Pathfinder Winner Moore: ‘You Can’t Be What You Can’t See.’

Advisor And BLX Co-Founder Describes BLX Achievements And Methods, Advises On Industry Improvement And Provides Career Guidance For Women From Underrepresented Backgrounds
Chloé A. Moore, Co-Founder, BLX Internship Program & Founder, Financial Staples
Chloé A. Moore, Co-Founder, BLX Internship Program & Founder, Financial Staples

WSR’s Pathfinder Awards present not only the opportunity to call out excellence among underrepresented groups in wealth management, but also a platform for voices of industry leaders from those groups to address the wealth management industry. In this month’s WSR Pathfinder Awards – Top Black Industry Leaders of 2024, we reached out to several winners to ask about initiatives and improvements in the industry, as well as career advice.

A winner in the category of Financial Advisor Leaders, Chloé A. Moore founded fee-only firm Financial Staples to address the needs of underserved populations in the technology industry, including women, people of color and the LGBTQ community. In addition to Financial Staples, Moore co-founded the BLX (BLatinX) Internship Program, with the goal of providing opportunity for aspiring Black and Latinx financial planners to obtain internships at fee-only financial planning firms.

Moore also volunteers for financial literacy initiatives and advocates for the advancement of female financial planners. She was recognized as one of Investopedia’s 100 Most Influential Financial Advisors in 2020 and 2021.

We asked her about how the wealth management can improve, the BLX Internship Program and career advice for women from underrepresented groups.

Increase access to affordable financial advice through innovative technology.

WSR: How is the wealth management industry doing with regards to underserved groups? How can we improve?

Moore: While the industry has made strides in addressing the needs of underserved groups, many challenges still persist. As a Black female advisor and business owner in this profession, I am acutely aware of the challenges to entering and advancing within the profession. On the consumer side of the equation, underserved groups are priced out from attaining fiduciary financial advice. Initiatives like financial literacy programs, community outreach and diversity hiring efforts have been positive steps towards inclusivity.

To further improve, the industry can focus on several key areas:

  • Fostering DEI&B within the industry by promoting diverse leadership and hiring practices. This can help increase representation of minority advisors in key positions and provide more access to the profession. At BLX, we believe, “You can’t be what you can’t see.”
  • Increasing access to affordable financial advice through innovative technology and streamlined processes
  • Providing targeted education and guidance on financial planning and investment strategies tailored to the unique circumstances of underserved groups, which can empower them to build wealth and achieve financial security
  • Facilitating partnerships with community organizations and government agencies to improve outreach and support initiatives aimed at closing the wealth gap

WSR: Tell us about the growth and goals of the BLX Internship Program.

Moore: At BLX, we provide aspiring Black and Latinx financial planners an internship within a financial planning firm. Our interns get a meaningful, first-hand, behind-the-curtain view into what working in the financial planning profession is all about. By providing valuable work experience and industry connections, BLX helps individuals achieve their career goals and determine how they fit within the financial services industry. To date, we have placed over 75 interns. In the near future, we hope to place 100 interns per year! Our goal is to make the profession more representative of the demographics of our country.

In the near future, we hope to place 100 interns per year!

In order to place more interns, BLX works hard to make the hiring process as easy as possible for firms that want to grow. BLX offers hiring resources as well as a personalized candidate screening based on what each firm is looking for. For each position a firm is looking to fill, BLX provides three candidates to consider. We provide an “Internship In A Box” guide to provide a turnkey solution to adding team members. We believe that an internship is the best way to home grow talent because you can test drive potential team members before offering them a full-time role.

WSR: What advice do you have for women from underrepresented groups who want to enter or advance their careers in wealth management?

Moore: Based on my experience as a Black female CFP, my advice is:

Invest in education and professional development. Pursue relevant certifications, such as the CFP credential, which is the “gold standard” in our profession. Firms understand that it is a significant commitment, so you don’t have to pass the exam to enter the profession. However, by enrolling in a CFP study program and taking 1 to 2 courses, you send a strong signal that you are serious about this profession.

“Your network is your net worth.” This is a small profession. Participate in industry events, conferences and forums to expand your network. The contacts you make early on in your journey will have a profound impact on your career.

Advocate for yourself in a respectful way. Be assertive in expressing your career goals and advocating for advancement opportunities. Take on challenging assignments, demonstrate your capabilities and actively seek feedback to showcase your potential. If your efforts aren’t rewarded, which unfortunately is more common than you would think, address this head on with your manager. If the career track laid out for you is unsatisfactory, it is OK to look for a new opportunity.

Janeesa Hollingshead, Contributing Editor at Wealth Solutions Report, can be reached at editor@wealthsolutionsreport.com.

Total
0
Shares
Related Posts

Sign Up for Our Newsletters

Sign Up for Our Newsletters