search.noResults

search.searching

saml.title
dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
FEATURES DIVERSITYANDINCLUSION


It is important to remind people that wedo have unconscious biases, and it is important to mitigate them


AMYCHO SCHRODERS


FIG 6


DOYOUBELIEVE THE NEXT GENERATION OF WEALTHY FAMILIES WILL INCREASINGLY CHOOSE THEIR FINANCIAL SERVICE PROVIDERS ACCORDING TO THE ETHICAL STANCEAND MORALITY OF THEIR LEADERSHIP?


Yes No


Not sure


020406080100 Per cent


paygap(Figure5). Broadeningthe talentpoolto


includeethnic minorities remainsa challengeinwealthmanagement,as there ismuchmoreawarenessamong white, privilegedyoungpeopleabout wealthmanagementfirmsandthe financialworldthanthereis in ethnic minorities.“Weneedtopersuade blackschoolanduniversity leavers toconsiderwealthmanagementasa career,andweneedtoshowthemhow theycanbesupportedinacareer they maynotpreviouslyhaveconsidered,” believesMichaelMorley,CEODeutsche BankWealthManagementUK. Thelackof rolemodelsneedsto


beaddressedtoo.“Ethnically diverse colleaguescanlackrolemodels in theorganisation,whichcanincrease attrition of this group,”pointsoutJean- ChristopheGerard,CEOPrivateBank, Barclays. More broadly, thereisalackof


diversity ofbackgroundinpeople enteringthe sector,whotendtobe mainlyuniversityeducated, from privilegedbackgrounds,saysMr Gerard,whobelieves “it is also important tobroadenthe diversity agendabeyondgenderandethnicity, toencompassall diversity types”.


DIVERSITYOFEDUCATION Anotherindustrymisconception is that the bestpeoplein thefinancial services sectorcomefromtopuniversities


28 APRIL/MAY 2021


andstudiedfinance, states Ali Jamal, founderandCEOofwealthmanager AzurainMonaco.“Webelievetalent canbefoundeverywherein this world, acrossinstitutionsandacross industries,”explainingthataSouth Africanengineeringgraduatetogether withaformerofficer fromtheRoyal Navycanthink of“newclient solutions fromdifferentvantagepoints”. Thedesireandneedtobroadenthe


talent pool,andthe searchfor strong leadershipskillshasdrivenbankssuch asCiti to focusontrainingindividuals suchasformermilitarypersonnel, or formersportsprofessionals, believed tohavestrongworkethics. Addressingemployees’unconscious


biases isatopobjectiveof training sessions foralmost20percent of leaders, afterenhancing‘client first’ mentality,improvingsoft skillsand digitalcapabilities (Figure3). “It isimportantto remindpeople


thatwedohaveunconsciousbiases, andit isimportant to mitigatethem, especiallyduringrecruitment,during performanceappraisal,andwhen assessingremuneration, tomakesure thesystemisbasedonmeritocracy andequity,”saysAmyCho,CEO,Hong Kongandheadof intermediary,Asia- Pacific atSchroders. Several leaderssharethe viewthat


onewayofdealingwithunconscious biases, in additionto training, is ensuringthat interviewpanels, bothfor entry levelandsenior level candidates, arediverse.


MENTORINGINREVERSE Leaders placegreatemphasison mentorshipandsponsorship, with70 percent ofthembelievingit is the best wayto attain trainedandqualifiedstaff (Figure4). Whileinthe traditionalformof


mentorship,thepersonwithgreater experience,thementor,advises the mentee, inHongKong,Schroders


hasimplementedreversementoring, wheremillennialsmentornon- millennials.MsChoherself joined theprogramme,“tolearnmoreabout the thinkingof millennialsandtheir needs,”andtomakesurethecompany cansupportthoseneeds. This initiativeisnowevolvinginto


anew‘buddyprogramme’,basedon the belief thattwopeopleof different agesandbackgroundscansharework andlifeexperience.MsChoactively encourages all linemanagers to take part in theseinitiatives,sponsoredby thehumanresourcesdepartment,but drivenbyemployees’ groups, believing it isimportant for leaders to“walkthe talk”. Aquarter of respondentsagreethat


searchingforexcellent leaderswho canbringteamswiththemisthemost effectivestrategytoacquiretalent. “Oneofthemostdifficultmissionsfor aleader is toencourageandinspire others to follow,”saysBPI’sMrLuna. “Ifyoucanbringinaleader thathas thepower to bringthe teamwith them,thatshouldcertainlybeagood indicator”. Buildingadiversity cultureisa


journeyandtakes time.Oneway toacceleratetheprocess is to hire inclusiveleaders,saysCiti’sMr Pigorini, notingthoseindividuals,who atsomestageof their career or lifehave notfelt included,becomemuchmore inclusiveleaders. Theseindividuals arecrucial to


meettheneeds ofthenextgeneration ofwealthyfamilies,whoincreasingly choosetheir financial serviceproviders accordingto their ethical stanceand morality of their leadership,according to88percent ofsurveyrespondents (Figure6). “Ifyoupopulateyoursenior


leadership teamwithpeoplethat are inclusive,eventuallyyoudomanage tochangetheculture,prettyeasily,” concludesMrPigorini.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40