Leslie Tabor, Director of Business Consulting and Education at Schwab Advisor Services, joined Keith Black, Managing Director of RIA Channel, to discuss diversity and talent in the RIA industry.
Schwab publishes an annual RIA Benchmarking Study identifying the factors driving the most successful advisory firms. Topics covered include planning, value, operations, brand, and talent.
Tabor notes that diversity is improving in the RIA industry. Women now hold 46% of all roles in the industry but tend to be overrepresented in administrative and support roles and underrepresented in client-facing and executive management positions.
In 2023, 12.5% of industry employees were racially diverse, an improvement from 9% five years earlier. It can be difficult to find diverse talent with industry experience, with advisory firms finding the highest probability of identifying talent at the college and university levels. Schwab offers resources for talent management.
Schwab’s annual Impact conference hosts a student program, with 80 students from 20 colleges and universities attending the 2023 conference in Philadelphia. Advisors and students are encouraged to make connections during Schwab Impact. Tabor states that advisors primarily leverage three channels for recruiting: personal networks, colleges and universities, and other RIAs. Advisors can inquire about hiring students who have completed RIA-focused internships at Schwab.
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