Renée Baker, Head of Private Client Group, Adviser Inclusion Networks, Raymond James
(January 2021)
“It’s quite remarkable how storytelling helps to connect people.”
In 2017, Renée Baker was the Chief Marketing Officer of a mid-sized asset manager. Then, in 2019, she took a diversity and inclusion role in sister company Raymond James. She now leads the Adviser Inclusion Networks within the firm’s Private Client Group, working closely with the firm’s Practice Management team and corporate diversity and inclusion programme.
Just eight months into her tenure, in May 2020, George Floyd was killed in Minneapolis. We all know what happened next, with the Black Lives Matter movement becoming a global narrative that has spanned culture, politics, sport, and business.
In our interview, Renée and I tackled racial diversity, the role of storytelling, and how small companies can – and should – play their part in creating diverse workforces.
PORTRAIT OF RENÉE
To learn more about Renée’s journey, we tap into her back story. She grew up in southern New Jersey in a close-knit community. In school, she was in the advanced classes and was usually the youngest and the only black person in them. The small New Jersey community where she grew up sheltered and respected her. Renée feels like she was taken care of and not exposed to or unaware of the racism she faced later in life.
Renée’s voice in diversity and inclusion doesn’t come from a place of anger or resentment. The word ‘care’ comes up a lot, and it’s clear that it’s a core value that runs through Renée’s business and personal life.
SILENCE IS COMPLICITY
The death of George Floyd changed the dynamic of racial equality. Prior to that day, the killing of a black man by a white police officer brought anger but fleeting attention. This time, it was different. The impact has been wider, reaching overseas from the U.S. and deeper into other areas of society, including business.
Companies are being asked, ‘what are you doing about this?’ They need an answer. In Renée’s company, Raymond James (a firm of financial advisers spanning North America), she has a role aimed at increasing representation of women, black and LGBT advisers. While her work promotes the various adviser networks, inclusion and creating space where advisers feel welcomed and respected is a big focus for Renée.
Raymond James employs more than 18,000 people. So, the firm has the scale to employ a dedicated team focused on diversity and inclusion for associates and financial advisers (they’ve been promoting their Women’s Financial Adviser Network for more than 26 years with tremendous success). But what about smaller companies? They can’t hire people specifically in this area. Yet, Renée believes that’s not a viable excuse.
“I get that companies don’t want to be seen as opportunistic if they make a statement or a gesture relating to this issue. But being silent looks like complicity.
“Don’t get me wrong. Back in the summer, a lot was going on, and I think it was okay to pause. A lot of firms went into action and did something right away. Of course, it’s easy to write a cheque or write a statement. But there is a greater opportunity for organisations of all sizes to take an internal view of how their efforts are aligning to the companies’ values, and to come up with a plan to move the efforts of diversity and inclusion forward.”
Renée and her colleagues have been driven by their company values and by listening to their people. Only by having these conversations and understanding what your people value can you then take action that’s true to your firm.
And that conversation has since moved on to action. Raymond James has re-affirmed its commitment to the black community. A pledge of $1.5 million to support black-community projects is part of a programme that includes: transparency of data, expanding further the representation of black advisers, and tailored coaching for black advisers (who typically face different challenges).
“When you have a conversation and really listen to your people, you draw new insights from them. It’s important to be actionable in the time that is right for the organisation. What matters is being authentic to yourself.”
It’s clear that Renée and Raymond James are listening to their people and acting on their views. It’s a great example of internal communication in action.
A SMART PIVOT
Renée’s career move from marketing into diversity is an interesting career pivot. Indeed, it’s a great lesson for companies and individuals in how to apply their existing skillset to a related area and diversify – their career, their product range, their business.
“I’m still a marketer and continue to flex that skill often. I’m a finance professional with a marketing discipline and now with a diversity and inclusion focus.
“My role is now expanded to focus on building strong networks of advisers representing diverse communities, which involves understanding your target audience and developing campaigns to reach into these communities and educate others about the communities as well. My ambition is to increase the representation of these groups in our business and in the industry, but also to ensure they are truly ‘included’ and integrated into the firm, all while helping existing advisers grow their businesses.”
What Renée’s done is understand and refocus her core skills and values in a new way: marketing, finance, building communities, and helping people. I think that’s a fascinating lesson for us all in applying your skillset to a new challenge.
THE ETERNAL POWER OF STORYTELLING
And when it comes to developing the inclusion networks, marketing comes to the fore again for Renée.
Storytelling is a pre-historic way of communicating. It’s in our DNA, and it’s what we all do when we meet friends and family. We love to share stories.
Renée is no stranger to storytelling.
“We’re trying to bring awareness of financial advice as a viable career option. There’s a lot of education needed to help under-represented communities feel included. The most engaging way to do that is by telling the stories of people who have already travelled that journey.
“I love to ask the questions: ‘what’s your why?; why did you come into this industry?; what do you love about this industry?; what’s the one thing that you would do differently?’
“When we get a financial adviser who is passionate about what they do, they have an opportunity to speak with to young people in schools and colleges or aspiring and even experienced advisers. They talk about this rewarding career, the culture of the firm, and what they enjoy most about what they do and their stories connect with people.”
The power of storytelling is working at Raymond James. In early February, they held their seventh annual Black Financial Advisers Network Symposium virtually – an event at which Raymond James advisers gather to share stories and support each other’s businesses. In last year’s event, there were 100 attendees; this year, over 400 attendees from the U.S., UK and Canada registered for the event. Although there is more to do, it shows how much progress is being made as the conversation moves from learning to action.
Renée and her team at Raymond James make a considerable difference in their target communities and the industry.
Her challenge to other business leaders is for us to play our part. Listen to your people. Act authentically based on the values that are important to them. And tell their stories.
This interview took place on 28 January 2020
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