Supernova Scholars Program

The war on DEI is hitting marketing and hurting business. Years and years of research have found that diverse companies perform better. So why are companies gutting their DEI initiatives? Those are the headlines for Constantine von Hoffman, Managing Editor at Third Door Media's lead-in to his article for MarTech which starts with: "In the past year, many very profitable tech companies — Apple, PayPal, Google, Meta to name a few — have laid off many people. They have done this to “maximize shareholder value.” I call this the Jack Welch strategy, named for the former GE CEO who?laid off more than 100,000 employees?to increase short-term stock value and created a company that long-term saw its market cap go from $450 billion to $200 billion." He further states: "One of the areas hit first and hardest by these layoffs?was these companies’ #DEI efforts. At the same time, marketing organizations at major corporations have become less diverse, according to the Association of National Advertisers (ANA) latest report on diversity in the advertising and marketing industry." There has been a huge amount of research on diversity in the workplace. It overwhelmingly shows that companies with greater diversity and inclusivity at all levels outperform those with less. Here is a tiny sample of that research: ?? The top 100 Fortune 500 companies have more diverse boards than the other 400 companies. (Forbes) ?? Ethnically diverse companies are 35% more likely to yield higher revenue, while gender-diverse companies are 15% more likely to yield higher revenue. (McKinsey & Company) ?? Companies with the highest number of women on top management teams have a 35% higher return on equity and 34% higher total return to shareholders than companies with the lowest number. (Catalyst) One can access his article and download the ANA study, which the Alliance for Inclusive and Multicultural Marketing (AIMM), helped author, here: https://lnkd.in/gukSD4Ac #deib #inclusion #diversity #workplace #employeebenefits

Addressing the?gender pay gap?is crucial to unlocking women's full potential as investors.?UpLink - World Economic Forum Top Investor?and Co-Founder and General Partner of VentureSouq, Sonia Weymuller says: "Accountability is key, and clear mechanisms should ensure diversity goals are met." In a World Economic Forum article, they state: "It’s time we reflect on the role women play in shaping financial markets — both as investors and as employees in the institutions that keep those markets running. On both fronts, there is ample opportunity to deliver both societal progress and economic empowerment." Highlights of the report: ?? Women have the power to fundamentally reshape the financial services and investment landscape, as both investors and from within key financial institutions. ?? An estimated $700 billion could be unlocked by financial institutions by better serving women as investors. ?? There is evidence that women overall make better investors, and generate higher returns when making investment decisions at financial firms. https://lnkd.in/ek36h2Nw #women #womeninvestors #financialadvisors #wealthmanagers

Despite struggling with debt and a higher cost of living, the number of employees feeling financially well in 2024 is trending up, according to Bank of America Institute’s 14th?annual Workplace Benefits Report, “The Resurging Workforce.” This year’s survey revealed that 47% of employees rated their financial wellness as “good” or “excellent,” as opposed to 42% last year. However, women expressed significantly lower financial wellness scores than men, signaling that employers need to do more to address the issue of pay equity, among other challenges. However, the survey found that only 44% of employers currently address pay equity, and 28% are considering it in the next one to two years. The majority of employers (78%) with pay equity initiatives said they have seen an improvement in the ability to attract top talent. Remy Samuels provides additional details of the study in her article for PLANSPONSOR here: https://lnkd.in/g_CA4Sm8 #dei #equality #payequity #pay

Nicole Ridley we read your article, "The Power of Representation", with great interest and wish you well as you begin your tenure as head of operations with the Financial Alliance for Racial Equity (FARE). The team at the Supernova Scholars Program and Supernova Consulting Group wishes you well, in your mission to increase racial diversity, drive greater equity, and foster inclusion within the financial services industry and the communities they serve. We appreciate the formidable challenge of disrupting the status quo in the world of finance to implement your vision with the intention of creating greater diversity as we have experienced first-hand the challenges you will meet and face. We wish you well and are willing to share our experience of providing training, internships, and permanent employment for those #HBCU students wanting to become financial advisors. We hope that others enjoy your article as we did and will help with your mission: https://lnkd.in/g4eAgtSH #diversity #financialadvisors #wealthmanagers #deib

How committed are asset managers to diversity, equity and inclusion? Very. That’s the finding from a?study?by the Callan Institute, the research and education arm of consultancy Callan LLC. The results of the survey of 1,200 asset managers, Callan’s first on the subject, were that 70% had a formal DEI policy, 71% had diversity recruitment initiatives and 65% had a DEI training program. Further, 50% sponsor a mentor program, where more senior employees guide new hires from underrepresented groups. These findings are important to allocators, whose organizations hire outside managers to invest assets, often with a focus on particular asset classes, such as private equity. https://lnkd.in/g9ztGC6s #dei #assetmanagers #deib #diversity

"My mantra is a commitment to excellence. Plan, process, and purpose. You have to play to win. There's no losing, there's only learning and growing. “ - Rob Knapp These were words that our beloved founder, Rob Knapp, lived every day until his passing on April 27, 2024. Rob’s strongest desire was for the Supernova process to live on through all of his clients, both past, present, and future. #commitment?#excellence?#plan?#process?#purpose

Alex Ortolani writing in PlanAdvisor says as retirement plan advisers look to win and keep clients, they often need to show their ability to design a plan that meets the specific needs of a varied participant pool. But doing so in a workforce that is increasingly disparate and diverse might mean going beyond the “average” participant, says a group of advisers who focus on diversity, equity, and inclusion in plan creation and participant outcomes. Plan offerings must be “more accessible and inclusive because the reality is that it’s not just retirement that people need to address to be financially healthy,” says Elizabeth Aidoo, financial planner and manager of DEI and Spanish Language Services at Francis LLC. https://lnkd.in/g2jqASy7 #401k #retirement #financialadvisor #dei #deib

Opportunity ? About 54% of clients working with human advisors stated that they switched advisors, while 9% thought about going to a robo-advisor or a new firm, according to the report. On the flip side, 12% left a robo-advisor or automated investment platform to work with a human advisor, the report found. In contrast, last year's study found that 47% of respondents either switched or contemplated switching, advisors between 2020 and 2022,?according to YCharts. Additional details here in this article for Financial Advisor IQ by Rachel Dalloo: https://lnkd.in/ekg3hRdb #financialadvisors #wealthmanagers #clientacquisition #clientretention

The non-profit?Gateway Foundation by Money Management Institute, established by the Money Management Institute (MMI) to advance diversity, equity and inclusion (DE&I) in financial services, recently announced the 2024 recipients of its Opening Doors Awards. The awards were presented during the second annual Opening Doors Impact Night gala in Manhattan. Honorees and the awards they received at the event were: https://lnkd.in/g2RcufK9 #dei #diversity #equity #deib #financialservices

This is an excellent, extremely detailed article by Remy Samuels, reporter for PLANSPONSOR on the?alarming pay gap?between?newly?drafted?basketball players in the WNBA (Women's National Basketball Association) and?the?National Basketball Association (NBA). Her article provides?an opportunity to examine?the negative impact of low?compensation on?building retirement savings for not just WNBA players but women in general. In full disclosure, Caitlin Clark signed a $10 million contract with Nike late last week. https://lnkd.in/gRp9mDgd #gendersavings #paygap #women #compensation