Financial Alliance for Racial Equity

The Financial Alliance for Racial Equity (FARE) is a U.S. nonprofit organization dedicated to promoting diversity, equity, and inclusion within the financial services industry. Formed in late 2020, FARE brings together financial services firms, Historically Black Colleges and Universities (HBCUs), and industry partners to create a more inclusive environment for professionals and communities of color.

Mission and Vision

FARE's mission is to increase racial diversity, drive greater equity, and foster inclusion within the financial services industry and the communities it serves. The organization's vision is to transform the industry by using actionable and measurable solutions to better serve diverse employees and communities, both now and in the future[1].

Programs and Initiatives

• FARE CFP® Certification Diversity Scholarship: This program has awarded over $115,000 in scholarships to support Black professionals seeking CFP certification, enabling them to advance in financial planning careers[2].

• HBCU Mentorship Program: FARE connects mentors from member firms with students and young professionals from HBCUs to nurture talent and foster career growth. In 2023 and 2024, the program supported numerous mentees with career guidance and professional development opportunities[2][5].

• HBCU Scholarship Award: FARE also provides financial assistance to HBCU students pursuing certifications like the Securities Industry Essentials Exam, supporting their entry into financial services careers[2].

• Educational Series Events: Initiatives such as HBCU Live engage students and professionals, leading to internships and employment opportunities in the financial sector[2].

Partnerships

FARE collaborates with leading financial services organizations, associations, and HBCUs to address barriers faced by Black advisors and professionals. Partners include major firms like Nationwide Financial, Morgan Stanley, M Financial Group, and several prominent HBCUs[3][5]. Additionally, FARE has partnered with the CFP Board Center for Financial Planning to enhance access to the financial planning profession for underrepresented groups[3].

Impact

By providing mentorship, scholarships, and professional development resources, FARE aims to bridge the gap between opportunity and access for diverse talent. The organization's work is critical in shaping the future of the financial services industry, fostering innovation, and enhancing its ability to serve diverse client bases[2]. Moreover, FARE's initiatives directly contribute to addressing racial wealth disparities by empowering underrepresented individuals to build wealth in their communities[2].