by Trudy R. Turner, CFP®, CPA
The financial planning profession is experiencing multiple challenges and opportunities due to prominent demographic shifts. For example, the nation's minority population has steadily risen to 35 percent and the United States is moving toward a "majority of minorities" society, according to recent estimates from the U.S. Census Bureau. In fact, four states-Hawaii, New Mexico, California and Texas-as well as the District of Columbia have minority populations that exceed 50 percent. Currently, minorities make up 49 percent of the children born in the United States, with identification of being multi-race or multi-ethnic also on the rise. Estimates of the tipping point when minorities will become the majority in the United States are as early as 2042 through the mid-century.
Language barriers, cultural differences, and relative unawareness and underutilization of the financial planning process are all challenges for our profession. On the opportunity side, much of the future labor supply, leadership and wealth in the United States will be developing from groups historically underserved by the financial planning community.
FPA Addresses Diversity Issues Head-On
In 2007, the FPA Diversity Task Force was born from passionate volunteer leadership and the desire of FPA staff and the board of directors to address the changing shift in diversity that affects the profession as a whole and the consumers and clients the profession advises. Now in its fourth year, the FPA Diversity Committee has completed several initiatives, including the development of the FPA Diversity Statement, three Annual FPA Diversity Summits and two years of FPA Diversity Scholarship awards.
The Diversity Statement emphasizes that FPA seeks to raise awareness of and promote an environment that embraces diverse communities of consumers and professionals. In so doing, FPA strives to increase opportunities and access for the widest spectrum of people so that all may join, collaborate and thrive within an inclusive financial planning community.
Diversity of people, ideas, skills, life experiences, business/compensation models, educational backgrounds and geographic regions are all critical to the association's belief that diversity of its membership is critical to serving a diverse public. Furthermore, this diversity is crucial to the association's commitment to helping create a world where everyone thrives and prospers.
Get Involved
In October, numerous cities around the country will kick off Financial Planning Days activities. These events are the direct result of partnering among FPA, Certified Financial Planner Board of Standards, the Foundation for Financial Planning and the United States Conference of Mayors. Through a series of clinics, qualified and experienced financial planners will provide free, no-strings-attached financial advice and education to underserved communities, young adults and individuals facing special life circumstances or crises.
To successfully serve the expected participants, many volunteers are needed for Financial Planning Days events, including multi-ethnic and multi-lingual practitioners.
To learn more about the program and to get involved, visit the Financial Planning Days website at www.FinancialPlanningDays.org. Those who volunteer for Denver Financial Planning Day on Oct. 9 will receive a $100 discount off FPA Denver 2010 conference registration. Act now as this discount is offered on a first-come basis.
Beyond Financial Planning Days, there is a great need for planners to provide pro bono financial planning advice to underserved populations. Contact your local FPA chapter to find out about upcoming volunteer opportunities and training. You can also e-mail FPA's Pro Bono Services Department at FPAprobono@FPAnet.org to learn about national and local volunteer opportunities.
In addition, the FPA Diversity Committee welcomes volunteers for its subcommittee groups: Diversity Scholarships, Communications, Diversity Summit and Diversity Issues of the Profession. E-mail FPA staff liaison, Christine Richardson, at Christine.Richardson@FPAnet.org with your volunteer interests.
With your support, FPA can achieve its primary aim to be the community that fosters the value of financial planning and advances the financial planning profession.
Trudy R. Turner, CFP®, CPA, is co-chair of the FPA Diversity Committee.
