10.17.22

A Business Case for Engaging Underserved Communities

by: Gina Riepel, BISA Staff

The following is an extension of the “Engaging Underserved Communities” article featured in the 2022 issue of “Portfolio” magazine – an exclusive benefit for BISA members.

We interviewed Gina Riepel, the vice president of strategic partnerships at CUNA Mutual and a member of BISA’s Diversity, Equity and Inclusion Committee, to hear from her about the business case for engaging underserved communities, successful tactics that CUNA Mutual has employed and her advice for taking steps forward to better engage and serve communities in need.

When it comes to business strategy, why is engaging underserved communities important? Why is this important to you, personally?

Ensuring that everyone has the opportunity to build a brighter financial future is at the core of what we do at CUNA Mutual Group. Promoting financial inclusion helps drive economic growth overall. By providing traditional financial services and advise to those who may have left behind, we can make it possible for them to build wealth and use that wealth to support their communities, build businesses and invest in education — positively impacting the economy overall. 

What steps have your or your organization taken to help improve financial literacy and/or engage underserved communities? Suggestion: Share 1-2 specific success stories or tactics that have been helpful in this aim.

At CUNA Mutual Group, inclusion is woven into the fabric of our organization and informs our decision-making. A specific example would be the creation of our Multicultural Center of Expertise, which researches how to best meet the financial service needs of underserved communities and how to make the financial services industry more inclusive. As part of these efforts, we have partnered with historically Black colleges and Hispanic serving institutions to create a program that provides internships and recruitment pathways designed to increase the diversity in our ranks and the industry overall. 

What is your most impactful piece of advice for a financial advisor or organization that is looking to expand their support of underserved communities?

Unfortunately, there are still many systemic barriers preventing progress towards diversity in the financial services industry on both the corporate side and the customer side. It is important to understand that the process of making access to financial services more equitable is a long-term journey and best seen as a lifelong commitment. Change won’t be made overnight, but that doesn’t mean it isn’t possible.

Share 1-2 changes in the financial industry you think should be made to better serve underserved communities.

The wider adoption of technology in the financial services industry has spurred the introduction of new, digital products and services that are more affordable, and thus more accessible than ever before. Continuing to integrate technology into the industry in a responsible way, with the goal of creating an ecosystem that is more accessible to historically undeserved communities, is paramount. Additionally, continuing to commit to efforts designed to make the financial services industry more representative of the population as a whole, will be essential to ensuring that it better serves all communities.  

 

About Gina Riepel

Gina received her undergraduate degree in business administration from the University of 
St. Thomas in Houston, Texas, and her career spans more than 28 years of financial services 
experience in sales, account management and business development. She served as vice 
president of national accounts at FS Investments, Pacific Life and AIM/Invesco where she was 
responsible for driving annuity, mutual fund and alternative investment sales with registered 
advisors and broker dealers. She joined CUNA Mutual Group in 2017.

As vice president of strategic partnerships, Gina leads the coordination of all functions that 
impact and maximize new and current partnerships in CUNA Mutual’s Advisor Experience 
business unit. Her responsibilities include leading and overseeing the efforts of the National 
Account Management team for CUNA Mutual Group Annuities, CUNA Mutual Retirement Plan 
Services and CUNA Brokerage Services, Inc.

Gina currently sits on the BISA Diversity, Equity & Inclusion Committee after serving as chair of 
the committee from March 2020 – March 2022.
•    Securities Registered with FINRA®
•    Holds Series 6, 7, 63 and 65 Registrations and Life and Health Licenses
•    Behavioral Finance Advice™ (BFA™)
•    National Social Security Advisor℠ (NSSA®)

 

Read Vanessa Wilson’s perspective on engaging underserved communities in the 2022 issue of “Portfolio” magazine – a BISA member-only publication.

Not a member? Join today. BISA is the leading financial services industry association dedicated to serving those responsible for the marketing, sales and distribution of securities, insurance, and other financial products and advisory services through the bank channel.