When Culture is Ignored, Advisor-Client Relationships Can Fail

Maddy Perkins from Financial Planning reviews Rianka's FPA Annual Retreat panel, Increasing Cultural Competency to Best Serve Our Profession & Clients

SAN DIEGO — Advisors are (finally) getting serious about bringing inclusivity to the wealth management industry. One of the greatest sticking points has been acknowledging how culture affects advisors’ conversations with clients, experts told attendees at a panel on increasing cultural competency at the FPA's annual retreat.

"Culture can be defined in so many different ways," said moderator Rianka Dorsainvil, a CFP and founder of planning firm Your Greatest Contribution. "Values are the deepest manifestation of culture."

Unfortunately, acknowledging clients' cultural cues while also offering sound financial advice can be a challenge. Generally, advisors enter tough conversations with good intent, said Saundra Davis, a professor at Golden Gate University's CFP board-registered financial planning program and founder of Sage Financial Solutions.

However, they sometimes "put financial health above values," Dorsainvil said.

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