The financial planning profession faces dual challenges: limited access to services for underrepresented groups and an aging advisor population lacking succession plans. Diamond, chief growth officer at Gries Financial Partners and The 4100 Group Financial Services, outlines how firms can address both issues through targeted initiatives to attract and retain younger, diverse talent while expanding service models to reach underserved communities.
To create more sustainable and inclusive practices, Diamond recommends implementing tiered fee structures to serve diverse client segments, establishing year-round internship programs, partnering with universities, conducting high school outreach, and creating scholarships for underrepresented groups. She emphasizes that increasing diversity isn’t just a moral imperative but a strategic advantage that leads to better decision-making, innovative solutions, and stronger client relationships as the profession adapts to serve an increasingly diverse population.