SAM DEL ROWE, REPORTER, FINANCIAL ADVISOR IQ: I'm with Kamila Elliott, board chair at CFP Board. How does CFP Board plan to increase diversity in the financial planning profession?

KAMILA ELLIOTT, BOARD CHAIR, CFP BOARD: We plan to increase diversity in a couple of ways. So one is through awareness, highlighting to communities of color about the profession. One of the things I share with Sam is that this is a profession where you can do good for yourself. This is a career or profession as a lot of long-term growth. The average compensation is higher than the median compensation for college graduates. And many firms are just continually to look and hire CFP professionals. But we're also helping people reach their personal and financial goals, so sharing that message and providing awareness.

And second, in partnership with the Center for Financial Planning, are creating scholarships for CFP program coursework. We never want financial issues to be an impediment for individuals to obtain certification. So we have a litany of scholarships and awards if people are interested to apply for loans, where they can obtain certification through one of our registered programs.

SAM DEL ROWE: How can financial planning firms help diversify the financial planning profession?

KAMILA ELLIOTT: Financial firms can work to diversify this profession by thinking through how they recruit for their respective firms. Are they looking at individuals or institutions that are homogeneous in nature? Are they expanding their scope to diverse programs, universities, and colleges and how they recruit? And the second, and which is usually the most challenging for organization, Sam, is, are they creating an environment of inclusion?

So many firms will have great recruiting statistics and bring on great diverse teams. But then after a year or two, there's a lot of attrition there. So I think it's really behooves firms to understand what kind of culture do they have. Do they have a culture that fosters inclusion? Do they have mentorship? Do they have sponsorship? How are they assessing performance? And are there any equity issues present there? Those are really the ways I think firms can be advocates for diversity and inclusion and create more diversity within the organizations.

SAM DEL ROWE: Kamila, thanks for taking the time to speak with us.

KAMILA ELLIOTT: You're very welcome Sam. It was definitely my pleasure.

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