4 ways fintech can build more inclusive tools for financial advisors

For Annie Jean-Baptiste, “being seen” is not a buzzword or a catchphrase to be used by companies eager to prove they understand it.

The desire to be seen is real and far-reaching. Whether you are part of the traditionally privileged population or one of the millions of marginalized Americans, Jean-Baptiste, head of product inclusion at Googlesaid feeling that someone cares has a powerful impact.

“We all want to be seen by our pets, our partners and definitely our products,” said Jean-Baptiste. “It’s really about letting everyone when they use a product or service feel like they were thought of in the moment, and throughout the product design and development process.”

This impact is even greater when applied to the world of financial services. If fintech can expand access to the overlooked and at the same time make them feel included, there is an opportunity to transform people’s lives and change the balance of power, said Jean-Baptiste.

New research on the topic of inclusive design from the non-profit financial innovation laboratory Commonwealth and investment platform Public came to a similar conclusion. The two entities partnered on a seven-month pilot program to study the effects and impacts of inclusive technology design on investment outcomes for underrepresented populations.

The program provided 241 women of color with little or no investment experience $250 in seed funding to build a portfolio on the Public.com platform, and Commonwealth’s research team tracked the behaviors and attitudes of the cohort with the goal of understanding how investment platforms can provide opportunities for advancement for market participants in all joints.

What they found was that when engaged with intention, the women gained confidence. The number of participants reporting that they were more comfortable making investment decisions grew from 25% at the beginning of the pilot project to 65% at the end.

The mindful engagement also created a new pool of potential wealth management clients as 88% of participants agreed or strongly agreed that they plan to continue investing after the pilot. And 82% said they planned to contribute more funds to their investment accounts.

“Perception of who is a typical investor and the level of resources required to participate

Capital markets remain significant barriers to participation for women of color,” the study reported. including beginners and people without large amounts of capital.”

Jean-Baptiste shared her expertise in creating DEI-focused technology while giving a keynote address Future Proof 2022 festival earlier this month.

Organized by Advisor Circle and Ritholtz Wealth Management, Future Proof drew more than 2,200 people to Huntington Beach, Calif., for its first event. Officials said the guest list included more than 1,000 financial advisors, 220 speakers and nearly 100 sponsors. Financial planning was a sponsor of the event.

Dates for Future Proof 2023 have already been announced. The event is scheduled to return to the beach 10-13. September 2023.

Jean-Baptiste’s Future Proof presentation, called “Building for Billions,” broke down how a more inclusive approach to technology is good for the soul and the bottom line. Here are four ways she believes fintech and wealth management can bring more people to the table.