Wednesday, October 3, 2018

Why Diversity in the Financial Profession Matters

This blog has long been interested in the relationship between state regulation and the population of financial professionals.  For years, we have chronicled evidence that suggests regulations may be screening diversity from the industry.

Does it matter?  This article with insights on the Hispanic community from Financial Advisor suggests it does.
Tapping into this growing demographic in some cases, however, will require advisors to speak in Spanish. Tools such as Bank of America’s Better Money Habits in Spanish can help, she said. “Communicating in a way that puts people at ease and makes them feel comfortable speaking is important, especially when it comes to finances, because it’s their livelihood,” said Molina.
Recognizing the consumer need for a diverse population of professionals, it is important that states make sure their regulations are not artificially limiting this diversity.

On this note, it was good to learn that Illinois became the most recent state to allow insurance producers to take their licensing exams in Spanish.