MINNEAPOLIS, Minnesota (October 28, 2019) – As part of its push to increase diversity in both its corporate and financial advisor ranks, RBC Wealth Management – U.S. today launched a new digital storytelling series exploring the pathways to entry and success for employees representing a range of identities.
The videos are designed to support and amplify a host of new initiatives put into place at the firm over the past few years to increase the pipeline of talent to RBC Wealth Management. The end goal is to build a workforce more reflective of the diverse client base the company serves.
The documentary-style videos feature executives, financial advisors and client associates reflecting on their unique backgrounds, journeys to and through RBC Wealth Management, and key relationships and choices that made a difference to them along the way. Their stories also show the importance of finding a welcoming and supportive employer for long-term success.
Vikesh Nemani, Chief Administrative Officer for RBC Wealth Management – U.S. and one of the subjects featured in the series, shares, “When I was a child in Kolkata, India, I dreamed of living and working in the United States. I attended graduate school in Ohio and came to work for RBC Wealth Management about 18 years ago. During my time here, the company has provided unmatched support for my personal and professional development. I hope that in sharing my story, I can encourage other immigrants and minorities to not only consider a career in financial services, but to find an employer like RBC that truly celebrates and supports them in all facets of life.”
Industry research continues to show that financial services, including wealth management falls short in cultivating a workforce that reflects the rich diversity of the United States. In fact, according to the 2018 Securities Industry and Financial Markets (SIFMA) Diversity Survey, only 24 percent of financial services employees are minorities. Those stats are even worse for the wealth management industry where minorities represent only 12 percent of financial advisor roles, according to the SIFMA survey. African Americans and Hispanic Americans are particularly underrepresented, despite their growing relative percentage in the working-age population.
Part of the problem, says Tom Sagissor, president of RBC Wealth Management – U.S. is that people are drawn to careers and activities where they see themselves reflected. The existing lack of diversity in the financial services industry serves as an impediment to attracting diverse talent.
The new videos build upon an earlier set launched in September 2017 that featured female advisors sharing personal stories about their journey to the wealth management industry and encouraging more women to follow suit. As a result of the campaign, the firm received more than a thousand inquiries from women and diverse candidates who wanted to learn more about financial services professions. Several of those candidates work at RBC today.
“With an increasingly diverse clientele, wealth managers need to empower leaders with diverse and relatable life experiences. Clients want to work with people who understand and identify with them,” said Sagissor said. “Ultimately, by recognizing the variety and achievement in our employees’ stories, we hope to inspire a new wave of talent from all walks of life to join us here at RBC.”
In the United States, RBC Wealth Management operates as a division of RBC Capital Markets, LLC. Founded in 1909, RBC Capital Markets, LLC is a member of the New York Stock Exchange, the Financial Industry Regulatory Authority, the Securities Investor Protection Corporation, and other major securities exchanges. RBC Wealth Management has $384 billion in total client assets with more than 1,900 financial advisors operating in 170 locations in 42 states.
Nicole Garrison, RBC Wealth Management, 612-371-2999, or Nicole.garrison@rbc.com
Tim Nelson, RBC Wealth Management, 612-371-2239, or Tim.nelson@rbc.com
Jelena C. Nedelka, Lansons Intermarket, 212-909-4781, or Jnedelka@intermarket.com
Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.