DIVERSITY, EQUITY, & INCLUSION
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DEI: A Buzzword or a Business Imperative?
By Stephani Niblock
In today's shifting business landscape, the role of diversity, equity, and inclusion (DEI) is under scrutiny. Some corporations are doubling down on their commitments, recognizing the long-term benefits of an inclusive workplace, while others are stepping back, wary of controversy or shifting public sentiment.
As financial advisors, you may find yourself wondering—how does this impact your practice? Should you actively incorporate DEI principles, or is it just another corporate trend? Whether or not you embrace the term DEI, its underlying principles—creating environments where people feel valued and have equitable opportunities—are shaping the future of business.
A Thanksgiving Story
Last Thanksgiving, my family gathered at my sister-in-law's house. She and my brother-in-law, warm-hearted and welcoming, invited their son's college friend to join us for dinner. This young man, who is Black, represented diversity at our table. Equity was giving him an equal vote in choosing the post-dinner game, and inclusion was extending the invitation in the first place.
However, I later realized he might not have felt like he truly belonged. He had a dairy allergy, which meant many of the dishes weren’t accessible to him. While I had prepared dairy-free options for my daughter, who shares the same allergy, I hadn’t known to extend that consideration to him.
This moment highlighted something crucial: Belonging goes beyond having a seat at the table—it’s about ensuring that seat is comfortable and welcoming. True inclusion means proactively considering the unique needs of individuals so they feel valued, not just present.
What DEI Is—and Isn’t
In today's corporate world, some organizations are pushing forward with DEI initiatives, while others are quietly stepping back, sometimes even rebranding efforts under different names to avoid backlash. But regardless of terminology, the core principles remain the same.
DEI isn’t about filling quotas or hiring someone just to check a box. It’s not about lowering standards or creating divisions. Instead, it’s about ensuring that talent and opportunity align, allowing for equal access, fair treatment, and a culture where diverse perspectives are valued—not just tolerated.
The Business Case for DEI
Some companies see DEI as a passing trend, while others recognize its undeniable impact. Consider these statistics:
- Organizations with diverse leadership teams outperform their peers by 33% in profitability. (McKinsey)
- 56% of U.S. workers actively support workplace DEI efforts. (Pew Research)
- 64% of consumers make purchasing decisions based on a company’s commitment to DEI.*
Beyond the numbers, fostering an inclusive culture enhances employee satisfaction and retention. Employees who feel valued and included are more engaged, more innovative, and more committed to the organization’s success.
What Can You Do?
Whether or not your company has a formal DEI policy, you can integrate these principles into your financial advisory practice in meaningful ways:
- Inclusive Client Services: Tailor your services to meet the diverse needs of your clients. For example, women statistically have a greater need for long-term care insurance since they tend to live longer than their spouses. Understanding nuances like this can help you provide better financial solutions.
- Community Engagement: Engage with diverse communities to build trust and broaden your perspective. Participate in financial literacy programs or collaborate with organizations serving underrepresented groups. These efforts expand your client base and enrich your understanding of different financial needs.
- Inclusive Marketing: Representation matters. The language and imagery you use in your marketing can make a difference in whether potential clients feel welcomed. Small details—like diverse imagery on your website or culturally relevant messaging—can have a significant impact on attracting and retaining clients.
Conclusion
As financial advisors, you have the opportunity to shape your clients’ financial futures and the culture of your industry. Whether or not you label it as DEI, the core principles—fairness, opportunity, and inclusion—are here to stay. You can choose to embrace these changes wholeheartedly or pull back.
In the end, success isn’t just about financial gains—it’s about the impact you make. Will you be part of shaping a future where every client, colleague, and community member feels valued?
History is in the making. What role will you play?
Sources
Companies That Value DEIA Perform Better
Why Corporate America Should Reconsider Scaling Back DEI
Stephani Niblock, President of Pride Alliance Financial Services, Inc., is an independent agent dedicated to fostering LGBTQ financial empowerment. With life, health, LTC, and securities licenses, she tailors her approach, creating a secure space for self-discovery and financial growth. Stephani is a registered representative of, and securities and investment advisory services offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, 800-873-7637, www.htk.com. Pride Alliance Financial is unaffiliated with HTK.
image credit: Adobe Stock Images
