RBC Wealth Management working to make financial services more inclusive, joins Financial Alliance for Racial Equity

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Oct 27, 2022, 15:16 ET

MINNEAPOLIS, Oct. 27, 2022 /PRNewswire/ - RBC Wealth Management – U.S. is committed to bringing more diversity to financial services. That's why the firm is excited to join in activities with the Financial Alliance for Racial Equity (FARE) coalition. RBC Wealth Management fully supports the FARE mission to unite financial services firms, historically Black colleges and universities and industry partners around the goal of making a career in financial services more appealing and inclusive.

"We have made progress in making our industry a more attractive place for women to grow and thrive as financial advisors," said Shareen Luze, Head of culture and field experience at RBC Wealth Management. "But we still have a lot of work to do to make it more inclusive for Black, Indigenous and People of Color."

As a member of FARE, RBC Wealth Management will focus on creating awareness of opportunities to attract and retain diverse talent to the financial services industry, increasing retention among early career professionals of color and helping mid- to late-career professionals grow in their career.

"The Financial Alliance for Racial Equity was created because it was clear that no individual firm could solve this challenge on its own," said Kristi Rodriguez, Senior Vice President of Nationwide, which is a founding member of FARE. "We knew we could make a much bigger impact by working together as an industry to drive change. RBC Wealth Management brings a tremendous commitment to this cause, which makes them an outstanding addition to the FARE coalition."

Research shows that Black financial advisors face unique challenges including discrimination and lack of mentorship opportunities, and it translates into fewer African American advisors joining our ranks.

According to data gathered by FARE, 67% of students who participated in a recent survey say they find the financial services industry appealing, but 90% of Black students feel there are challenges that are unique to Black financial advisors. Research shows that lack of support and discrimination by consumers deter them from choosing a career as advisors.

"These findings are an urgent call to action for our industry," said Luze. "In addition to making changes to our recruiting outreach, increasing mentorship opportunities and other actions to foster inclusion, joining FARE is another step RBC Wealth Management is taking to help bring real change to our industry."

As a member of the coalition, RBC Wealth Management participated in FARE's HBCU Connect event, "Finding Your Fit in Financial Services" on Oct. 19 in Columbus, Ohio, where recruiters networked with students and recent graduates. Representatives from the firm also spoke at the conference about their path into the financial services industry and their experience working in the firm.

Elijah Hall, a client associate in Canonsburg, PA, says what attracted him to RBC Wealth Management is the supportive environment and a culture of mentorship and opportunities for growth. And his role working directly with clients is rewarding.

"The fact that I make such a positive impact on clients' lives and watching them see past the color of my skin is great," he said. "They seem to have a lot of respect for me and that extends to respect for the African American community as a whole."

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 92,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

About RBC Wealth Management – U.S.

In the United States, RBC Wealth Management operates as a division of RBC Capital Markets, LLC. Founded in 1909, RBC Wealth Management is a member of the New York Stock Exchange, the Financial Industry Regulatory Authority, the Securities Investor Protection Corporation, and other major securities exchanges. RBC Wealth Management has $510 billion in total client assets with more than 2,100 financial advisors operating in 184 locations in 42 states.

About FARE

Founded on research, the Financial Alliance for Racial Equity (FARE) was launched by several leading financial services organizations, industry associations and Historically Black Colleges and Universities (HBCUs) in September 2020. The FARE mission is to increase racial diversity, drive greater equity and foster inclusion within the financial services industry and the communities served. In addition to RBC Wealth Management, the FARE coalition includes: Swiss Re, Morgan Stanley, M Financial Group, NFP, Employee Benefit Research Institute, Huntington Bank, Franklin Templeton, Miami Life, Advisor Group, DCIIA, the American College of Financial Services, Capital Group, American Retirement Association, CFP Board 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.

SOURCE RBC Wealth Management - U.S.