The Importance of Inclusion: Andy Taylor on Promoting Diversity in Financial Advice
Exciting news, Our director, Andy Taylor, was recently featured in the May issue of Money Marketing magazine, an article written by Amanda Smith, where he discussed diversity from a social class perspective.
“Writing new business is hard and too many advice firms don’t give any direction. Firms probably need only one person to swim to pay for the sinkers, but that causes a lot of collateral damage.
The 'In Focus' piece for the diversity and inclusion slot highlights the lack of socio-economic diversity in the field of economics and its impact on the financial advice profession. Traditional recruitment practices within the profession have seen firms favouring graduates for their training schemes, which perpetuates the lack of diversity in the industry.
The article discusses how social class can impact confidence and how finance and money management may not be seen as a natural career path for those who did not grow up with it. This ties in with broader issues around diversity, such as women's lack of confidence in mathematics, and the UK Government's plans for maths to be studied until 18.
Here at Exchange Street Recruitment, we’re dedicated to offering a diverse pool of candidates to our clients with every placement. We understand the importance of having a team that reflects the diversity of our society, and we are committed to ensuring that our clients have access to a broad range of candidates from different backgrounds and experiences.
Financial planning firms and planners can also play an important role in addressing the lack of diversity in the industry. For instance, Emma Fielding and Scott Millar at First Wealth have been doing some excellent work around educating young people about finance and money management. Similarly, financial planners have been pushing for money and finance to be included in school curriculums.
Moreover, the rise of social media platforms, such as Tik Tok, have opened up new avenues for spreading the message about financial planning and money management. David P, for example, has been using TikTok to reach a wider audience and educate young people about finance.
We applaud Andy's efforts to raise awareness about the lack of socio-economic diversity in the financial advice profession. We are committed to working with our clients to promote diversity and inclusion in the industry, and we believe that by doing so, we can create a more equitable and sustainable future for all.
To read the full feature in Money Magazine, click here and head to page 31.