Pushing for diversity and inclusion with little action can 'take its toll'

Nneka Orji who is leading the consultancy firm’s wealth management service offering told FTAdviser that although continuously speaking up about diversity within financial services can take a personal toll, she chooses to do so out of a sense of responsibility.

“When it comes to socio-economic diversity, there’s a lot more progress than in other industries and part of it I think is the emphasis in some wealth management firms on being an entrepreneur and having that entrepreneurial mindset,” Orji said.

It can be really tiring having the same conversations, not because people aren’t listening but because often the action doesn’t follow.

But in terms of gender and ethnic diversity in wealth management she believes there is still a lot more work to be done.

“I remember some of the conversations I was having in 2012 and 2013 when I was very involved in our multicultural network and I was writing pieces for women’s business magazines internally within the firm, there was a lot less comfort and openness about those discussions.

"There was a lot more push-back. It’s more common now to have those conversations and dialogue,” Orji told FTAdviser.

“Since the murder of George Floyd, there is more openness around race and ethnicity but there’s still a long way to go. It can be really tiring having the same conversations, not because people aren’t listening but because often the action doesn’t follow.

“Every leader has lots of priorities to work on. I’m not sitting here saying people are twiddling their thumbs, but if we want to see the potential from a social standpoint and we want to make sure everyone has the opportunity to contribute to the economy and create the lives they want to live, there is so much more action we need to take.”

Route into wealth management

Orji took a circuitous route into financial services, first studying engineering in Oxford before pivoting and building a successful career in management consulting.

She spent over a decade in the management consultancy field and worked her way up to chief of staff to the UK chair in Deloitte before deciding to make the move into wealth management.

Before taking up her current role with Alvarez & Marsal, Orji spent  three years as chief operating officer at Morrinson Wealth Management, a partner practice of St James’s Place.

The decision to make the move to Morrinson Wealth Management and pivot what was already a successful career was not an easy one, but one that Orji knew made sense for her.

“I sometimes step back and think why can’t I take the easier path,” she said.

“Consulting was hard and I felt like I was living out of a suitcase for a long time but it was the easy option to stay there. I was coming up to almost 10 years in the industry and I don’t think I had really challenged myself in terms of working in a different sector. 

“So for me, I thought before I sign up my whole life to consulting I should do myself a favour and try something else, that was the main motivator,” she explained.

“I knew it would give me an opportunity to stretch myself, and that it certainly did. I was very challenged in the role in many ways. I wouldn’t say I walked in naively, I just had a lot of learning to do in terms of what it takes to be a leader in a scaling business, but also in the middle of a pandemic as well.”

Orji has now returned to consulting, but has brought her experience in wealth management with her to Alvarez & Marsal where she is building the group’s wealth management practice.

“The reason this role was exciting was because within wealth management at the moment there is so much change, whether it’s acquisitions, digital, overall efficiencies and so on. And the opportunity to get to help leaders of these businesses try to navigate the macroeconomic environment was quite appealing."

Although Orji said she doesn't believe in five year plans, it's clear from speaking to her that all of her career decisions are made strategically and with a long-term goal in mind. 

She explained that while she trusts her own judgement in coming to these decisions, she’s also always been conscious of potential blindspots and so seeks guidance from others she admires.

“I’ve always had the view that I want to keep learning and making the most of any opportunity that I have. I always try to think ‘am I doing the right thing’ but sometimes it's important to get external counsel and speak to other people and see if you are heading in the right direction."

Being a leader

Sometimes this extends beyond one-to-one conversations and Orji gets inspiration from listening to leaders she admires in other fields.

When asked who in particular she admires she said people who are challenging the status quo but adds that at the end of the day it all comes down to integrity.

“We almost take it for granted that everyone should have that but the more senior I get I realise that these traits and characteristics are important to me. 

“It could be everyone from Sarah Blakely on the entrepreneurial side, Beyoncé in terms of work ethic and poets like Maya Angelou as well. I don’t have ‘sheroes’ or heroes on a list, I seek inspiration from everywhere really."

“My mentees inspire me a lot as well,” Orji adds. 

Orji is involved in a number of mentoring programmes, including the Social Mobility Foundation which she has worked with for over 13 years. 

“Everyone goes through challenges, but when I see the adversity that some people go through and their strength of character and how they keep pushing, that is really inspiring,” she said.

Orji explained that it is as a result of this work that she is so passionate about diversity and inclusion. However she notes that having these conversations about race and diversity does take a toll.

“I admire those who keep going because it's tiring and at the end of the day, this is something I care about but I also want to be known as someone who delivers in the same way that multiple other white male peers in my firm do.

"That’s what I am there to do, but at the same time I feel a personal responsibility to others, whether they are more junior black women or others who feel slightly excluded and it can feel exhausting,” she said. 

Looking back on her career and success to date, Orji attributed it to a frame of mind she has maintained since starting out.

“The thing I am lucky to have realised and accepted early on is that I wasn’t going to fit into the traditional mould in the city. It’s given me a sense of liberation and freedom to know that I want to be successful on my own terms, I don’t want to have to look or act like the majority. 

“I know where I came from and what my values are and I want to hold true to that. I’m not saying it has always been easy, it’s been lonely sometimes so whilst doing that make sure you have your support network because I feel like that is something that has helped me.” 

jane.matthews@ft.com

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