Staffing & Culture | 12.06.23
Improve Recruitment and Retention: DE&I Rising Star Perspectives
by: BISA Staff
Banks and credit unions offer unique value to diverse industry professionals, but sometimes translating this value into strong recruitment and retention practices is tough. BISA’s 2023 DE&I Rising Star Awardees have all fallen in love with the industry — but their journeys toward the profession are widely different. In this article, we hear six awardees’ perspectives on recruitment and retention, and their advice for future rising stars of the industry.
Did you know?
In 2023, BISA released a research white paper in partnership with Cerulli: “Best Practices for Banks and Credit Unions to Improve Recruitment and Retention Throughout Advisors’ Lifecycles.” This report analyzes authentic insights from anonymous early-career and diverse advisors across banks and credit unions, revealing ways the industry could hone recruitment and retention strategies. Download your free white paper today.
From your perspective, what have you found most beneficial about being employed by a bank or credit union vs. in a different setting?
Tameka Galloway (Citi): What I find most beneficial is the number of resources I am exposed to working for a bank. Also, time and money is put into better technology and more access to products and services to serve our affluent clients.
Lindsay Diehl Green (United Bank): The career growth, development and education that has been invested in me by my bank as an employer I feel is unmatched by what I would receive anywhere else. The long-standing reputation, over 184 years, that my bank is known for is enough in and of itself. Then, when we add in our mission of excellence in service to our employees, our shareholders, our customers and our communities, and we truly set ourselves apart from any competitor. Overall, the day-to-day structure along with in-house operations and compliance, combined with the backing of a sizable company where I have access to additional resources along with a vast pool of knowledgeable peers and easy access to senior leaders is what I have found most beneficial about working for a bank.
Veronica Nuno (U.S. Bancorp): You can gain more knowledge in the financial industry and more exposure to career opportunities.
Jessica Snyder (Key Investment Services): 
When employed at a bank broker-dealer, you have the ability to partner with many different lines of business — commercial, retail, mortgage, business banking, etc. This culture allows advisors to have a full wealth relationship with a client.
What do you think is important for banks and credit unions to consider when it comes to recruitment and retention of those from different backgrounds, and what challenges have you seen surrounding this?
Logan Hickman (Nationwide): It’s important that younger generations and those from diverse backgrounds see folks who look like them in leadership roles within an organization. It’s also important that organization are making these leaders visible within the community. At Nationwide, we have leaders at all levels who represent multiple generations and diverse backgrounds who show the younger generation and those from diverse communities that there is a spot for them at any level of our organization.
Laura Nordyke (BMO): Being competitive with their pay structure, continued learning opportunities and their culture. Younger generations are more geared towards job hopping and are more likely to stick around if they feel valued and benefits are competitive. Being able to show what you are doing as an organization from a DE&I perspective allows new hires to find a place where they feel they belong and can fit in.
Lindsay Diehl Green: The younger workforce really researches organizations before deciding to apply. They want to feel personally connected to their work. They value feedback and open communication. They value flexibility, authenticity and transparency. It’s not just a paycheck, it’s a lifestyle choice. Therefore, banks need to make sure they are keeping things fresh and giving the younger generation meaningful work opportunities. Banks must highlight their employer’s brand to show that they are making a difference in the communities they serve and how they have imbedded diversity, equity and inclusion into their core company values.
Tameka Galloway: I think it is important for banks to see a person’s potential. Work ethic and track record speaks volumes. When seeking out candidates from a younger generation and from diverse backgrounds, we must understand that these individuals may not yet have been exposed to all that our industry has to open or even have the appropriate licenses, but we must seek the qualities on those individuals that will prove that they are capable of obtaining such licenses. If you see someone who has invested time and money into various degrees and has been successful, that person is highly likely to do the same with gaining the appropriate licenses for our industry. We tend to turn around from those who may not already be licensed. We must do better in investing in those with high potential.
Jessica Snyder: When recruiting from the younger generation, it is important for banks to focus on technology capabilities and innovative product offerings. In my experience, recruiting advisors from diverse backgrounds has been a challenge. I would love to see more focus on attracting college students from diverse background to the financial industry — specifically wealth management.
What advice do you have for people new to the industry or early in their careers when it comes to career advancement?
Kylie Murray (Sammons Financial Group): My advice is to be a sponge — ask questions! Find several different sponsors/mentors to guide you along your career journey. There is so much to know in our business, and you never know where an answer might lead you. I thought I would work wholesale forever; turns out, that led me right to where I am today in a job I love, helping financial advisors in a different way.
Tameka Galloway: Proactively obtain licensing that you can seek on your own. Find a great mentor who can be a sounding board for you as you navigate this new journey.
Lindsay Diehl Green: Tenacity and persistence — nothing beats it! Drive yourself to meet whatever goals you have set for yourself, be patient and don’t ever give up, even when a hurdle is thrown in your way. Most importantly, never become complacent. If you find that you have become complacent, that means you are not challenging yourself, and that means you are not growing. Also, build good bridges both personally and professionally. Having a strong network adds to your value as an employee.
Logan Hickman: My advice for newer people to the industry early in their career is to find two mentors — one within their firm and one outside it. Both are critical for development and perspective.
Laura Nordyke: Finding someone to help and support your career development is so important. I know it gets said over and over but having someone who has your back when you are not in the room and mentions your name for opportunities is so valuable. Being willing to learn and start at the bottom is also super important, I think that allows you the ability to learn everything you can from a lot of different perspectives and the more you advance and grow with a company the more those perspectives are necessary for you to keep growing.
Jessica Snyder: Never stop learning and evolving — the financial industry changes fast so it is important that we continue to learn new processes, products and be open to learn from colleagues.
If you enjoyed learning from the BISA DE&I Rising Stars highlighted in this article, consider downloading BISA’s free white paper, where you’ll gain insights into advisor recruitment and retention across the lifecycle, with stories and perspectives from anonymous industry professionals.