June 10, 2020
On Behalf of the MMI Board of Governors:
The Money Management Institute (MMI) has long stood for the goal of advancing the future of investment advice while fostering industry dialogue. MMI, as a member-driven organization, collectively supports the statements made and positions taken by financial services industry executives regarding the many events and systemic biases — police brutality, racism, social injustice, and racial inequality — that have accumulated, escalating to the current outcry and frustration over social disparities. It is evident that the road to true equality requires a renewed dedication to inclusion, opportunity, and action.
The MMI Board of Governors is proud to announce the launching of an industry-wide “Acknowledgment to Action > Impacting Change” Initiative. MMI will promptly organize a council of business leaders across the financial services industry to identify key initiatives for collaboration and establish commitment from our member firms and their employees. The leadership council will include a balance of voices from racial and gender perspectives.
Specific areas of focus include:
- Expanding financial literacy for underserved communities
- Creating opportunities for underrepresented college students to bridge employment gaps while also generating new perspectives on the industry
- Developing a platform for MMI members to engage in the process while also creating a longer-term curriculum centered around unconscious biases and racism
- Engaging partners from within and outside the industry to marshal resources and facilitate ongoing dialogue
We have the opportunity to leverage our existing Gateway Foundation’s efforts to inform underrepresented university students about career opportunities and enhance their success with industry-readiness.
MMI can lead efforts to enhance financial literacy and self-development for employment and economic opportunities. This future world requires improvement to our housing, healthcare, education, employment, and economic development policies paired with government leadership. The improvements must be actions, not discussions, and must enable street-level delivery.
The call to action is clear and the responsibility to make a difference monumental. These efforts will require “dollars and hands”, “minds and hearts”, and “energy and persistence”— all values and skills represented within the Money Management Institute membership and all worthy of spreading.
MMI intends to solicit commitment to a pledge to actions and to results. This will create a consortium of financial services firms and their leaders engaged with resources and efforts to finally address the known issues.
We will move forward with the optimism, insight, and energy that further progress surely demands. Thank you to our individual MMI member firms for their sponsorship of this effort to create a workplace and an industry representative of all colors, backgrounds, and beliefs.
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| Marilee Ferone Chair, MMI Board of Governors |
Craig D. Pfeiffer President & CEO |
