Approximately 61% of employees say their organizations actively ensure fairness in hiring, compensation, and promotions through specific policies. However, growth opportunities remain in some areas. Only a third of the workforce reports having dedicated staff members who advocate for Diversity, Equity, Inclusion, and Belonging (DEIB), and even fewer, 30%, experience salary transparency. Additionally, only 26% say their workplaces offer affinity or employee resource groups based on shared identities. 
Yet, most of those with access to these DEIB measures report a positive impact, indicating that such efforts improve workplace culture and promote a more equitable and inclusive professional setting.
The American Retirement Association (ARA) recently launched the ARA NOW (Nourish Our Wealth) Diversity Mentoring Program, which aims to boost DEIB practices within the retirement planning industry. The program aims to increase racial diversity among retirement professionals.
The program pairs retirement professionals seeking skill development and network expansion with experienced mentors, facilitating relationships that span the ARA's sister organizations.
Beth Rehbehn, CPFA®, the Director of Financial Wellness at AFS 401(k) Retirement Services, sees the program as an opportunity to continue to help the retirement industry be more diverse. "Seeing the industry become more diverse since 2016 inspires me, but we still have a long way to go," Rehbehn says.
The ARA NOW program's primary focus is on elevating racial diversity among industry professionals and enhancing the understanding and practice of DEIB (Diversity, Equity, Inclusion, and Belonging) within the sector.
Katuri Kaye, APM, the Director of Diversity, Equity, and Inclusion and Shareholder at Trucker Huss, APC, credits her mentorship experiences for shaping her dedication to diversity. "Diversity is not just an interest but a passion I've devoted much of my life to. I've benefited from mentors who didn't look like me, and I feel a duty to do the same for newer professionals," Kaye says.
By prioritizing diversity and inclusion, the ARA envisions a more equitable industry and a future where "every working American can expect a more secure retirement." This initiative aligns with broader industry trends, showing that inclusive companies are 1.7 times more likely to lead in innovation and diverse companies are 70% more likely to enter new markets, highlighting the strategic importance of diversity and inclusion for business success and competitive advantage.
Jeff Paguirigan, the Senior Vice President at Capital Group | American Funds, sees the mentorship program as an opportunity to set an example for these children to leave a place better than they found. "Participating in a mentorship program affords me that opportunity to do just that by sharing my perspectives and network with others of the same mindset," Paguirigan says.
Diversity and inclusion in the workplace continue to gain mainstream recognition and increase recognition of its financial benefits to organizations. Research shows that companies with high racial diversity report a 15-fold increase in sales revenue, and those with diverse executive teams are 25% more likely to achieve above-average profitability.
The ARA NOW program is open to mentees without requiring ARA membership, widening the initiative's scope. For mentors, it offers a chance to contribute to industry diversification, building relationships based on mutual trust, respect, and a shared commitment to mentoring.
Marcus Fair Jr., CFP®, QPFC, a Financial Advisor at Baird, highlights the impact of his early mentorship. "Guidance from mentors has been crucial to my success. I look forward to sharing my experiences with another advisor," Fair Jr. says.
Proposed Timeline
Following is the proposed timeline for applications and pairing notifications. This schedule is subject to change:
Q2 2024:
Submission period: March 6, 2024 - June 5, 2024
Pairing notification emails targeted for the week of June 19, 2024
Q3 2024:
Submission period: June 6, 2024 - Sept. 6, 2024
Pairing notification emails targeted for the week of Sept. 21, 2024
Q4 2024:
Submission period: Sept.7, 2024 - Dec. 6, 2024
Pairing notification emails targeted for the week of Dec. 21, 2024
You can apply for the NOW program by clicking here.
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