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FIG 2


HOWSATISFIED AREYOUWITHTHE RESULTSACHIEVED BY DIVERSITYANDINCLUSION STRATEGIES?


10 20 30 40 50 60


0 Very satisfied Quite satisfied At your firm FIG 3


WHICHGOALSAREMOSTIMPORTANTFORTRAINING ANDEDUCATIONPROGRAMMESINWEALTHANDASSET MANAGEMENT,POSTCOVID?


To enhance client first mentality To enhance 'soft' skills


To address employees' unconscious biases To improve digital skills


To help employees achieve qualifications To enhance technical or 'hard' skills


To enhance video presentation skills To improve digital marketing skills


010203040506070 80 Per cent


Extremely important FIG 4


WHAT ARE THE BESTWAYS FOR MORAL LEADERS AT WEALTHANDASSETMANAGERS TO ENSURE THEIR TALENT IS BEST TRAINEDANDQUALIFIED?


Promote mentorship and sponsorship


Create internal university to train staff& communicate morality& ethics


Search for excellent leaders who can bring teams with them


Search the market for the best staff to recruit fromother firms


Work closely with external universities in partnership


Search for staff fromother parts of the organisation


01020304050607080 Percentage of respondents


Very important Not satisfied Within the team you lead


purposeandservice,improvingjob satisfactionandultimatelyleadingto better results. Financial services leadersneedto


keepalong-termeyeonemployees, justastheydooninvestments, equatingthe level of responsibilityin people’s careers to thevalueof their portfolios,generatingtrust, loyaltyand commitment. Acompany’ssuccessshould


bemeasuredbyitsabilityto offer bespoketools toemployeeswhomay bediversebygender, race,sexual orientation, differentbackgroundand experiences.Thesetoolsenablethem tobesuccessful, reachtheirobjectives inside the firmandbuild their career within theindustry, believesCraig Smith,foundingpartnerandpresident ofUSinvestmentandwealth firm TiedemannAdvisors.


BIGGERPIE Whiletheability to attract, retainand promotediversetalent arekeyfactors tomeetdiversitygoals (Figure5), implementingthe rightprocedures to achievegreater inclusion isnever plain sailing. Promotingequityandinclusion


canbe“very painful”,especiallyfor smalltomedium-sizedfirms,where hiringthehighest-profileprofessional inaspecific areamightseemthe easiestmove.“Beingcommittedto D&I[diversityandinclusion] involves alot of disciplineandwillingnessto havedifficultconversations internally andcreatesahealthyfriction,”says MrSmith,whochairs his firm’sD&I committee. Onemajormisconceptionaround


diversity is thatbybroadening opportunity,someoneelsemustlose out,butthe reality is that “thepie justgets bigger”andeveryonecanbe successful,addsMrSmith. This viewissharedbyother leaders. Thereisamisplacedconcernthat


26 APRIL/MAY 2021


promotingdiversitymayputoff successful highachieverswhodonot fit diversity/inclusion metrics,says CharlotteRansom,CEOofNetwealth inLondon.Believingthe diversity issue willsomehow“resolveitself” is anothermajorproblem,while there isa“clearunder-appreciation”of commercial benefits,sheadds. Diversityshouldnotbetreated


asa“win or losegame”, states EvaLindholm,CEOofUBSWealth Managementfor theUKandJersey. It is alsowrongtobelievethat “clients careaboutcommercial returns,and donotcarehowweget there”. This is confirmedbythephenomenalincrease of sustainableandsocialimpact investingsolutions, alignedwith investors’values, withoutsacrificing financial returns. Whilesomerespondents believe


achievingabalancedanddiverse workforceshouldbetreatedas anurgent issue, others aremore pragmatic.“Lowworkforceturnover makes itaslowprocess,sosetting unrealisticshort-termtargets is unhelpful,” believes Stephanie Butcher,CIOat Invesco.“Moreover, whiledataonlyreallypicksupgender, other ‘soft’ factors,whicharen’tdata based–suchashowdoesit ‘feel’ tobeawomanoraminority inthe workforce–arealsoimportant,”adds MsButcher. Otherleaders stress that diversity


criteriashouldnotbemetatthe expenseof meritocracy. “Diversityandinclusion arevery


importantbutcomplexissuesto solve andaddressingthemmaylead to distortions,”saysAntónioLunaVaz, general director of privatebankingat BPIin Lisbon.“Thepressureto solve these issues quicklyissohighthat wemayfindourselves disregarding meritocracyin orderto fulfil diversity criteria.” Thismindsetexplainswhydiversity


Per cent


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