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Advice from the C-Suite was flowing throughout Nicsa’s Fearless Leadership Symposium in NYC this June. Here's a summary of the key action items for participants to take to their own firms to advance Diversity, Equity, and Inclusion (DEI):

Key Action Items and Takeaways:

Get Involved in Business Resource Groups (BRGs):

BRGs for underrepresented communities are highly beneficial and provide opportunities for networking, learning about others' challenges, and discovering ways to help. BRGs facilitate deeper connections and understanding among employees.

Mentor and Sponsor:

Mentorship is crucial, with leaders encouraged to mentor multiple individuals. Sponsorship involves actively advocating for the career advancement of mentees. This progression helps build a robust support system within the organization.

Engage in Community Activities:

Engaging in community volunteer activities is deeply enriching and essential for promoting DEI. This involvement helps employees connect with their communities and understand diverse perspectives better.

Integrate DEI into Daily Work:

DEI efforts should be integrated into daily work and professional life rather than seen as additional tasks. Making time for DEI activities can be challenging, but it's important to find ways to naturally incorporate them into regular routines.

Establish Listen Groups:

Creating formal "listen groups" where senior leaders participate to listen and support employees is beneficial. These groups provide a safe space for employees to share their experiences and challenges, promoting understanding and empathy among leadership.

Promote a Culture of Inclusivity:

Inclusivity is promoted through the support and resources provided by affinity groups and listen groups. These initiatives help create a culture of common interest and learning, enabling employees to appreciate and embrace differences.

Learn and Adapt:

Difficult societal events have prompted organizations to create opportunities for leaders to listen and learn from employees' experiences. This openness helps leaders understand the diverse perspectives and challenges faced by their workforce.

A set of personal To Do’s Include:

Know your data; understand what metrics your firm is measuring.
Lead with transparency; share your goals, successes, and obstacles.
Meet people, businesses, and clients where they are; bring them along on the journey if they are willing.
Don’t be daunted by the task.

These are just some of the quick take-aways heard at this year’s Fearless Leadership Symposium. The annual event unites industry leaders to accelerate DEI in the Asset & Wealth Management Industry. The event is hosted by Nicsa’s Diversity Project North America.

For more DEI content, visit learn.nicsa.org/DEI

About Diversity Project North America

The Diversity Project North America is Nicsa’s cross-company initiative that champions DEI as a strategic business priority within the asset and wealth management industry.

Through education, advocacy, and idea sharing, we promote the acceptance of diversity in all forms, the elimination of barriers and biases, and the creation of equitable opportunities.

We advance better business results for our member firms and positive long-term impact for the clients we all serve by fostering an industry where diversity is achieved, equity is the standard, and inclusion is celebrated.

Attendees of Nicsa’s Fearless Leadership Symposium discovered the potential of AI in mitigating bias and empowering investors.

A panel of four women addressed the audience, delving into this dynamic, technology-driven subject. During the NYC-based event, Cheryl Boyd, Co-Leader of Asset Management Business Transformation at EY led a panel including Myra Chen, Director, VP, Insights and Analytics, Capital Group; Shannon Daigh, Executive Director, Global Head of Middle Office Product, JP Morgan; and Fee Torpey, Senior Manager, Deloitte Consulting Investment Management.

Below is a summary of their discussion.

The advent of artificial intelligence (AI) is poised to revolutionize nearly every aspect of our professional lives. Much like the transformative power of electricity in the early 20th century, AI's impact will be ubiquitous and profound. Already, AI-driven tools and systems have permeated our daily routines, from personalized recommendations on e-commerce platforms to voice-activated assistants like Siri and Alexa. However, the implications of AI extend far beyond convenience, promising to enhance and advance critical areas such as Diversity, Equity, and Inclusion (DEI) within organizations.

The Power of AI in Shaping DEI

One of the most promising applications of AI in the DEI space is in transforming hiring practices. Traditional hiring processes are often fraught with unconscious biases that can lead to a lack of diversity in the workplace. AI can help mitigate these biases by anonymizing applications and focusing on objective criteria for eligibility and selection. For example, AI can analyze resumes without revealing personal information such as names or genders, thus preventing any initial bias that could affect hiring decisions.

Moreover, AI can assist in creating more inclusive talent pools. By utilizing algorithms that identify a diverse range of candidates, companies can ensure a broader and more varied selection of potential hires. This not only helps in fostering a more diverse workforce but also promotes equity by giving equal opportunities to all applicants, regardless of their background.

Enhancing Employee Training and Development

AI also plays a crucial role in content creation and training programs aimed at promoting DEI. Generative AI can develop training materials that account for cultural differences across various regions, ensuring that the content is relevant and respectful of all employees' backgrounds. This can be particularly useful for multinational corporations that need to create training programs that resonate with a global workforce.

Additionally, AI can facilitate personalized learning experiences. By analyzing employees' learning styles and progress, AI systems can tailor training programs to individual needs, thereby enhancing the effectiveness of DEI training. This personalized approach ensures that all employees, regardless of their starting point, can engage meaningfully with DEI initiatives.

Addressing Unconscious Bias

Unconscious bias is a significant challenge in achieving true equity within organizations. AI can help by identifying patterns of bias that may not be evident to human observers. For instance, AI can analyze promotion and pay data to highlight disparities that need to be addressed. By providing a data-driven approach to identifying and correcting biases, AI can help organizations create fairer and more equitable workplaces.

The Ethical Considerations of AI in DEI

While AI offers significant potential for advancing DEI, it is not without risks. One of the primary concerns is the potential for AI systems to perpetuate existing biases if they are not designed and trained properly. It is crucial to ensure that the data used to train AI systems is representative and free from bias. This requires careful oversight and ongoing monitoring to prevent unintended consequences.

Transparency and accountability are also essential. Organizations must be open about how they are using AI, especially in making employment decisions. This entails being open and clear with both employees and candidates about how AI is used in the hiring process, and having systems in place to address any concerns or issues that come up.

Implementing AI Responsibly

To mitigate the risks associated with AI, organizations should establish robust governance frameworks. This includes setting up steering committees that bring together leaders from various departments, including risk, compliance, legal, and data science. These committees can oversee the implementation of AI systems and ensure that they align with the organization's values and ethical standards.

Training and education are also critical. It is important to educate all employees, from the CEO to frontline workers, about the capabilities and limitations of AI. This helps in building trust and ensures that everyone in the organization understands how AI can be used responsibly to advance DEI goals.

Measuring Success

Effective measurement is key to ensuring that AI-driven DEI initiatives are successful. Organizations should set clear, tangible goals and regularly assess their progress. This might involve tracking diversity metrics, employee engagement levels, and the impact of DEI training programs. By continuously evaluating and refining their strategies, organizations can ensure that they are making meaningful progress towards their DEI objectives.

In conclusion, AI has the potential to be a powerful tool in advancing DEI within organizations. By leveraging AI to remove biases, enhance training, and provide data-driven insights, companies can create more inclusive and equitable workplaces. However, this requires a thoughtful and responsible approach, with a strong focus on ethical considerations and ongoing measurement. As we navigate this new frontier, it is essential to remember that AI is ultimately a tool to enhance our human efforts in building a more diverse, equitable, and inclusive world.

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The annual Fearless Leadership Symposium unites industry leaders to accelerate DEI in the Asset & Wealth Management Industry. The event is hosted by Nicsa’s Diversity Project North America.

For more DEI content, visit learn.nicsa.org/DEI

About Diversity Project North America

The Diversity Project North America is Nicsa’s cross-company initiative that champions DEI as a strategic business priority within the asset and wealth management industry.

Through education, advocacy, and idea sharing, we promote the acceptance of diversity in all forms, the elimination of barriers and biases, and the creation of equitable opportunities.

Bottom of Form

Nicsa’s Fearless Leadership Symposium hosted Byron Pitts, ABC correspondent: Bob Adams, Chief Operations Officer, Fidelity Investments; and Cinda Whitten, Head of Global Investment Operations, Nuveen for a Fireside Chat about the importance of DEI within the global Asset and Wealth Management industry. The trio provided insights as to how intentional sponsorship can move the needle on DEI and talent retention.

According to these thought leaders, here’s how to support a successful sponsorship:

Understand the Difference:

While both mentorship and sponsorship are important, they serve different roles. Mentorship focuses on guidance and advice, whereas sponsorship involves advocating for someone’s career advancement.
Organizations should develop and promote sponsorship programs alongside mentorship programs to advocate for and advance the careers of underrepresented employees.

Educate on Allyship:

Continuous education on the importance of allyship should be provided to all levels of leadership to ensure broad support and the breakdown of existing barriers.

Promote Vulnerability in Leadership:

Vulnerability is a crucial component of leadership, even in competitive industries. Leaders must create safe environments for open conversations and allow employees to bring their authentic selves to work.
Leaders should model vulnerability by sharing their personal stories and challenges. This furthers an environment of trust and honesty, encouraging employees to bring their authentic selves to work.

Create Safe Spaces:

Develop safe and inclusive spaces where employees feel comfortable discussing DEI issues and bringing their whole selves to work. This requires a proactive approach from leadership to invite and encourage such conversations.

The annual Fearless Leadership Symposium unites industry leaders to accelerate DEI in the Asset & Wealth Management Industry. The event is hosted by Nicsa’s Diversity Project North America.

For more DEI content, visit learn.nicsa.org/DEI

About Diversity Project North America

The Diversity Project North America is Nicsa’s cross-company initiative that champions DEI as a strategic business priority within the asset and wealth management industry.

Through education, advocacy, and idea sharing, we promote the acceptance of diversity in all forms, the elimination of barriers and biases, and the creation of equitable opportunities.

During Nicsa’s recent NYC-based Fearless Leadership Symposium, ABC correspondent Byron Pitts led a discussion among industry leaders about the pivotal issues shaping the DEI journey in asset and wealth management. Bob Adams, Chief Operations Officer, Fidelity Investments and Cinda Whitten, Head of Global Investment Operations, Nuveen provided invaluable perspectives on navigating today's complex challenges and seizing opportunities from industry trailblazers.

These influential business leaders discussed their responsibility in fostering an inclusive environment within their organizations, emphasizing the critical role of creating a culture where diversity is viewed as a business imperative essential to the enterprise's success.

Here are our key action items from the discussion:

Drive Mission-Driven Approaches:

One way that organizations within the asset and wealth management industry can integrate DEI into their core mission is to focus on addressing gaps in retirement wealth, particularly for women and African Americans. The intersection of business goals and social responsibility should remain a priority focus for industry leaders.

Expand DEI Definitions:

Organizations should broaden their definitions of diversity to include various backgrounds and experiences beyond just race and gender.

Embed DEI into Business Strategy:

DEI should be seen as a business imperative, seamlessly integrated into the organization's mission and strategies to drive long-term success.

Leadership Commitment:

Leaders must commit to driving DEI initiatives and leading by example, ensuring that the organizational culture reflects a genuine commitment to diversity and inclusion.

Addressing Societal Challenges:

Organizations should remain alert and proactive in addressing societal challenges and distractions that may impact DEI efforts, maintaining a steadfast commitment to progress.

Measure and Communicate Impact:

It's essential to measure the impact of DEI initiatives and communicate their importance to the workforce, linking efforts to tangible business results to sustain engagement and momentum.

Promote Inclusive Culture:

Building an inclusive culture requires continuous effort and alignment with evolving internal and external environments, ensuring that all employees feel valued and included.

This summary captures the essence of the discussion, emphasizing the multifaceted nature of DEI and the critical role of organizational commitment and leadership in driving meaningful change.

The annual Fearless Leadership Symposium unites industry leaders to accelerate DEI in the Asset & Wealth Management Industry. The event is hosted by Nicsa’s Diversity Project North America.

For more DEI content, visit learn.nicsa.org/DEI

About Diversity Project North America

The Diversity Project North America is Nicsa’s cross-company initiative that champions DEI as a strategic business priority within the asset and wealth management industry.

Through education, advocacy, and idea sharing, we promote the acceptance of diversity in all forms, the elimination of barriers and biases, and the creation of equitable opportunities.

#DistributionandSales

Are our strides towards a more diverse, equitable, and inclusive industry being sustained or regressing? Nicsa’s Fearless Leadership Symposium tackled this hard-hitting question with an esteemed panel including Tommy Arnold, Principal, FSO Consulting Wealth & Asset Management, Ernst & Young LLP; Omar Aguilar, CEO and CIO, Schwab Asset Management; and Michelle Thompson-Dolberry, Chief DEI Officer, MFS.

The discussion on whether we are making progress in Diversity, Equity, and Inclusion (DEI) highlighted both positive strides and significant challenges. The conversation was centered around the pressing question: "Are we going backwards?" Here are the key points from the discussion:

1. Challenges and Setbacks

Complexity and Distractions: There is an increased complexity in addressing DEI issues due to political polarization and societal distractions, making it more challenging to advance DEI initiatives.
Legislation and Backlash: Recent legislative efforts have created legal and operational hurdles for DEI initiatives, leading some organizations to reassess and potentially scale back their efforts.

2. Global and Political Context

Elections and Societal Trends: It was noted that nearly half of the world’s population would be participating in elections in 2024. Recent trends in the European Union and the introduction of what can be perceived as anti-DEI laws in 28 U.S. states were highlighted as factors influencing public perception and policy around DEI.
Nationalism and Immigration: These issues are reshaping attitudes towards DEI, with rising nationalism and debates over immigration impacting how diversity is viewed and valued.

3. Perspectives from Leadership

Quantitative Analysis: One speaker used the concept of "regression to the mean" to explain the perceived setbacks in DEI progress. While acknowledging short-term regressions, the panel emphasized long-term gains and the need to push forward despite challenges.
Personal and Organizational Commitment: Leaders shared personal anecdotes and professional experiences to underscore the importance of continued commitment to DEI. They emphasized the need to cultivate an inclusive environment where all individuals feel valued and can bring their authentic selves to the workplace.

4. Focus on Inclusion and Engagement

Inclusion as a Priority: The need to prioritize inclusion was stressed, as it is fundamental to success. Ensuring that every employee feels a sense of belonging is crucial for the overall health of the organization.
Employee and Community Engagement: The discussion covered strategies such as internship programs for underrepresented groups and fostering a culture that emphasizes belonging and empowerment within both the workforce and the community.

5. The Role of Personal Authenticity

Authenticity in the Workplace: Allowing individuals to be their authentic selves at work was identified as a key factor in enhancing productivity and job satisfaction. Leaders shared how personal authenticity has positively impacted their own performance and the overall work environment.

6. Future Directions

Adapting to the Environment: Organizations need to continuously adapt their DEI strategies in response to changing political and societal contexts. This involves being risk-aware and ensuring that DEI initiatives are sustainable and legally compliant.
Long-term Goals and Immediate Actions: While long-term progress is important, simple everyday actions that foster an inclusive culture are equally critical.

The discussion concluded with a reaffirmation of the importance of DEI work, despite current challenges. Leaders emphasized the need to stay committed, adapt strategies as necessary, and continue fostering environments where diversity, equity and inclusion are not just goals, but realities.

The annual Fearless Leadership Symposium unites industry leaders to accelerate DEI in the Asset & Wealth Management Industry. The event is hosted by Nicsa’s Diversity Project North America.

For more DEI content, visit learn.nicsa.org/DEI

About Diversity Project North America

The Diversity Project North America is Nicsa’s cross-company initiative that champions DEI as a strategic business priority within the asset and wealth management industry.

Through education, advocacy, and idea sharing, we promote the acceptance of diversity in all forms, the elimination of barriers and biases, and the creation of equitable opportunities.

By the DPNA Industry Engagement & Events Committee

In recent years, Juneteenth has gained significant recognition as a critical moment in American history, commemorating the end of slavery in the United States. As awareness of this pivotal day grows, many Diversity Project North America member firms are stepping up to honor it, not only as a celebration of freedom but also as an opportunity to educate and engage their employees about its significance. This movement reflects a broader commitment to diversity, equity, and inclusion within the asset and wealth industry.

Many of our members have added Juneteenth to their list of paid company holidays, posted on social media to raise awareness, and shared educational materials with their employees about the significance of the holiday.

Below are additional, creative ways in which some of our DPNA Member firms are recognizing Juneteenth and fostering a deeper understanding of its historical and cultural importance among their workforce:

Fidelity Investments

Guest Speakers: Culturally relevant, inspiring guests have included Annette Gordon-Reed, author of On Juneteenth, Pulitzer Prize winner, Harvard professor, and historian; and Opal Lee, known as the "Grandmother of Juneteenth."
Wear Red Campaign: Employees are encouraged to wear red (symbolizing the blood and resilience of the enslaved people) and post on social media.
Employee Events: Activities include trivia games, a music festival, and a cooking show.
Local Community Book Drive
Charitable Donation Matching

State Street Corporation

Jazz Night: Employees are invited to enjoy a live band in their employee lounge, organized in partnership with State Street’s Professionals Group.

Broadridge Financial Solutions, Inc.

Global Communication: Developed by Broadridge’s Multi-Cultural Associate Network (MCAN), an informative newsletter was distributed to all associates. View the 2023 edition here.
Internships: Aspiring young professionals in the 2024 intern program will be highlighted via social media posts, organized in partnership with MCAN.

Russell Investments

Bylined Articles: Drafted to showcase historical relevance and personal meaning of Juneteenth.
Anti-Racism Training: Initiatives provided via the company intranet, in collaboration with the Russell’s Black Associates Resource Group.

Allspring Global Investments

Regional Office Celebrations: Featuring food and beverages from Black-owned vendors.
Employee Communications: Highlighting historical information (history, flag, traditions), ways to support Black-owned businesses, and links to local celebrations in major cities.*

Ameriprise / Columbia Threadneedle Investments

Guest Speaker: Subject matter experts have included Joy Bivins, Director at the Schomburg Center for Research in Black Culture in Harlem, hosted in partnership with Columbia’s Black Employee Network (BEN)
Black-Owned Food Trucks: Lunch event available to all employees.
Celebratory Menus: Special menus offered in employee cafeterias.
Volunteer/Fundraising Opportunities: Partnerships with local charities and organizations have included:

Project 150, packing nonperishable food bags and sorting clothing donations for homeless high school students.
The Loppet Foundation, participating in the annual Juneteenth Fun Run.

*Resources for Celebrating Juneteenth around the Country:

Our member’s efforts reflect a commitment to not only recognize and celebrate Juneteenth but also to educate and engage employees in meaningful ways. By fostering a deeper understanding of this historic day, Diversity Project North America members are helping to build a more inclusive and equitable asset and wealth management industry.

About Diversity Project North America

The Diversity Project North America is a cross-company initiative that champions DEI as a strategic business priority within the asset and wealth management industry. Through education, advocacy, and idea sharing, we promote the acceptance of diversity in all forms, the elimination of barriers and biases, and the creation of equitable opportunities.

About Nicsa

Nicsa is a not-for-profit trade association striving to connect all facets of the global asset and wealth management industry in order to develop, share, implement, and advance leading practices. With broad industry participation, Nicsa serves a diverse set of industry professionals focused on a wide array of business lines including product, distribution, technology innovation, data, operations, risk management, and accounting.

Boston, MA – June 4, 2024 – Nicsa is pleased to announce the winners of its Rising Star Program, a mentorship and awards program aimed at providing networking and career development opportunities to diverse, aspiring leaders in the asset and wealth management industry.

Nicsa’s Diversity Project North America recognizes the importance of supporting emerging leaders with a program that not only provides recognition and exposure for diverse employees, but develops and hones the skills critical for retention and advancement of valued talent within the industry.

The 2024 Rising Stars were nominated by member firms of Nicsa’s Diversity Project North America and will receive the following benefits:

Recognition at Nicsa’s Fearless Leadership Symposium on June 12 in NYC
Leadership training via Nicsa’s Accelerator Professional Development Program
Networking opportunities with senior leaders from Nicsa member firms

The 2024 Rising Stars (representing their Diversity Project member firms) are:

Aegon Asset Management | River Dunne

Allspring Global Investments | Xiomary Sanchez Rodriguez

American Century Investments | Jessica Gonzalez-Smith

Amundi US | Maud Schmitt

Aon | Rohan Kumar

AXA Investment Managers SA | Mounir Oularbi

BlackRock | Alana Davis

BNY Mellon | Nicole Nader

Broadridge Financial Solutions, Inc. | Colleen Fitzsimons

Calamos Investments | Nii Ayi

Capital Group | American Funds | Hillary Hurst

CFA Institute | Mercy Ngungu

Citi | Marissa Crespo

Columbia Threadneedle Investments | Nadine Ishimwe

Confluence | Katherine MacNeil

Dimensional Fund Advisors Inc. | Isabel Haring

Edward Jones | Jamie Kauther

Ernst & Young LLP | Brittany Bello

Fidelity Investments | Mara Badali

Franklin Templeton | Deirdre DiMauro

FS Investments | Lexi DiGennaro

HSBC Global Asset Management | Nayali Quezada

J.P. Morgan | Yonas Shiferaw

MFS Investment Management | Meghan Dowd

Nationwide Financial | Waldo Torres

Northern Trust | Yessica Arguello Avila

Payden & Rygel Investment Group | Eduardo Pablin

Polen Capital | Andrew Marceau

Russell Investments | Stacy Joseph

Schroders | Mindy Lau

SS&C Technologies, Inc. | Nicole Floistad

State Street Corporation | Jacqueline Chacon

Thrivent Financial Investor Services, Inc. | Sofia Fuentes

Questions about the Rising Star Program, the Fearless Leadership Symposium, or how to join the Diversity Project North America can be sent to [email protected].

About Diversity Project North America

About Nicsa

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#PressRelease

Boston, MA – May 13, 2024 — Nicsa, a leading global asset and wealth management trade organization, will be hosting its annual Fearless Leadership Symposium in NYC on June 12, 2024.

The in-person event will highlight business practices that promote long-term growth in the asset and wealth management industry. The event will bring together industry leaders to discuss talent acquisition and retention, corporate culture, and future-looking strategies to influence diversity, equity, and inclusion in asset and wealth management.

Featured speakers include Bob Adams, Chief Operations Officer, Fidelity Investments; Omar Aguilar, PhD, President, Chief Executive Officer, Chief Investment Officer, Schwab Asset Management; Erika Irish Brown, Chief Diversity, Equity and Inclusion Officer and Global Head of Talent, Citi; Carol Fulp, CEO, Fulp Diversity LLC; Cinda Whitten, Head of Global Investment Operations, Nuveen; and Byron Pitts, Anchor & Chief National Correspondent at ABC News.

A full list of speakers can be found here.

The symposium will also host Nicsa’s Rising Stars Program, spotlighting diverse, aspiring leaders in the asset and wealth management industry. Honorees will be announced at a special ceremony and networking event the evening of June 12.

The symposium is powered by Nicsa’s Diversity Project North America a cross-company initiative that champions DEI as a strategic business priority within the asset and wealth management industry.

Attendees will include CEOs, senior business executives, and DEI leaders from asset managers, broker-dealers, consulting firms, custodians, executive search firms, fund accounting and audit firms, investment managers, law firms, private equity firms, technology providers, third-party service providers, and technology companies. View Diversity Project North America member firms here.

Details on speakers, panels, and other aspects of the Fearless Leadership Symposium can be found on the Nicsa website. Firms interested in attending or otherwise being involved in this event should contact Anne De May of Nicsa at [email protected]. Media interested in attending this event should contact Allison Lovett of Nicsa at [email protected].

About Nicsa

Nicsa is a not-for-profit trade association striving to connect all facets of the global asset and wealth management industry in order to advance leading practices.

Nicsa member firms include asset managers, wealth managers, broker dealers, custodian banks, transfer agents, and other professional service firms including audit, tax, law, technology, marketing, and compliance.

Nicsa aims to help firms operating in all segments of the global asset and wealth management industry meet the changing needs of their clients by aligning and educating industry participants through formal education programs, interactive forums, networking opportunities, and initiatives such as the Diversity Project North America.

About Diversity Project North America

Nicsa’s Diversity Project North America is a cross-company initiative that champions DEI as a strategic business priority within the asset and wealth management industry.

Through education, advocacy, and idea sharing, we promote the acceptance of diversity in all forms, the elimination of barriers and biases, and the creation of equitable opportunities.

#PressRelease