Black History Month - why we must challenge negative narratives in finance

Last month, SJP Managing Partner Derek Mills joined an invited panel of senior leaders and influential voices for a prestigious Bank of England Black History Month 2024 event: “Challenging Negative Narratives in Finance.” Topics on the table included stereotyping, bias, recruitment and career opportunity in a sector whose demographics are still predominantly white and male.

Derek himself has been in financial advice and wealth management for 27 years. Now a published author and filmmaker as well as a highly successful finance professional, Derek’s own career path is a powerful example of challenging – and changing – racial stereotypes in the financial services industry.

Changing the ‘traditional narratives’

“I now work with high net worth individuals – but I certainly didn’t come from that,” Derek says.  “I was born in the middle of Birmingham. I went to a comprehensive school. I don’t hold a degree.”

“My story, and my career, prove what you can achieve without any of the traditional financial management background – in terms of experience, education, connections and heritage. But you have to believe in your authentic self, and your abilities. Plus, you have to be given the opportunity - or make one.”

For people of Colour, changing the narrative and believing in your own right to be working in major financial institutions or wealth management companies is fundamental. “That’s why I wanted to be on the Bank of England panel,” Derek explains. “I hope that it sparks conversations beyond the event, and more importantly, change.”

“I was there to share, but also to listen and learn.”

Opportunities and challenges for Black and ethnic minorities

The attendees, who included staff from the Bank of England, the FCA, SJP and the London Stock Exchange, later called it the most insightful, inspirational and hopeful panel they’ve ever attended, Derek says.

“One of the most compelling and challenging conversations was that Black professionals in finance are frequently held to a higher standard for advancement. The comment that ‘It’s as though Black professionals are often taking a different exam for the same role’ resonated with everyone in the room.” This theme was echoed at one of our own BHM events at SJP.

Celebrating Black History Month at SJP

This year’s global Black History Month theme: ‘Reclaiming Narratives’ has highlighted stories of Black resilience, success, and empowerment – across society, sport, industry and the arts.

Throughout October, we held our own BHM celebrations, coming together for a lively and challenging online forum exploring the effect of language and its impact on the Black community. Our own panellists discussed wide-ranging questions about how to ask someone about their heritage or culture, as well as how welcome and included they felt as part of the SJP community. “I look at SJP and I know we’re not where we want to be quite yet,” says Kayure Patel, Senior Change Manager, who was part of the discussion panel. “But compared to others in the financial services industry, it feels like our heart’s in the right place.“

“We promote ‘Embrace’, our network focusing on race and ethnicity. We celebrate BHM, and most importantly we don’t put our head in the sand.“

Kayure Patel, Lorelle Simon, Chelsea Wanga and Cynthia Igbokwe fielding questions during our online forum on language and the Black community.

The month culminated with an inspiring performance event showcasing three artists of Colour who appeared live at our Cirencester office. T Santana, Effie K and Thembe Mvula gave deeply moving spoken word and musical performances – and shared their own remarkable stories of changing the Black narrative.  

The events were organised by SJP’s Responsible Business team in conjunction with the Embrace network, which works year round to help embed a welcoming, supportive work culture, and champion inclusion across the business, and the wider industry.

Diversity and equality in financial services – how much has really changed?

When the 2023 Race to Equality: UK Financial Services Report 2023 published the results of its survey into diversity and equality in financial services, it uncovered a “frustrating scarcity” of role models and lack of representation.¹

One third of respondents said that unconscious racial discrimination remains a barrier to ethnic minority career progression. Over half (59%) said they didn’t know any role models with similar heritage or identity to theirs in their industry. And the message was clear: 4 in 5 (81%) of those surveyed called on senior leadership teams to challenge bias and discrimination – and to act.¹ Positive change happens from the top down.

At SJP, the ethnic makeup of our own employees has grown from 3.2% to 8.5% In the past five years (2018-24) – with a slightly higher average in senior leadership roles.² By 2028, our goal is for 12% of our workforce and 10% of senior roles to be of Black or ethnic minority heritage.

“Organisations don't know what they're missing out on when they miss Black professionals out," Derek says. "What you need in an organisation, is people that are culturally and authentically different."

“That authentic difference can unlock genius and transform companies and industries. This is what happened for NASA when they decided to engage the best mathematicians in the 1960, who happened to be black and female!”  

“Within every organisation, there are hidden figures that if we give them the opportunity, can do things differently.“

Exciting though all the buzz and activity surrounding this year’s BHM has been, there’s still much to do to bridge the representation gap. At SJP, we’re building a more diverse inclusive workforce from the ground up – from inclusive recruitment campaigns to internal initiatives mentoring and supporting Black and ethnic minority employees and their allies.

“Black History Month isn’t just about celebrating the past,” Justin Onuekwusi, SJP’s Chief Investment Officer, reminded audiences at the BHM celebrations. It’s about reclaiming the narratives that have often been marginalised, ignored or misrepresented.“

“We can shift thinking, challenge stereotypes, share narratives that unite, empower, uplift. The most powerful way to reclaim the narrative is to do so together.”

Sources

¹Race to Equality: The Reboot research was conducted by Coleman Parkes between August and September 2023, surveying 800 respondents of various ethnicities (700 ethnic minorities and 100 white employees) who have been working in the financial services sector for at least 10 years. The Reboot Race to Equality Index is calculated using survey data reflecting the respondents’ perceptions of the actions taken by their financial services organisation to improve ethnic and racial diversity and inclusion. over 7,000 ethnic minority individuals already working in financial services

²St. James’s Place Diversity and Inclusion (sjp.co.uk) - SJP's 2023 annual report. Our minority ethnic representation is 8.5%*, based on 75.7%* of our core employee base who have voluntarily shared their ethnicity data with us.