5 questions for Ashley Price, head of diversity at Baird’s financial advisors
In a new episode of the Financial planning podcast, Baird’s director of recruiting Ashley Price explains how the wealth manager is working with consulting firms and a state university to help usher in the next generation of planners.
Price is Baird’s Private Wealth Management Diversity and Recruitment Manager, leading the company’s inclusion, training and hands-on support for the company’s expanding employee channels from its headquarters in Milwaukee. The company’s Private Wealth Management division has more than 1,300 financial advisers in 160 offices, managing $ 239 billion in client assets, according to its 2020 annual report. The unit generated revenue of $ 1.16 billion. dollars, up more than three-quarters over the past five years.
In the podcast, FP chief correspondent Tobias Salinger asks Price the following five questions about Baird’s approach to recruiting new entrants to the profession, the level of resources and support from senior executives, and the role of associated resource groups.
1. NextGen is still a hot topic in wealth management, given the advanced age of most financial advisers and the lack of representation of Black and Latino advisers. How does the Baird Foundation program work and what are the demographics of the program?
2. Since 2014, Baird has collaborated with the University of Wisconsin at the Wisconsin School of Business in Madison on a formalized educational path in wealth management and financial planning. In April, the company established an endowed chair within the Department of Finance, Investment and Banking. How else do you work with the state’s flagship university to support the next generation of financial advisers?
3. Recruiting for individual practices and branches is an extremely important area of the business, given the importance of growth and scale. How do you work with financial advisors to develop their teams?
4. Employee or associate resource groups can often provide connections and share best practices among minority professionals in financial services. What associated resource groups does Baird have?
5. Positions on diversity, equality and inclusion seem very difficult to me due to the historical and persistent nature of racial inequalities in our country and sometimes a lack of resources or buy-in from senior management. How would you describe the level of high level resources and support for these initiatives at Baird?