The CFP Board Center for Financial Planning is an organization that focuses on increasing diversity in the financial planning profession. The goal is to grant access to competent and ethical financial planning advice to all communities to help individuals make better decisions with more accurate information. Recently the CFP Board Center for Financial Planning was able to secure a key sponsorship from Merrill Lynch Wealth Management for its inaugural Diversity Summit aimed at expanding its goals.
The sponsorship will help the organization run the day long summit and include speaking slots from “Marc Morial, president and CEO of the National Urban League, Just Wealth Founder Phuong Luong, and Dr. Frank Dobbin, a Harvard sociology professor with a background in economic sociology and chair of the university’s organizational behavior graduate program.”
The organization reported starkly disproportionate numbers of women and non-whites among financial planners. “[W]omen make up only 23 percent of CFP professionals in the United States,” according to the organization’s analysis. Based on the self-reported data, “less than 3.5 percent of all 80,000 CFP professionals are Black or Latino, which is significantly less than the representation of Blacks and Latinos in the U.S. population.”