Advice profession 'already quite diverse', Pimfa says

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Advice profession 'already quite diverse', Pimfa says
Photo by Ketut Subiyanto/Pexels
ByJane Matthews

Pimfa has launched a campaign to encourage more people from diverse backgrounds into the wealth management and financial advice sectors but its chief executive says the industry is “already quite diverse”.

The trade association’s ‘make it’ campaign is being launched to “dispel negative perceptions around the industry”, which Pimfa said can have a significant impact on the ability of firms to attract the most talented candidates.

Pimfa has described the campaign as a “bold call to action for new talent from all kinds of backgrounds, to come in and shape old traditions into something better”.

We are still on a journey as an industryLiz Field, Pimfa chief executive

As well as highlighting opportunities for career and personal development, the campaign also aims to showcase how the industry can “act as a force for good” by helping people through difficult financial times in their lives.

The campaign is made up of a website featuring resources and videos that bring together different voices from across the industry and includes a free ‘toolkit’ for wealth management and advice firms. 

According to Pimfa chief executive, Liz Field the industry has “for many years known that it needs to better reflect the society it serves”.

Field added that the perception of wealth managers and financial advisers was “rather staid” and this did not reflect reality.

She continued: “While that’s never really been the case, that perception can inhibit the industry’s ability to attract the best talent as many people feel the industry isn’t for them.”

“As the videos we have created for the ‘make it’ campaign show, the truth is the industry is already quite diverse and becoming more so all the time,” Field said.

“We are still on a journey as an industry, but I hope this campaign, and the toolkit Pimfa is providing for firms to use, will help spread the message that, actually, wealth management and financial advice is an industry focused on helping people achieve their life goals and that it very much is an industry for everyone,” Field added.

Diversity in leadership

Pimfa has previously been criticised for a lack of diversity at its board level, which is comprised of 11 white men and two white women.

Richard Bishop, managing director of PFEP Wealth Management and author of ‘Articles of Association: Guidance and Precedents’ told FTAdviser that Pimfa's campaign is a positive step towards diversity and inclusion but said "if you're going to present new approaches and highlight our acknowledged failings, you ought to lead from the front and ensure your corporate governance reflects the outcomes you are seeking overall.”