When we look at the financial services industry today, we see both challenge and opportunity. As Co-CEOs of a multi-billion dollar RIA firm, we’ve experienced firsthand how diverse perspectives and inclusive practices drive innovation and create better outcomes for our clients. Yet our industry continues to face a significant representation gap that affects both our profession and the communities we serve.
The numbers tell a stark story: Why, when women represent around 50% of our population, do they make up just 23.8% of CFP professionals? Why do Black and Latinos make up 13.7% and 19.5% of the American population respectively, but only 1.9% and 2.7% of CFPs? These aren’t just statistics; they represent missed opportunities for our industry and the clients we serve. We know from experience and research that diverse teams make better decisions, foster greater innovation, and build stronger relationships with clients.
Our Vision for Change
At Abacus, we believe that meaningful change requires both bold vision and concrete action. We’re committed to creating an environment where diverse perspectives aren’t just welcomed, but actively sought out and valued. This isn’t just about checking boxes – it’s about building a stronger, more resilient organization that better serves all our stakeholders.
We’ve learned that true inclusion requires a comprehensive approach that touches every aspect of our organization. And some of the most effective things you can do to foster an equitable work environment are the least splashy. Here’s how we’ve been putting our values into action:
Comprehensive Benefits That Support All
- Full 16 weeks + 2 weeks half-time of paid, non-gender specific parental leave for all new parents
- Flexible work arrangements that accommodate diverse needs and life circumstances (this includes ample remote work opportunities, part time employment, and robust vacation)
- Comprehensive healthcare coverage that supports our employees’ total wellbeing
Equitable Career Development
- Transparent salary bands and clear progression criteria
- Skills-based promotion framework that minimizes bias
- Structured mentorship programs that support professional growth
Industry Leadership
- $100,000 CFP® Diversity Scholarship fund supporting underrepresented professionals
- Active participation in the BLX Internship Program
- Implementation of Due Diligence 2.0 Commitment in our investment process
- Annual commitment of 1% of revenue to charitable initiatives
Our Commitment to Action
We recognize that true change requires more than good intentions. We’ve implemented specific measures to ensure accountability:
- Bias-Mitigated Hiring: We’ve eliminated referral bonuses and implemented structured evaluation criteria to ensure fair candidate assessment. (While incentive-based referral programs are very popular, people tend to refer those who are like themselves, which exacerbates diversity gaps.)
- Pay Equity: Regular compensation reviews and transparent salary bands help ensure equal pay for equal work.
- Investment Selection: Our Due Diligence 2.0 framework actively considers diversity in our evaluation of asset managers.
- Community Impact: Through our Abacus Charitable Grant, we’re investing in organizations that promote economic equity and access.
- Corporate governance: Our role as a founding B Corp guides us in supporting all stakeholders of our organization, from employees, to vendors, and to the environment.
Moving Forward Together
We understand that conversations about diversity and inclusion can be challenging. Some may disagree with our approach or question its relevance to financial services. To them, we offer this perspective: our industry’s strength lies in its ability to serve all communities effectively. When our teams better reflect the diverse experiences of our clients, we create stronger relationships and achieve better outcomes.
The financial services industry has traditionally been quiet on matters of diversity and inclusion. As female Co-CEOs in an industry where women leaders remain uncommon, we choose to speak up. We do so not just because it’s right, but because we’ve seen how diversity drives innovation, enhances decision-making, and creates better results for our clients.
We invite you to join us in this important work. Whether you’re a client, employee, industry colleague, or community member, your perspective and participation matter. Together, we can build a financial services industry that truly serves everyone.
With commitment and optimism,
Mary Beth Storjohann & Neela Hummel
Co-CEOs, Abacus Wealth Partners
