Every company needs an Emily Pitts.
At the age of 35, the then-budding financial advisor with Edward Jones had the bright of idea of developing a diversity training program to help the firm’s minority financial advisors enhance their success rate in an industry that is not historically very diverse.
Over the last seven years, more than 450 of Edward Jones’ financial advisors have undergone the training.
Pitts’ diversity work has no doubt been an edge for Edward Jones, the St. Louis-based financial services powerhouse serving nearly 7 million clients across the U.S. and Canada.
Edward Jones has been the recipient of the SIFMA Emerging Leadership Diversity Award for its Diversity and Women’s Leadership Forums, and for its WINGS program designed to attract and retain more women financial advisors. Over time, these programs and many others have contributed to the improved retention and success of the firms’ diverse workforce.
“Diversity has always been a passion of mine,” said Pitts, Edward Jones’ Principal of Diversity and Inclusion. “Back when I was a financial advisor, I realized that there is a whole other market of clients who were not being served because historically financial services firms have not been very diverse.”
Pitts’ passion comes at a time when diversifying your portfolio means a lot more than investing in several different stocks – but also, making racial, ethnic, and gender inclusion a core part of a company’s business growth strategy.
“Diversity is not just the right thing to do, it’s a business imperative,” said Jim Weddle, Managing Partner of Edward Jones. “Growing the diversity of our associates and our clientele is a key objective of our firm and aligns with our core values.”
Demetrius Grooms agrees. As a director of retirement services and chair of the Black African American Business Resource Group at Edward Jones, he oversees the work of dozens of staff and community outreach initiatives.
“There’s more to be gained through the growth of the firm by creating opportunities for all of us,” Grooms said. “By delivering what our clients want and being mindful of inclusion and diversity, our market and our client base continue to evolve. When we pay attention to diversity from a business perspective, we all benefit.”
Weddle is aware that demographic changes dictate that companies develop diversity strategies to compete.
“To better serve both our current and future clients, we will need to attract the most highly talented people in all of the markets we intend to serve,” Weddle said. “To do that, we are addressing the needs of our associates to maximize their potential and equipping them to help us meet the many financial needs of our clients.”
Pitts designs and administers diversity programs to serve this mission. She conducts monthly staff inclusion training with dozens of department heads (and online training for the entire firm) and oversees the company’s business resource groups that contribute to the recruiting and retaining of minority employees.
Every year, the Inclusion Counsel led by Pitts organizes a career fair and community expo during its Inclusion and Diversity Week held at the firm’s headquarters on Manchester Road during the first week of October. Meanwhile, Pitts steers the company’s mentorship program which she designed especially to encourage and empower cross-cultural mentorships.
Pitts rewards for employees who go out of their way to foster inclusion in their department. These associates are recognized at a reception twice a year held among the firm’s senior leadership team.
“We are revamping our overall strategy to ensure that diversity is integrated into the DNA of our organization – into everything that we do, our business decisions, practices, procedures and thoughts,” said Pitts, a graduate of the Olin Business School at Washington University.
Further, Pitts is dedicated to changing the perception of who a financial advisor is. “When you think of a financial advisor, you don’t automatically think of an African-American woman,” Pitts said.
And that’s why one time – back when she was a financial advisor in the company’s Atlanta branch – a classic scene played out.
“I was talking to a potential client who I never met before in person,” Pitts recalled with a chuckle. “I made some recommendations, and we talked a few times. Finally he said I’m going to come down and meet you and do some business. He came to my office and I walked to the front door and said, ‘Hi, I’m Emily Pitts.’ And he said, ‘You’re black!’ I said, ‘Noooo. Wait until I tell my mother!’”
Her humor and self-confidence won him over, and she proceeded to do business with the client.
“It’s not what happens to you, but how you handle it,” Pitts said.
Because of her ability to handle the challenges of an industry that was very slow to diversify, many who see her as a role model.
“Her insight into the nuances of being a minority executive helps you focus on results and not get bogged down by cultural or social challenges that you face in the business environment,” said Grooms. “She has lived it, and she shares it. Her ability to collaborate with others to get results is inspiring.”
