Empowering our Diverse Financial Advisors and Clients
2019 Day of Inclusion - Wells Fargo Advisors held a special, multi-dimensional event aimed at empowering its leaders to advance diversity and inclusion in their local markets.
The Wells Fargo Advisors Diverse Client Segments team’s mission is to position the firm as the wealth management firm of choice for diverse clients, financial advisors and team members. Our group has positioned diversity & inclusion to align with WFA’s four strategic priorities: High Impact Advice, Innovating the Client Experience, Next Generation Talent and Next Generation Client.
The Diverse Client Segments team seeks to:
- Empower advisors to engage and grow their business with diverse clients
- Attract, develop and retain diverse financial advisors and promote diverse teaming
- Promote diverse representation in leadership
- Create an inclusive, thriving environment for all team members.
How'd You Get There: Dreaming big, staying focused and advocating for diversity - David Dawkins shares his career struggles and successes, and about his new opportunity to serve on the Wells Fargo Advisors Operating Committee
Our goal is to be as diverse and broad as the communities we support; at this time we are directly supporting segment work for:
- African American
In addition to empowering business growth within diverse client markets, the team also works closely within firm-wide initiatives to support diverse financial advisors and team members. Key programs in place today promote inclusion and provide targeted support for those advisors and managers who identify as:
Research shows that companies with diverse and inclusive cultures outperform their peers.
- Publicly traded companies on the DiversityInc Top 50 list over the past 10 years have outperformed the NASDAQ by 28%, S&P 500 by 25% and the Dow Jones Industrial average by 22%. (Source: DiversityInc)
- As reported in their 2015 research, “Diversity Matters,” McKinsey & Company found a statistically significant relationship between a more diverse leadership team and better financial performance. The companies in the top quartile of gender diversity were 15 percent more likely to have financial returns that were above their national industry median, while companies in the top quartile of racial/ethnic diversity were 35 percent more likely to have financial returns above their national industry median.
To be successful, we must be as diverse as the customers and communities we serve.
- According to a 2013 report by the Selig Center for Economic Growth the purchasing power of racially/ethnically diverse Americans is approaching $12.4 trillion.
- According to a 2013 study by Witeck-Combs Communications and Packaged Facts, the LGBT community represents $830 billion in purchasing power.
- According to the US Census Bureau, approximately 19% of the U.S. population had a disability in 2010.
- According to a report by American Express Open, as of 2013, there were an estimated 8.6 million U.S. women-owned businesses, generating more than $1.3 trillion in revenues and employing nearly 7.8 million people.
- According to the Veteran’s Administration, there are 1.4 million active service men and women, 1.2 million reserve forces and 22 million veterans.
- According to SMB Insights, the number of African-American-owned businesses has seen an increase of 34% from 2012-2017, with a projected increase of $15 billion in revenue.
- Latino buying power is at $1.7 trillion and currently accounts for 10% of the total US buying power, according to Goldman Sachs.