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(NewsUSA) - Creating a financial planner workforce that reflects the changing demographics of wealth in the United States is important for ensuring the long-term success of the profession and the ability of Americans to access the advice they need.

In recent years, significant progress has been made in attracting more women, people of color, and young individuals into the field. The number of CFP® professionals under age 30 has increased by 83% since 2016; 6,032 new women have joined the ranks of CFP® professionals, bringing the total to 20,632; and the number of Black and Latino CFP® professionals , including those who self-identified as biracial Black and Latino, grew to 3,688 in 2020.

Recruiting, however, is just one piece of the puzzle.

Creating a more diverse and sustainable workforce also requires cultivating an environment in which financial planners want to build a career.

"As awareness of the financial planning profession continues to spread and we attract more ethically and racially diverse talent, the challenge continues to be retaining and supporting these thriving professionals," explains Rianka Dorsainvil, CFP®, Co-CEO of 2050 Wealth Partners.

In part, such support means helping financial planners feel comfortable in the field and recognize the unique skills and perspectives they bring.

"Even though I didn't necessarily look like most everyone else in the profession, I wish I realized then the power of being able to connect with someone who shares my background," says Marguerita Cheng, CFP®, CEO of Blue Ocean Global Wealth.

"There are many people from different walks of life who could benefit from the services provided by a financial planner. And the personality traits that might appeal to one person or demographic, may not resonate quite as well with women or people of color," Cheng says.

Jeanne Fisher, CFP®, CPFA, with Strategic Retirement Partners, notes that this is why financial planners need to harness their differences.

"Being a woman can be an advantage -- not a disadvantage. Embrace it. Don't try to 'fit in with the guys.' Our different approach, and the fact that we are naturally more empathetic, works in our favor," she says.

Early in her career, Dorsainvil says she felt that "in order to fit in I needed to code-switch. I could not be my authentic self." Not only was it exhausting to constantly change mannerisms or appearance to feel like she belonged with a specific audience, Dorsainvil says doing so also ignored the fact that no matter where you come from, what you look like, how you grew up or your circumstances, you can be successful in this profession for who you are and what you bring to the table.

Dorsainvil adds that overcoming that mindset and the barriers that keep women and people of color from entering or staying in the profession requires allies in the financial advisory space to act in solidarity with marginalized groups and unlearn what they think they know about race and ethnicity.

Phuong Luong, CFP®, a financial planner with Just Wealth, LLC, explains that this means having difficult conversations.

The profession "cannot truly be inclusive until we see why we've been exclusive for so long," she says, adding that financial planning as a whole is in a unique and privileged position to facilitate the reckoning that will ultimately help people become the most honest and realized versions of themselves

"If we get comfortable talking about race, imagine what we could do."

To learn more from diversity, equity and inclusion thought leaders and best practices visit www.CFP.net and plan to attend the 4th Annual Diversity Summit, taking place virtually November 17-18.

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(NewsUSA) - Whether you are new to the workforce or a seasoned pro, retirement planning is the secret to long-term wealth, and it is never too early or too late to make a plan to live your best life in later years.

With the unique challenges and unpredictability caused by the coronavirus pandemic, many people were forced to neglect or ignore their savings and financial planning. That's certainly understandable. But as the economy improves, new workers and those approaching retirement can take advantage of smart ways to plan and save in a way that they may not have been able to a year ago.

The following tips from CFP Board, a nonprofit organization dedicated to benefitting the public by supporting professional standards in personal financial planning, may give you some ideas on how best to plan for your retirement:

- Go high-tech, with caution. "Keeping track of your personal finances is time-consuming and not what you want to do in your retirement years," says CFP Board Ambassador Bill Schretter, CFP®.

"I recommend all my clients automate as much of the saving and reporting functions as possible. However, I do not recommend that you use free service apps," he emphasizes.

Why? Many free service apps will use your information to try to sell you financial and non-financial products that you don't need and could siphon away from your retirement savings.

"I recommend that you purchase your own program or use programs that your advisor or bank provide to help you keep your finances organized," says Schretter. "Let an app automate regular tasks, but leave the most important financial advice and management to qualified human beings," he adds.

A CERTIFIED FINANCIAL PLANNER™ professional can provide guidance as you consider these points in retirement planning, whatever your current work status or age:

- Review your goals. Does your retirement wish list include a cruise to Alaska, an African safari, or your own house on a secluded lake in the woods? Do you want to open a small business, or help out your children and grandchildren with education costs? Consider potential expenses now to plan savvy withdrawals later.

- Watch for tax traps. "If your withdrawal plan puts you into a higher tax bracket, you might want to lower the amount you plan to pull out," says CFP Board Ambassador J.J. Burns, CFP®.

Also, diversify with a range of accounts that are taxed differently for more flexibility. If you don't have a Roth IRA or 401k, it is never too early or too late to start one, and a certified financial planner can give advice on moving some retirement savings into one of these accounts to maximize future income.

Visit LetsMakeAPlan.org for more advice and tips to make the most of your income in retirement.

(NewsUSA) - As a young adult, you may find yourself working your first job, and enjoying your first apartment and first car.

And while retirement planning may be the farthest thing from your mind, it shouldn't be. Take some smart steps now, and you can reap the benefits later, with more money and resources than you might think possible.

"Saving and investing for your future is one of the most important things you can do," says Charles Sachs, CFP®, a CERTIFIED FINANCIAL PLANNER™ professional .

These tips from a CERTIFIED FINANCIAL PLANNER™ professional can help:

Pay it forward. One of the easiest ways young adults can save for retirement is to invest in a 401(K) plan offered by an employer.

When you sign up for an automatic contribution, the money comes out of your paycheck before you see it, so you won't miss it now, but you will appreciate it later after it has grown over time.

Two other reasons to take advantage of a 401(k)? The extra funds earned if your employer matches your contributions (though not all employers do this) and funds saved because the money you put in a 401(k) is tax-deferred, which means it reduces your taxable income until you withdraw it in retirement.

- Pay it back. Another way to get a head start on a secure financial future is to set financial goals and prioritize early, according to CERTIFIED FINANCIAL PLANNER™ professional Douglas Boneparth, CFP®.

"Know who you owe money to (government or private loans), how much you owe and the interest rates associated with each loan. Educate yourself and don't be in denial," he says.

"Take a look at your pay stub and start to understand all the different things that are withheld from your paycheck such as taxes, health insurance premiums and 401(k) contributions. What you end up with -- your 'net' -- is the money you actually have to build your budget," Mr. Boneparth explains.

Decide how to spend what's left. For many young adults, that includes paying off student loans, but also could involve saving for a house or for further education.

A CFP® professional can provide guidance and advice as you consider these points in retirement planning: What do you want? When do you want it? How much will it cost?

Visit LetsMakeAPlan.org for more advice and tips to get in on the ground floor of smart money management and building wealth for retirement.

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