In late 2020, The Financial Alliance for Racial Equity (FARE) was launched when Nationwide invited several industry peers and Historically Black Colleges and Universities (HBCUs) to join an effort to focus on increasing the number of Black professionals entering the financial services industry. The group set out to address alarming research that showed 90% of Black college students considering a financial services career report they believe there are challenges that specifically affect Black advisors and financial professionals in the industry today.*
Today, FARE was recognized by InvestmentNews as a 2021 Excellence in Diversity, Equity and Inclusion Awards finalist. FARE, along with 15 other firms, were chosen from more than 120 nominations by a committee of InvestmentNews representatives and judges from the advice business. FARE was recognized for its ability to inspire others from diverse backgrounds to join, flourish and bring their true selves to work in the financial services industry.
“Since FARE’s inception, we’ve made tremendous progress assembling a prestigious coalition of financial services organizations and academic institutions committed to, not only increasing diversity in our industry, but also positively impacting Black communities by increasing access to financial professionals and financial education,” said Kristi Rodriguez, leader of the Nationwide Retirement Institute. “Our recognition as a finalist for the InvestmentNews Diversity Equity & Inclusion Awards is a great honor for the alliance and evidence that our efforts are beginning to gain broader engagement and traction across our industry.”
The FARE coalition currently includes Morgan Stanley, M Financial Group, NFP, Employee Benefit Research Institute, Huntington Bank, Franklin Templeton, Miami Life, National Brokerage Atlantic and Nationwide in partnership with six HBCUs, including Hampton University, Howard University, Lincoln University, Virginia State University, Virginia Union University and Winston-Salem State University.
InvestmentNews’ fourth annual Excellence in Diversity, Equity and Inclusion recognition program aims to tell the story of individuals and firms using their success, leadership skills, and willingness to implement and advocate for diversity and inclusion within the financial advisory industry. FARE, along with the other organizations and individuals making the fourth annual Excellence in Diversity, Equity and Inclusion list, is highlighted in the Aug. 9 issue of InvestmentNews and online at dandiIN.com.
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