10.16.24
Shaping the Industries of Tomorrow: Q&A With the Financial Alliance for Racial Equity
by: BISA Staff and Nicole Ridley
BISA and the Black Voices Unmuted Subcommittee recently partnered with the Financial Alliance for Racial Equity (FARE), an organization dedicated to advancing diversity, equity and inclusion (DEI) within the financial services industry through education, professional development and community empowerment. We connected with Nicole Ridley, executive director of FARE, to highlight their mission and how this partnership will support FARE’s work in shaping the future of our industry.
Can you provide an overview of the FARE’s role within the community?
The Financial Alliance for Racial Equity (FARE) plays a critical role in advancing diversity, equity and inclusion (DEI) within the financial services industry. We focus on intentional, actionable and measurable solutions to increase the representation of underrepresented groups, particularly people of color. Our mission is to empower students and professionals by providing mentorship, scholarships and resources to help them succeed in financial careers. Through partnerships with financial services firms, Historically Black Colleges and Universities (HBCUs) and other organizations, we aim to bridge the gap between opportunity and access, helping to create pathways for the next generation of diverse financial professionals.
What are some of your organization’s key achievements or milestones?
FARE has made significant strides in promoting DEI through various programs and partnerships. One of our hallmark achievements is the FARE CFP® Certification Diversity Scholarship, which has awarded over $115,000 to help Black professionals prepare for CFP certification. Since 2022, 19 diverse professionals have received these scholarships, enabling them to advance their careers in financial planning.
Our partnership with HBCUs has played a pivotal role in nurturing young talent. Through the FARE HBCU Mentorship Program, we connected 11 mentors with 25 mentees in 2023 and 14 mentors with 54 mentees in 2024. The mentorship program guided and supported the next generation of financial professionals. Additionally, our HBCU Scholarship Award has supported 14 students with up to $3,000 each to obtain their Securities Industry Essentials Exam certification.
FARE’s initiatives extend beyond professional development to community empowerment. Our educational series events, such as HBCU Live, have engaged over 70 participants and led to direct recruitment outcomes, including internships and full-time positions.
What motivated the founding of your organization, and when was it founded?
FARE was founded based on research highlighting the need for greater diversity in financial services. According to studies, 87% of Black advisors face barriers like lack of mentorship and market access. Additionally, 60% of HBCU students express interest in financial services careers, but 90% of them anticipate challenges due to systemic barriers. FARE’s initiatives are designed to overcome these obstacles by offering scholarships, mentorship and professional development, ensuring that underrepresented talent has the support needed to succeed in the industry.
How will your partnership with BISA and Black Voices Unmuted support your initiatives?
Our partnership with BISA and Black Voices Unmuted amplifies FARE's reach and impact, allowing us to connect with a broader audience and provide even greater access to resources and opportunities for people of color. These partnerships will support our efforts by offering platforms to share our mission, creating new opportunities for collaboration and driving further engagement from industry leaders committed to fostering DEI. With their support, we can accelerate our initiatives, expand our mentorship programs and increase the number of scholarships and resources available to diverse talent.
Please add anything else you would like to share about your organization, its impact, or the importance of your work:
FARE's work is not only about improving diversity within financial services but also about reshaping the future of the industry. By creating a pipeline of diverse talent, we are fostering innovation and helping firms better serve an increasingly diverse client base. Our commitment to equity ensures that all voices are heard and valued, and we believe that our work is essential for creating an industry that reflects the communities it serves.
Additionally, these efforts are directly tied to addressing the racial wealth gap. By equipping underrepresented individuals with the skills, opportunities and access to careers in financial services, we are empowering them to build wealth in their communities. As more people of color enter and advance in the financial industry, they can provide critical financial guidance to underserved communities, creating a ripple effect that helps families and individuals build generational wealth. We are proud of the progress we've made and remain dedicated to our mission of increasing diversity, equity, inclusion and belonging in financial services while actively working to reduce racial wealth disparities.
Nicole Ridley is the executive director of the Financial Alliance for Racial Equity (FARE).