05.26.23
Professional Advancement a Steeplechase for Asian Americans in Financial Services
by: Joanne Cleaver
The Association of Asian American Investment Managers (AAAIM) released a report in May that shows that Asian Americans tend to plateau at midlevel at asset management firms. The industry loses half of its Asian American employees between entry and senior levels. Meanwhile, data from the Certified Financial Planner Board of Standards, show that Asian Americans comprise about 7% of the American population but only 4.1% of certified financial planners. “You need to give people a vision for the upward path," said Jim Park, CEO of AAAIM. "I’m encouraged that more companies want to do employee resource groups that are substantive and that build career paths, but it’s not happening enough." Recounting his professional journey, Pratik Patel, managing director with the BMO Family Office, said, “I was content for a long time making a paycheck and doing well enough. There’s a complacency in terms of risk-taking. ... You can do more, you can do better, you can lead a group: It takes people saying, ‘You deserve more.'"
Read the full article on InvestmentNews