CHARLOTTE, N.C., Feb. 18, 2021 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq:LPLA), a leading retail investment advisory firm, registered investment advisor (RIA) custodian and independent broker-dealer, today announced the launch of a new video series, “Around the Table: Black LPL Advisor Voices,” which features six Black LPL Financial advisors who gathered virtually for a meaningful conversation on real issues facing Black advisors and investors.
The seven-episode series will feature discussions among the LPL advisors moderated by Lauren Taylor Riley, head of LPL’s Advisor Diversity & Inclusion team. The advisors share their unique perspectives on overcoming barriers to success, why they chose to become independent financial advisors, the importance of mentorship and how the industry can better serve the Black community, among other topics. Episodes will be released weekly through March 30 in the LPL newsroom.
“We brought these advisors together during Black History Month for a special video series because we believe representation truly matters,” Taylor Riley said. “At LPL, our goal is to reflect the diverse marketplace and be agents of positive change in our industry. We believe everyone brings a different perspective to the table, and we are committed to cultivating spaces for underrepresented advisor groups to connect, share best practices for growing their businesses and have the opportunity to be a part of a community of peers with similar backgrounds and shared experiences.”
Barriers to success for Black advisors
In the first episode, the group discusses barriers facing Black advisors, who are still underrepresented in the industry. A 2020 CFP Board report noted that Black and Latinx advisors represent less than 4% of the CFP® professionals in the industry. Additionally, a recent Cerulli diversity study called out a lack of familiarity with the financial advisor profession, particularly with women and advisors of color, as a barrier for breaking into the industry. “When there’s nobody that looks like you in a hiring position, it makes it that much more difficult to compete,” LPL advisor Brian Butler of Wealth Standard Financial said during the discussion, referring to entry-level positions in most wirehouses. “It’s a hard mountain to climb, and the business is hard enough anyway.”
Other barriers to success for Black advisors, according to the group, include compensation issues, lack of training and mentorship opportunities, preconceived biases and difficulties establishing a client base.
View the first episode: Barriers to Success.
Meet the advisors: Introducing Around the Table
About LPL Financial
LPL Financial (https://www.lpl.com) is a leader in the retail financial advice market, the nation’s largest independent broker-dealer** and a leading custodian (or provider of custodial services) to RIAs. We serve independent financial advisors, professionals and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.
**Based on total revenues, Financial Planning magazine June 1996-2020.
Securities and advisory services offered through LPL Financial LLC, an SEC- registered broker-dealer and investment advisor. Member FINRA/SIPC.
Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.
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