieve far more together than alone and found that many organizations were as committed to DEI efforts in their own companies, some firms were more mature in their DEIB efforts and had practice management strategies to support diverse professionals within their firms, they had ARGs similar to Nationwide. And while some firms were smaller and didn’t have quite the same level of infrastructure, they ALL demonstrated the commitment of wanting to increase diversity in the financial services industry.
So we said, “how do we elevate from one firm to many”?
In September 2020, when the US was grappling with the social issues still plaguing our country today, FARE was launched–a coalition of financial services firms, industry organizations, and historically black colleges and universities (HBCUs).
Our mission is to increase racial diversity, drive greater equity, and foster inclusion within the financial services industry and communities served.
FARE Member Firms have the unique opportunity to connect with our students and financial professionals through developmental experiences such as internships, webinars, and thought leadership.
FARE is currently made up of more than ten financial services firms, six industry partners, and six Historically Black Colleges and Universities (HBCUs).
The FARE Board of Directors ensures effective strategic planning, financial management, and organizational effectiveness through strong governance.
President
Financial Alliance for
Racial Equity
Chief Membership & Marketing Officer
Insured Retirement Institute (IRI)
Associate Vice President – Diversity, Equity, and Inclusion
Nationwide
Chief Diversity Officer
Franklin Templeton
Head, Culture and Field Experience
RBC Wealth Management
President & Advanced Planning Consultant
ASK Solutions
Head of Operations
Financial Alliance for
Racial Equity
Project Manager
Financial Alliance for
Racial Equity
Finalist for
Investment News
Diversity Champion
Award
2023
Winner of the
Investment News
Diversity Champion Award
2021 & 2022
Finalist for
MMI/ Barron’s Industry
Awards (“Doing
Good” category)
2022
Winner of the Wealth
Management Diversity
Equity & Inclusion
Award
2021
Honoree for
Think Advisor
“Luminaries” Award
2021
Finalist for “Luminaries” Award 2021, 2022 & 2023
Creating an authentically inclusive and equitable business community requires tackling the root causes of systemic racism and a team effort. Talk alone is not enough. We need corporations to put their money where their mouths are and invest resources into student scholarships, faculty training and research at HBCUs, which have been the guiding light for the advancement of African Americans for centuries. No corporation or university can go it alone. That’s why Hampton University is encouraged to be partnering with the financial industry and fellow HBCUs to launch the Financial Alliance for Racial Equity. The opportunity for our students will be immediate, while our partner firms take another meaningful step towards a truly inclusive corporate America.
IRI is embedding DEI principles in all that we are doing and engaging in deep, active partnerships with key organizations, like FARE, to move our industry forward. Shani Armon, IRI’s Chief Membership & Marketing Officer, had willingness to step up and accept a leadership role on FARE’s board of directors is a testament to her passion and IRI’s commitment to this critical mission.
Financial services and financial understanding is key. [We’re in a] fast-moving economy and financial services are becoming more and more enhanced with technology. So for me it’s about having that knowledge now and understanding how I can use that for my own needs, how to grow and protect my wealth, how to grow and protect clients’ wealth.
We have made progress in making our industry a more attractive place for women to grow and thrive as financial advisors, but we still have a lot of work to do to make it more inclusive for Black, Indigenous and People of Color.
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