Increasing Diversity in Wealth Management

Increasing Diversity in Wealth Management

August 3, 2021 0

The work of wealth managers is to help high-net worth individuals manage their wealth and as such, meet their financial objectives. And, for Araya Mesfin, this job description is not restricted to race nor color. Firms may need to start looking into diversity in wealth management. In this article, you’ll learn about this high-profile financial advisor, Araya Mesfin and what he has to say about this subject matter. 

Araya Mesfin, 45, is a UBS top advisor who migrated from Ethiopia to the United States at the age of 14. He spent his college days in Berry College, Rome, Georgia, where he obtained a degree in biology and physics. Thereafter, he tutored private school students, and alongside it raised funds for the Berry College, his alma mater. Mesfin decided on a career change in his late 20s, and specifically picked interest in the wealth management field following an interview with a financial advisor, Merrill Lynch. He started his career in a rookie program at Morgan Stanley, and joined UBS after five years.

Araya currently works with a group of high-affluent individuals and families throughout the country. And, as a financial advisor and wealth manager, he seeks to use his self-devised strategies to preserve and maintain their wealth. For him, the first step is understanding what your financial goals are so that he can help you make critical decisions that will ensure your financial security in the future. His areas of focus in wealth management include estate, tax planning, and retirement. He is a member of different financial organizations, including the UBS President’s Council. 

Mesfin faced a lot of rejection during the early days of his career, and this was a major challenge for him. He thinks this rejection came largely because of his race.

On this subject matter, he opined that wealth management firms do not determine the success of the employees and vice versa. Therefore, if you are a wealth manager, you should learn to diversify your workforce to go beyond color. Also, since wealth managers would rather hire someone they trust, women and minorities might not easily get a chance as those in their network would. This makes employers streamline their workforce to only men and people of affluence, and this is not ideal.

Mesfin acknowledged that the mentorship of Edward Williams, who was the training manager at Morgan Stanley, when Mesfin first met him, was helpful. According to Mesfin, Edward made him realize that a Black man could succeed as a financial advisor.

Araya Mesfin’s take on diversity in wealth management is believed to be based on experience and professionalism. If you are a wealth manager, you may want to consider it.

Araya Mesfin, CFP®, Senior Vice President–Wealth Management, UBS

Johnny Ross