St. James's Place is opening doors to greater diversity in wealth management

Inclusion is easy when everyone's the same

One year on, it’s time to assess how much progress has been made, particularly in the Financial Services industry.

Traditionally seen as predominantly white, male, middle-class and often middle-aged, the financial sector, particularly that of Wealth Management, has struggled to broaden its diversity. It’s a sector that seems to be a closed door to many communities, as Clinton Omenyi, who is on a one-year Placement with St. James’s Place, points out.

“People [from minority communities] think getting a job at a big FTSE 100 company like St. James’s Place will be inaccessible and unachievable. It’s a belief that stems from not having any black role models in these spaces. We don’t see people in senior positions, so you’ve got to wonder, "would I be successful there?"

Clinton knew he wanted to work in banking or finance but until he applied for this placement, he’d never heard of Wealth Management. Most of his friends in South London’s black community, he says, still haven’t. His placement has been an eye opener, in a good way.

“I’m probably the only black person on the floor but because of the team I’m with, I don’t feel I’m different. You don’t forget you’re black, but you’re not made to feel different.”

When SJP’s Diversity and Inclusion team asked Clinton what they could do to attract more young people from ethnic minority communities, Clinton suggested a competition. The initiative, Futures in Finance, offered full time summer internships and work experience placements to young students or graduates without the typical, and often privileged, requirements of pre-existing experience or specific qualifications.

Entrants were asked two questions: "What does money mean to you?" and "What does somebody in control of their finances look like?" Entrants were encouraged to explore financial education, and to level the playing field further, responses could be in any format, from spoken word to song, video or art.

Over 200 people responded, and 100 entries were received. In July, five students from minority backgrounds will begin summer placements with a further ten beginning work experience soon after.

Changing hearts and minds

There’s no doubt that #BlackoutTuesday increased diversity awareness across the Financial Services industry. St. James's Place's Racial Inclusion Webinar in June 2020 was watched by 1,300 employees and advisers.

Yasmin Lewis, Corporate Inclusion and Diversity Champion for Race and Ethnicity at St. James's Place, helps lead a working group for Racial Equality and Inclusion that is working to support everyone to recognise conscious and unconscious bias.

“I’m used to being the ‘only’ in the room. The only person of colour, the only woman. But the events of last year made me do some deep soul-searching and thinking of my own.” she says.

St. James’s Place began their deep dive into building a truly diverse workforce a few years earlier, including committing to increasing minority ethnic representation to 10% by 2023, and while real progress has been made, they know there is more to do and now is not the time to slow down.

We know we are not there yet

Policies and initiatives alone can’t change the way we all work. People can. People such as Yasmin and Clinton are both visible and vocal, championing diversity and inclusion. It’s not just the right thing to do, it’s the smart thing to do.

Big employers such as St. James’s Place can support through their policies and through opening the door to diversity. But you can’t just leave the door open, you must welcome people in, and ensure there is a genuinely inclusive environment on the other side of the door. This year St. James’s Place has committed to offering placements to 100 black interns, with mentoring available to build networks and create support systems.

“You don’t know if a door is locked unless you try to open it. You can only try. And there are multiple doors out there to try. And some of them will open. Others will stay shut." says Lewis.

"Know that you are enough, believe in the differences you bring to the table and the difference you can make. Believe in what you can achieve.”

At St. James’s Place Wealth Management we believe that being the best place to have a career is reliant upon creating a truly diverse and inclusive environment where broad perspectives are embraced and people can be themselves. We know that talent is not dictated by race, ethnicity, gender, disability, sexual orientation, age, religion, social class or background.