in my few short minutes that I have to do this morning I want to start first
with my business case for diversity now the reason I want to talk about the
business case first is that I find it interesting that 30 years into this
conversation in corporate America around diversity I still hear people saying we
have to prove the business case for diversity we have to make sure that we
talk about the business case for diversity and I'm there scratching my
head because it's pretty obvious in my mind and it's never been obvious before
it certainly is obvious now because there is not one industry that is not
competing today around innovation not one I challenge you to think about so if
you will agree with me that we are all competing around innovation here's your
business case you mean a lot of ideas in order to get to that one innovative idea
that will allow you to obtain and retain a leadership
in your industry so innovation more for my bids well if you need a lot of ideas
in the room you need a lot of perspectives in the room because ideas
are born from perspectives and if you need a lot of perspectives in the room
you need a lot of experiences in the room because perspectives are born from
experiences and if you need a lot of experiences in the room you need a lot
of different people in the room because experiences are born from people so you
must start with a lot of different people in the room in order to get to
that one idea that will allow you to innovate and obtain and retain a
leadership position that is your business case for diversity
okay wealth builders welcome back to The Bemused and right now
as you can see we're on the train and I'm with Leah and we are on our way to New York
right now because we are heading to the CFP Board Diversity Summit in the morning
more details on that later. You guys have no idea what the CFP Board is.
You guys have no idea what a CFP is but I'll explain all that later on
in the vlog - just thought I'd show you guys what's going on.
those of you who do not know CFP board we are the professional body that sets
standards for financial planning and the administer of the CFP certification
program we do all of this to benefit the public and so that the public has access
to competent and ethical financial planning advice we currently have over
82,000 CFP professionals here in the United States all right guys so what is
a CFP so CFP stands for certified financial planner and the CFP is kind of
like the gold star certification for the field of financial planning so just like
you'd expect an accountant to have a CPA you'd expect any well known competent
financial planner to have their CFP certification so yesterday we took to
Instagram and asked you guys in the poll whether or not you knew what a certified
financial planner was and so not many of you took the poll but those of you who
did it was a very mixed reaction so literally half of you guys said you
didn't know and half said you did not know what a certified financial planner
was so I'm here to tell you all about it and if you don't follow us on Instagram
yet I will link it somewhere on the screen follow us at live amused now what
does a financial planner actually do and there's a lot of misconceptions out
there if you guys have been around the channel for a while you know that I work
as a financial planner and I'm currently pursuing my CFP certification in fact
I'm taking the exam next week so print church financial planning is one of
those fields where it's pretty dynamic there's a lot of different tracks and
career paths you can go down as a financial planner a lot of people will
just think that financial planning is all about sales and product and selling
insurance and investments and things like that but that is not what financial
planning truly is a personal financial planner helps people achieve their goals
in life using financial tools some of these goals can include
taking a big trip saving up for a house retirement saving for college whatever
goals you have in life financial planners help teach you and educate you
and advise you on the proper tools that you can use and the way to manage your
money in order for you to reach those goals if you want to achieve in life
financial planners have to be knowledgeable and compensating a lot of
different area from retirement to taxation to college planning we need to
know a lot of different things in order to help you make the most of your
financial life and make the best decisions and that's why it's super
important to make sure that when you work with the financial planner when you
become a financial planner you have as much knowledge and credible experience
as possible and a great way to do that is by becoming a certified financial
planner we formed the center to address three systemic issues in the profession
the first is the need for more women and more people of color the need to create
pathways into the profession for the next generation of financial planners
and the need the dire need for more faculty to teach and lead our programs
so that we're generating the the next generation of financial planners today
we're focused on just one of those areas and that is the significant shortage of
black and Latino financial planners our challenge is underscored by our own
datum less than three and a half percent of CFP professionals in the United
States as of 2017 were black and Latino obviously this is significantly less
than the representation of blacks and Latinos
in the US population which stands at 13 and 17.8% respectively
this is a systemic problem that cannot be solved by any one organization any
one firm any one academic institution or in any one individual alone it requires
all of us have a stake in delivering competent and ethical advice to our
nation's consumers to become engaged to identify solutions and to take action so
why did I as a part of the less than three point five percent of blacks and
Latinos who hold a CFP stratification and decide to go into this field it all
really started when I decided I wanted to go to college and by going through
the whole financial aid process realizing how much I really didn't know
about money and so that's what created that spark for me right there I always
knew I wanted to do business going into college but I didn't really know exactly
what sector and through that experience I did a lot of research Google was my
best friend and that's how I discovered the career of financial advising and
financial planning and realizing okay this is something I really really
impatient about and I think that I can do now what makes financial planning
such a great career and why should you consider a career financial planning
first of all financial planning is a helping profession there are lots of
other helping professions out there like in the medical field like nursing like
psychology like Social Work education there's a lot of helping fields out
there financial planning is just another one of them and that's what I really
love about the profession and also while you're helping people you're also
challenging yourself like I mentioned earlier financial planners have to know
a lot of things about a lot of things there's so much breadth to the industry
and to what you need to know to be a really great financial
Planner that you're constantly challenging yourself especially in the
face of constantly changing regulations we just had a massive change in our tax
law this year some things like that that we always have to be abreast of and so
it's always a good challenge thirdly there is good income potential in
financial planning there's so many paths you can go down you can either work for
yourself you can work for an established
financial planning firm you can do freelance work there's just so many
paths you can choose in financial planning there's so many different ways
you can structure your employment set up your freelance set up yours solopreneurs
set up that you know the possibilities are really limitless the field of
financial planning is a really nice blend of technical and people skills
because as much as you need to know the technicalities of the tax law and you
know the rules and regulations is just as much as you need to have those soft
skills and communication skills with your clients it's really crazy how your
clients come to you in the face of hard times even if it has nothing to do with
their finances what I've come to realize is that clients will call you you'd be
the first person that they call when stuff hits the bed trust me there are a
lot of things that I never thought I would be doing as a financial planner
that I've ended up doing and it's just crazy the breadth of things that you can
come across in this field a lot of people like to say being a financial
planner is part planning and part therapist and honestly that's so true
and that is why even if you don't come from a business undergrad maybe you came
from a psych background or Social Work background or education background like
even a technology background there's so many opportunities even within FinTech
that it's crazy any one of those backgrounds gives you a leg up when you
enter the field planning's as part of this diversity
initiative the CFP board has also created a series of videos highlighting
minorities that are certified financial planners and so I'll link to some of
those videos in the description box below if you want to learn more about
what a day in the life of a financial planner is actually like and to see what
it's like to be a minority in the industry so why are minorities and
blacks and Latinos in particular so hesitant to enter the field of financial
planning we gained a little bit more insight later on in the day at the
diversity summit so take a look root causes emerge should be due to this
issue one has to do with economic inequality for people of color as well
as cultural norms now we're going to see that though that general issue
results at a couple of things lack of confidence on the part of people of
color attracted to the profession lack confidence in their financial skills and
be in their ability to fit in to this profession and that's the second one
fear of not fitting into a profession that is predominantly white male pay
structure panic all which leads to the profession simply
not being on the radar for prospects potentially joining the profession. so how does one become a
certified financial planner and I'm gonna drop a bunch of links in the
description below so just go down there to find loads of information about the
profession about how to become a CFP but in a nutshell you have to go through
this training program essentially that covers a lot of the domains and areas
that we work with so you'll take classes on estate planning and you know the
general principles of financial planning retirement taxation investments things
like that there are lots of CFP board registered programs out there um as you
guys know I'm graduated with my masters in financial planning back in May if
you haven't seen our vlog from graduation you can go check that out too but
by doing my masters in financial planning that satisfied the educational
requirements for me to become a certified financial planner and so the
only other requirements there are there's they call it the four e's so
there's the education which I've completed the exam which like I
said I'm taking a couple of weeks that I have to pass it's a six hour exam
comprehensive exam covering all those areas that I just mentioned then there's
ethics there's definitely an ethics requirements to being a certified
financial planner basically saying that you act in the best interest of your
client always and then there is the experience requirement and the
experience requirement varies it can be two years or three years depending on
the type of experience that you have and so that is the portion that I'm
currently working on the last little piece after I passed the exam to become
certified as a financial planner so that's how it all goes in a nutshell but
like I said I will definitely leave links in the description box below where
you can learn a lot more about the profession so all in all I want to
appeal to you the viewers of the bemused to at least
consider a career in financial planning it's a really rewarding career I love it
and hopefully I'll get more of you guys to love it as well and if it wasn't on
your radar before now it is as you guys heard this diversity thing in this
profession is an epidemic trust me I know I'm currently the only black person
at my firm of 80 plus people so that should tell you something but we are
working very intentionally to change that which is great so we need people
like you my students my recent college graduates especially those of you are
minorities who identify as minorities we need you guys in the profession so I
hope you guys learned a lot from this video if you have any questions about
the field but anything to do with financial planning
leave them in the comments below I'd love to hear from you guys thanks so
much for watching and I'll see you guys in the next video
For more infomation >> VOK: See why a music video is a Planetary Must Watch! - Duration: 4:49. 
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