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Are Advisors Really Doing Something About Diversity? The road to real change in advisory firms calls for a full-court commitment. A small number of RIAs are moving past lip service.
After the killing of George Floyd last summer set off protests across the country about police treatment of Blacks and systemic racism, Brent Kessel posted a heartfelt message about his firm’s support of the demonstrations. But, even though it had started working on racial diversity issues two years before, he knew he had to do more.
“I stepped in to take over leadership of our strategy,” says Kessel, who is CEO of Abacus Wealth Partners, a Los Angeles–based firm with $3.6 billion in assets. “Rather than just checking some boxes, we wanted to operationalize diversity, equity and inclusion into every aspect of the firm.”