FARE was formed in late 2020 when a group of leading financial services organizations, associations and historically Black colleges and universities (HBCUs) came together to focus on increasing the number of Black professionals entering the financial services industry and supporting and investing in them once there. FARE’s efforts include providing resources, scholarships training and connections to diverse students and professionals, which are important components to career success.

“FARE was formed because we recognized we can do more together,” said Kristi Martin Rodriquez, leader of the Nationwide Retirement Institute. “We invited a powerful group of partners from the financial services industry and higher education to come together to make a difference. Beyond driving greater inclusion in our industry, FARE members are committed to improving research, education and awareness of retirement and financial wellness in diverse communities to enable better financial outcomes.”

Congratulations to the entire FARE coalition, which includes: Morgan Stanley, M Financial Group, NFP, Employee Benefit Research Institute, Huntington Bank, Franklin Templeton, Miami Life, National Brokerage Atlantic and Nationwide, in partnership with six HBCUs, including Hampton University, Howard University, Lincoln University, Virginia State University, Virginia Union University and Winston-Salem State University. 

Today, FARE was recognized by InvestmentNews as a 2021 Excellence in Diversity, Equity and Inclusion Awards finalist. FARE, along with 15 other firms, were chosen from more than 120 nominations by a committee of InvestmentNews representatives and judges from the advice business. FARE was recognized for its ability to inspire others from diverse backgrounds to join, flourish and bring their true selves to work in the financial services industry.

“Since FARE’s inception, we’ve made tremendous progress assembling a prestigious coalition of financial services organizations and academic institutions committed to, not only increasing diversity in our industry, but also positively impacting Black communities by increasing access to financial professionals and financial education,” said Kristi Rodriguez, leader of the Nationwide Retirement Institute. “Our recognition as a finalist for the InvestmentNews Diversity Equity & Inclusion Awards is a great honor for the alliance and evidence that our efforts are beginning to gain broader engagement and traction across our industry.”

The FARE coalition currently includes Morgan Stanley, M Financial Group, NFP, Employee Benefit Research Institute, Huntington Bank, Franklin Templeton, Miami Life, National Brokerage Atlantic and Nationwide in partnership with six HBCUs, including Hampton University, Howard University, Lincoln University, Virginia State University, Virginia Union University and Winston-Salem State University. 

InvestmentNews’ fourth annual Excellence in Diversity, Equity and Inclusion recognition program aims to tell the story of individuals and firms using their success, leadership skills, and willingness to implement and advocate for diversity and inclusion within the financial advisory industry. FARE, along with the other organizations and individuals making the fourth annual Excellence in Diversity, Equity and Inclusion list, is highlighted in the Aug. 9 issue of InvestmentNews and online at dandiIN.com.

*Nationwide Retirement Institute RISE Research 2018

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As part of its ongoing commitment to economic empowerment and social justice, Nationwide is supporting this important event with a $100,000 contribution and active participation from three top executives.

Eric Stevenson, President of Nationwide Retirement Solutions, is an Oklahoma native and will serve as co-host for the day. Retiring Nationwide Chief Administrative Officer, Gale King and Nationwide Retirement Institute leader, Kristi Martin Rodriguez will participate in panel discussions.

"What’s happening in Tulsa is truly inspiring. Rather than continuing to bury the reality of what happened, the community is embracing its past and using it as a model for how we can accelerate our progress," Stevenson said. "With leadership from Governor Stitt, Senator Lankford, State Senator Matthews, Mayor Bynum, Commission project director, Phil Armstrong and many others, what started as a local effort has become a unifying event and it's driving national awareness and conversations. We are deeply grateful to our sponsors from all over the country who are elevating what happened 100 years ago in the Greenwood District to put words into action and enhance the path forward."

Stevenson will co-host Economic Empowerment Day along with actor and author, Hill Harper and Ron Parker, President & CEO of the National Association of Securities Professionals. The event includes an interactive conference with in-person and virtual opportunities for education and networking as well as high-profile keynote speakers. It is part of a weeks-long programing lineup that includes the June 2 dedication of Greenwood Rising: The Black Wall Street History Center.

“We are thankful to Nationwide for partnering with the Commission to engage Tulsans and Americans about the Racial Wealth Gap on Economic Empowerment Day,” said Phil Armstrong, project director for the Centennial Commission. “Black Wall Street was once thriving and we must create systematic changes to recapture Black wealth in all facets – from personal wealth building, to entrepreneurship and capital. We hope this day is a launching point for change in many lives.”

Anyone can register to attend virtually for $19.21 by visiting the event website.  Proceeds benefit the 1921 Tulsa Race Massacre Centennial Fund, administered as a donor-designated fund through the Tulsa Community Foundation, a 501(c)(3) nonprofit organization. Specific priorities to be funded are:

• Access to capital for Black entrepreneurs (TRMCC Economic Development Committee)
• Entrepreneurship development programs (Sky’s the Limit/Mortar)
• Economic development and internship programs for Black youth (Tulsa Regional Chamber/GKFF)

Additional, ongoing, Nationwide efforts to address racial disparity and social justice include:

• Launching the Financial Alliance for Racal Equity in 2020, a coalition of financial services industry partners and historically Black colleges and universities dedicated to attracting, developing and retaining a more diverse workforce in the financial services industry.
• Advocating for equality for decades through partnerships with the National Fair Housing Alliance, National Urban League and UnidosUS and long-standing relationships with the Central Intercollegiate Athletic Association, the Executive Leadership Council, the Black Enterprise Entrepreneurs Summit and Catalyst.
• Ongoing internal efforts to identify tangible ways for the company to combat racism and promote social justice through the lens of a Social Justice Task Force made up of diverse leaders across the company.
• Continued commitment to having a diverse Board of Directors and leadership team alongside robust DEI and supplier diversity programs.

A new Nationwide Retirement Institute® survey of 313 Black caregivers commissioned in September 2020 reveals the toll the pandemic has taken on those providing care. Many current caregivers are worried that they can’t protect their loved one from getting sick (67%) and among all caregivers, more than half feel that they can’t take a day off (54%).

As Black caregivers struggle to balance work and caregiving, many also have concerns about their financial security, with only 58% answering that they are prepared financially for current or potential caregiving responsibilities (vs. 67% of all caregivers).

Among all U.S. adults, there is a surprising gap in financial literacy regarding the cost associated with being a caregiver. Only about half of Millennials (51%) and Gen Xers (46%) and only about a third of Boomers+ (35%) are knowledgeable about how much it costs to be a caregiver.

For Black caregivers, these costs average more than $5,000 a year and are an unwelcome sacrifice. More than 8 in 10 Black caregivers (83%) believe they should be able to provide care without dipping into their savings. Despite this, some may find themselves in this position, as around a third are worried they’ll be unable to provide money they had planned for their children (33%) or unable to retire one day (30%) because of caregiving expenses.

“The pandemic has disproportionately impacted the Black community greater than other populations,” said Kristi Rodriguez, senior vice president of the Nationwide Retirement Institute. “Many Black caregivers are struggling to balance work while providing care or have experienced a financial hit due to COVID-19. Despite these obstacles, they continue to provide care for their loved ones every day.”

Fighting through the storm
Many current Black caregivers feel the pandemic has prevented them from providing the care they once did (49%) and has made it nearly impossible to complete their caregiving duties (44%). In addition, half (49%) say the pandemic has impacted their financial ability to provide care. What’s more, two-thirds of current Black caregivers are avoiding everyone so they can stay healthy and keep caregiving (67%) and 57% feel they can’t afford to get sick because no one else can provide care for their loved one.

“Caregiving can be financially, emotionally and physically exhausting, but it also is a rewarding experience that changes you as a person,” said Rodriguez. “The challenges of caregiving are exacerbated by the pandemic; it is an especially stressful time.”

Nearly three-quarters of current Black caregivers (73%) wish they had more help with their caregiving duties because of the increased stress of the pandemic. In fact, one in six (17%) say they have had to look for additional caregiving help because of the pandemic, but two thirds of Black caregivers (67%) would not be comfortable having an at-home care provider, because of the pandemic.

The pandemic has also disrupted the intimacy between caregivers and the loved ones they look after. More than half of current Black caregivers (52%) say they use video calls some or all of the time now to provide virtual caregiving, and nearly six in ten (59%) say social distancing makes their job as a caregiver more difficult.

Fear of not being there
Black caregivers are far more likely to say they chose to take on the role of caregiver (71%) and, if given the choice, most (73%) would choose to be a caregiver all over again. In fact, more than two in three Black caregivers (68%) say their biggest fear is not being able to provide care for their loved one.

As a result of being a caregiver, 49% say they have become closer to the person they care for, 34% report being a caregiver brought meaning and purpose into their life, and 29% say caregiving brought their family closer. In addition, more than two in three (69%) current Black caregivers say their family members are helping them with caregiving now that they are home more.

The dual life of a young Black caregiver
More and more, Millennials and Gen Xers are surpassing Boomers+ as the caregivers in their families, typically caring for an aging parent. For younger generations already struggling with work-life balance, this new role amounts to a second job. In the Black community, the workload can be stressful with caregivers spending an average of 32 hours a week providing care. In addition, Millennial Black caregivers spend $6,832 a year in out-of-pocket expenses on caregiving, and Black Gen Xers spend an average of $5,694.

Younger Black caregivers have the added stress of worrying about how their job could impact their caregiving duties. More than one in three Millennials (35%) and Gen Xers (38%) say they are afraid their responsibilities at work could cause them to have to stop providing care to their loved one, and some (32% Millennials, 42% Gen Xers) are even afraid their caregiving duties could cause them to lose their job.

“The pandemic is really bringing a sense of urgency for many Black Americans – especially younger generations – to focus on things such as financial planning, putting your health first and long-term care planning,” said Rodriguez. “One of the greatest gifts you can give your loved ones is having a plan for when you need caregiving.”

Back-up plan for care
Black caregivers who are familiar with long-term care are much more likely than all adults 24+ who are familiar with long-term care to have discussed long-term care with their family (64% vs. 41%) and about two-thirds of Black caregivers (65%) have a back-up plan if they can no longer provide care for their loved one. Most commonly, that plan involves another family member caring for them (50%).

While most Black caregivers say the pandemic has made it more important than ever to have long-term care insurance (92% vs. 81% adults 24+), not nearly as many Americans have long-term care insurance in place (8%*). Only one in 20 (4%) Black Americans say they have talked to a financial professional about long-term care costs.

“Amid today’s uncertainty, it is more important than ever to work with a financial professional and use online tools to help plan for the unexpected and make long-term goals a reality,” Rodriguez said. “The good news is that nearly half (48%) of all Black caregivers say they are working with a financial professional for the first time as a result of the pandemic.”

To simplify this complicated issue and encourage discussions around health care and long-term costs in retirement, Nationwide’s Health Care/LTC Cost Assessment tool provides a meaningful, personalized cost estimate that will help financial professionals and clients plan for future medical and long-term care expenses.

To learn more about the 2020 Black Caregivers Survey, visit www.nationwide.com/ltcinsights. Financial professionals can learn more at www.nationwidefinancial.com/nationwide-retirement-institute/

Methodology
The 2020 Nationwide Retirement Institute Black Caregivers survey was conducted online by The Harris Poll on behalf of The Nationwide Retirement Institute within the United States between Aug. 25 and Sept. 16, 2020 among 313 Black adults aged 24 and over who are or have been caregivers. Caregivers are defined as those who have ever or are now providing paid or unpaid long-term care to a friend or family member, not through an agency, business, or non-governmental organization. Those who care(d) only for a child under 18 or a child over 18 born with a disability did not qualify as a caregiver for this survey.  

The 2020 Nationwide Retirement Institute Long-term Care survey was conducted online within the United States between Aug. 25 and Sept. 16, 2020 among 959 adults aged 24 and over by The Harris Poll on behalf of The Nationwide Retirement Institute. The survey also included 308 adults 24+ who are or have been caregivers.

Respondents for these surveys were selected from among those who have agreed to participate in our surveys. Because the sample is based on those who agreed to participate in the online panel, no estimates of theoretical sampling error can be calculated. Data are weighted where necessary by age by gender, race/ethnicity, region, education, income, marital status, household size, and propensity to be online to bring them in line with their actual proportions in the population.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

A new Nationwide Retirement Institute® survey conducted by The Harris Poll in May 2020 reveals over half of Millennials (52%) and Gen Xers (57%) have had certain aspects of their health and/or finances directly impacted by the pandemic, compared to 37% of Boomers+. In addition, nearly 2 in 5 Millennials (39%) and Gen Xers (37%) say COVID-19 has already impacted their retirement plans, compared to 1 in 5 Boomers+ (19%).

“Health care costs have long been a stressful topic for Americans, and even more so during the COVID-19 pandemic,” said Kristi Rodriguez, leader of the Nationwide Retirement Institute. “In fact, nearly three in four Americans across all generations worry even more now about their family’s health than they did before the pandemic. And all too often, that stress can impact their physical health as well as their mental health.”

Much of this concern, particularly for Millennials and Gen Xers may be connected to the costs associated with health care, given nearly half report their financial health has been negatively impacted by health care costs (46% and 44% vs. 22% of Boomers+). A surprise health scare could also trigger a worse financial situation, since over a quarter of Americans (27%) say they wouldn’t be able to pay off an unexpected $5,000 out-of-pocket medical bill today.

The uncertainty of health care costs in retirement also worries all generations, but especially Gen Xers, with a majority saying one of their top fears in retirement is their health care costs getting out of control (81% Gen Xers vs. 74% Millennials and 71% Boomers+). Most Americans, again especially Gen Xers but also Millennials, are also terrified of what health care costs may do to their retirement plans (70% Millennials, 77% Gen Xers vs. 58% Boomers+), as well as terrified of what a global health care crisis (such as COVID-19) may do to their retirement plans (73% Millennials, 81% Gen Xers vs. 62% Boomers+).

The stress of health care costs could also be worsening younger Americans’ wellness, with 53% of Millennials and 42% of Gen Xers saying some aspect of their life has been negatively affected by financial stress. And about half of Millennials and Gen Xers say social isolation during the pandemic has had a negative impact on their mental (55% and 53%) or physical health (50% and 47%), compared to a third or fewer Boomers+ (33% and 28% respectively).

Lack of prioritizing preventative care

While younger generations are more likely to report wanting to do more to prioritize their health (83% Millennials and 85% Gen Xers, compared to 72% Boomers+), they are less likely to have taken the steps to address their health concerns through preventative care. While Millennials and Gen Xers are aware of the benefits these actions can have –most agree that years from now, they’ll say they wish they would have taken better care of their health (67% Millennials, 68% Gen Xers vs. 54% Boomers+) – they are not taking steps to address these concerns.

• Younger generations are less likely to have received certain preventative care services such as physical or well-checks, preventative screenings, or flu shots or other immunizations in the past year (64% Millennials, 79% Gen Xers, 89% Boomers+)
• Half of Millennials (52%) and Gen Xers (51%) have done something to save on medical related expenses, most commonly altering a medication regimen (32% and 32%) or delaying or skipping care (30% and 31%)
• 43% of Millennials and 49% of Gen Xers who haven’t received preventative care say they don’t know why they haven’t

Relying on financial professionals

More than a quarter of Americans (30%) say COVID-19 has impacted their retirement or their retirement plans. Most of those who have financial professionals say they are relying on them more than ever due to COVID-19 (Millennials 79%, Gen Xers 70%, Boomers+ 52%) and about one in four Millennials (30%) and Gen Xers (24%) who don’t have a financial professional say they plan to engage one due to COVID-19.

As the role of financial professionals evolves amid COVID-19, it is crucial to provide guidance around health care costs in and out of retirement with clients. This is especially important for Millennials, with over a quarter (27%) now expecting their financial professional to provide guidance on near-term health care costs. In addition, the average American lacks knowledge about health care costs, with only a third saying they feel knowledgeable about how much they’ll need to cover health care costs in retirement (35% Millennials, 35% Gen Xers, 30% Boomers+).

“Although many adults are concerned about health care costs in retirement or in their later years, many are not having informed discussions with professionals on how to prepare,” said Rodriguez. "Working with a financial professional and taking advantage of online planning tools can help adults both young and old reach their personal goals. In addition, talking about your plan with someone can help ease anxiety and reduce stress during this uncertain time.”

To help financial professionals guide these conversations, Nationwide’s Health Care Cost Assessment tool uses proprietary health risk analysis and updated actuarial cost data such as personal health and lifestyle information, health care costs, and medical coverage. It provides a meaningful, personalized cost estimate that will help financial professionals and clients estimate future medical and long-term care expenses.

To learn more about the 2020 Nationwide Retirement Institute Health Care Costs in Retirement consumer survey, visit www.nationwide.com/healthcareinsights.com. In addition, financial professionals can visit www.nationwidefinancial.com/healthcareinsights to learn more.

Methodology

The 2020 Nationwide Retirement Institute Health Care survey was conducted online within the United States between May 7-26, 2020 among 1,940 adults aged 24 and over by The Harris Poll on behalf of The Nationwide Retirement Institute.

Respondents for these surveys were selected from among those who have agreed to participate in our surveys. Because the sample is based on those who agreed to participate in the online panel, no estimates of theoretical sampling error can be calculated. Data are weighted where necessary by age by gender, race/ethnicity, region, education, income, marital status, household size, and propensity to be online to bring them in line with their actual proportions in the population.

About The Harris Poll

The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

This sentiment is echoed by current Black advisors and financial professionals, with 87% agreeing Black professionals will face distinct challenges. Together, these and other findings from the RISE Research (which stands for Recruit, Invest, Sustain, Evolve), help paint a picture of the barriers to entry and growth facing Black advisors and financial professionals today. The Nationwide Retirement Institute^® initiated the RISE Research to identify insights that lead to actionable solutions to increase the number of Black advisors and financial professionals and improve their opportunities for success.

To advance actionable solutions and contribute to lasting change in the industry, Nationwide has partnered with leading financial services organizations, associations and historically Black colleges and universities (HBCUs) to form the Financial Alliance for Racial Equity. Founding Members of the Alliance include Morgan Stanley, M Financial Group, NFP, Employee Benefit Research Institute and Nationwide Financial, in partnership with HBCUs, including Hampton University, Virginia State University, Virginia Union University and Winston-Salem State University. An additional HBCU and more firms are expected to join the alliance in the future.

“It’s imperative we continue to make progress toward racial justice and inclusion in this country and within our own firms,” said John Carter, president of Nationwide Financial. “Nationwide has a long history of supporting diversity, inclusion and HBCUs, and we are dedicated to driving change in the financial services industry, which has been slow to evolve. We know Black college students and financial professionals need to see real change. This Alliance is the next step in our work to deliver that change and increase equity and representation in our industry.”

With the unique partnership of HBCUs and financial services organizations, members of the Alliance seek to build sustainable economic wealth in diverse communities and increase the number of Black advisors and financial professionals through expanded research, increased training, and mentorship opportunities—a critical component of success, as identified in the RISE Research. The Alliance will provide Black college students with direct access to executive mentors at member firms, while also creating a new talent pathway for students at member HBCUs and leading financial services firms.

“Our communities are wrestling with racial inequities, while consumers, business partners and our clients are looking to companies that not only say they are committed to diversity and inclusion but demonstrate action. As a product of an HBCU, I’m eager to work with our Alliance partners to create a network of opportunity which is essential to addressing the challenges Black college students and financial professionals face today. It will take time as we learn together, but I am excited for what we can accomplish as a group,” said Kristi Martin Rodriguez, leader of the Nationwide Retirement Institute^®.

Following Nationwide’s $1 million multi-year commitment to support programs that foster social justice, members of the Alliance will listen and learn from each other to identify needs and advance open dialogue while also taking the lead within their own organizations to foster inclusion.

“Joining this alliance reflects our belief that we will have a more meaningful and enduring impact when we collaborate with other organizations that share our dedication to eliminating racial inequity,” added Mike James, NFP’s head of Individual Solutions and president of NFP Life Solutions. “I’m looking forward to working together to remove barriers and create opportunities for Black professionals, while continuing to take steps to elevate diversity and inclusion within our respective companies and in communities across the country.”

“Creating an authentically inclusive and equitable business community requires tackling the root causes of systemic racism and a team effort. Talk alone is not enough. We need corporations to put their money where their mouths are and invest resources into student scholarships, faculty training and research at HBCUs, which have been the guiding light for the advancement of African Americans for centuries. No corporation or university can go it alone. That's why Hampton University is encouraged to be partnering with the financial industry and fellow HBCUs to launch the Financial Alliance for Racial Equity. The opportunity for our students will be immediate, while our partner firms take another meaningful step towards a truly inclusive corporate America,” added Dr. William R. Harvey, president of Hampton University.

Financial services firms interested in learning more about or joining the Financial Alliance for Racial Equity are encouraged to contact Kristi Rodriguez.

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About the RISE Research

The objective of the RISE research was to create knowledge that leads to actionable insights to increase the level of representation of black advisors in financial services. The first phase of the RISE project sought to understand the challenges and opportunities for Black financial professionals as perceived by both Black and non-Black individuals working in the financial services industry. Nationwide partnered with The American College of Financial Services to conduct a mixed-methods research study to identify key opportunities to promote the recruitment, promotion and overall success of Black financial professionals. Additionally, Nationwide partnered with Research for Action, a not-for- profit group that focuses on educational policy research, to conduct a mixed methods research project that investigated the perception of Black and non-Black college students, from both traditional white universities and HBCU’s, as well as administrators and faculty, on their perceptions of viability and opportunities of building a career in the financial services industry.

The NCOA My Medicare Matters® tool brought to you by Nationwide educates individuals about Medicare eligibility and walks them through the decisions they need to make. In addition to helping compare plan options and costs, the tool allows consumers to speak with a Medicare broker who will answer their questions and help them enroll in a Medicare plan.

“The array of Medicare options facing those about to turn 65 can be intimidating. One of the most important services financial professionals can provide when planning for retirement is offering Medicare guidance,” said Kristi Rodriguez, leader of the Nationwide Retirement Institute^®. “It's important for financial professionals to talk with their clients about Medicare and the out-of-pocket costs they will likely face.”

With approximately 3.65 million Americans becoming Medicare eligible every year through 2030*, clients working with financial professionals expect them to help with Medicare decisions.

“Financial professionals can add value to their relationships by addressing their clients’ request for guidance without having to become a Medicare expert,” Rodriguez added. Nationwide Retirement Institute’s robust Medicare education toolset now includes a new NCOA My Medicare Matters portal that financial professionals can use to invite their clients to use My Medicare Matters and support their journey through the Medicare landscape. “This unbiased tool allows you to play a helpful role without walking your clients through every step of the enrollment process.”

“Many people enter their later years unaware of how challenging health care costs can be as they age,” said Ramsey Alwin, President and CEO of the National Council on Aging. “My Medicare Matters is designed to make it easier for people to make informed and confident choices about their Medicare coverage.”

Financial Professionals can access the tool at: https://nationwidefinancial.com/nationwide-retirement-institute/medicare/my-medicare-matters-tool

Consumers and business partners are making decisions on who to work with based partly on whether a financial services firm hires and promotes a diverse workforce and whether they see themselves represented among that firm’s professionals. They often select a company based on how inclusive and engaging the culture is. Nationwide® is strongly committed to creating a diverse and inclusive workplace and has received recognition for its efforts. Most recently, Nationwide once again scored in the top 10% of companies on the 2020 Diversity Best Practices (DBP) Inclusion Index.

As co-workers and colleagues, most employees want to help cultivate an inclusive culture, but they may not know where to start. Being an ally, mentor or sponsor is one way to build relationships and an inclusive culture.

Kristi Rodriguez and John Carter have different and complementary perspectives and have worked together for the past five years. Kristi, vice president of Nationwide Retirement Institute®, has more than 20 years of business-to-business and direct-to-consumer business experience. John became president and chief operating officer of Nationwide Financial in 2019 and has worked in financial services for more than 35 years. We asked for their thoughts on how to be an ally, centering on four core principles.

• Reach Out: Don’t wait for someone to come to you; be proactive and intentional
• Offer Opportunity: Make a conscious effort to give someone a chance to grow
• Listen: Ask for and consider the perspectives of employees with diverse backgrounds and experiences
• Learn: Use these interactions and viewpoints for further development

Kristi Rodriguez, Vice President, Nationwide Retirement Institute

As a Black female executive who’s passionate about mentorship and talent development, I have certainly appreciated Nationwide President John Carter and others who have mentored me, and I recognize the privilege that I have myself, and it is my mission to pay that forward. Staying connected to people who are simply navigating through their career often provides a good reminder of my challenges and the things that helped me along the way.

Like many people who didn’t have family working in the business, I didn’t initially focus on a career in financial services. It’s more common for women and employees of color to have a nontraditional career path – but they often bring valuable, transferrable skills to the table. Here are my thoughts.

• Reach Out: I’ve always been one to raise my hand for stretch assignments and look for new and challenging leadership opportunities; however, I recognize it can honestly be difficult for others in non-majority communities. Knowing this, we have been very intentional in seeking out diverse talent for the Nationwide Retirement Institute (NRI). Our leadership team represents a wide variety of leaders from different backgrounds and experiences. We have been purposeful in staffing our team to include those diverse perspectives, and the results have been phenomenal. I can definitely say, we are tapping into new opportunities and partnerships as a result. The diverse mix of talent we have has helped us build a more dynamic, high-performing team.

• Offer Opportunity: I have to give a nod to John Carter here. He really helped guide me in my career at Nationwide by constantly challenging me and putting his faith in me. He’s inspired me to do the same for others. As a leader and sponsor, it’s important to be approachable, and for those who report to or mentor with me, I make an effort to actively find ways to offer guidance to those who may not feel comfortable asking for support. Creating a safe space for employees goes a long way in helping them grow, develop and even make that next potential career move.

• Listen: Find out what an employee finds fulfilling and try to leverage that. The thing that hooked me early on was helping others. I knew I’d found my calling when people responded positively and thanked me after a presentation about building generational wealth for their family. I realized that there was a great opportunity to combine my passion and purpose with my profession, and it’s equally important to give others the same opportunities. Being fully present and actively listening will help employees discover what’s possible. When I meet with mentees, we often talk about their true passion, which can lead to the next best development or career opportunity.

• Learn: Leaders learn from the people they work with or mentor every day. As the Executive Sponsor for an Associate Resource Group for Black women at Nationwide, the camaraderie and inspiration of these women from all levels of the company energizes me and reminds me that each person can bring something unique and wonderful to the table. We’re all different, so don’t ever think there is a cookie cutter approach to working with one group or another. We all truly have so much to learn from each other at all levels of an organization or team.

John Carter, President and COO, Nationwide Financial

Nationwide’s commitment to hiring and developing a diverse workforce (from interns to senior leadership roles) and creating an inclusive culture is one reason I joined the company, and it’s a key contributor to why I’ve stayed. Some say this is the right thing to do, and it is. But there is a business impact as well. In my career, I’ve found that companies and leaders who hire smart and competitive people with different backgrounds and experiences, then challenge them to meet and exceed expectations, almost always create stronger, high-performing teams. Here are my thoughts.

• Reach Out: Words and ideals aren’t enough: You must be intentional in providing opportunities to unleash an employee’s potential. Kristi Rodriguez is a great example. When Kristi joined Nationwide in 2015, she was hired to lead Marketing for our Retirement Plans organization, where at the time, I served as President. Kristi wasn’t a classically trained Marketing professional (her degree is in Finance), but she brought unique experience and knowledge to this role. Once I started working with Kristi, I quickly realized the impact she could have leading one of our businesses by using her passion and unique strengths to advocate for and educate individuals on issues impacting their retirement.

• Offer Opportunity: Not everyone feels confident asking for more opportunity. It’s part of your job as a leader to identify and develop talent. I’ve found that people will almost always surprise you with their talent and drive if you give them the opportunity and expect them to be successful.

• Listen: As a leader, I’m often asked for my thoughts and opinions. To be a good ally, you also need to listen. That means setting aside time to ask employees how they’re feeling and what they need to be successful. I’ve always placed a priority on creating diverse and inclusive teams, not only because it’s the right thing to do, but because I’ve found that the more experiences and perspectives you have at the table, the more high-performing the teams become. Unfortunately, the financial services industry is not exactly known for being diverse. Following the recent social unrest, I’ve realized there is even a greater purpose in ensuring we are being intentional about creating opportunities for diverse individuals in the financial services industry.

• Learn: I’ve benefitted at least as much as the employees who I’ve worked with and mentored over the years. Each time you help someone on their journey, it teaches you something as well, which can only help you become a better leader.

Related News:

• Working to End Racism
• Nationwide Employees Commit to Action to End Racism
• Adding Investments to Fight Racism

Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, OH. Nationwide Retirement Institute is a division of NISC.

Nationwide, the Nationwide N and Eagle, Nationwide is on your side and Nationwide Retirement Institute are service marks of Nationwide Mutual Insurance Company © Nationwide 2020

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“It has been just over one month since COVID-19 was declared a global pandemic, and it is taking a toll on every aspect of our lives,” said John Carter, President and COO, Nationwide Financial. “People are struggling, they are making sacrifices, and we firmly believe that their health and safety should be everyone’s top priority right now. We are also committed to helping Americans protect their financial health for the long term. Our latest research identifies areas where they are challenged and looking for guidance.”

Roughly one quarter of respondents (24%) and the subset of investors (26%) are seeking help by engaging a financial advisor for the first time ever as a result of the pandemic. These are among the findings revealed by a new study from the Nationwide Retirement Institute of more than 2,000 American adults age 18+, including over 600 U.S. investors with investable assets of $100,000 or more, conducted online by The Harris Poll. The poll was conducted in April 2020.

“Right now, Americans feel a lack of control and a need for more guidance,” said Kristi Rodriguez, leader of the Nationwide Retirement Institute. “Even if they do all the right things to manage their finances and investments, the vast majority of Americans, including 80% of all respondents and 85% of investors, agree they can still be blindsided by outside events. According to 49% of respondents and 52% of investors, the COVID-19 pandemic made them realize that they need help managing their finances and investments to succeed in the future.”

Loss of Control and Need for Guidance

When asked how they feel about the impact of COVID-19 on their current personal finances, all respondents and investors are most likely to say they are cautious (38% and 41%, respectively) or uncertain (32% and 28%). If there is any silver lining, it is that roughly two in ten say they feel optimistic (18% respondents and 22% investors) and only a few say they feel hopeless (7% and 5%, respectively).

Advisors top the list of trusted sources for general financial and money management advice during the pandemic. All respondents say their top choices include a financial advisor (37%), friends & family (29%), online investment management/financial planning tools (20%) and their employer sponsored retirement plan (20%). Investors say their top choices include a financial advisor (55%), with friends and family a distant second (26%), followed by online investment management/financial planning tools (25%) and their employer sponsored retirement plan (24%).

Less than one-third of respondents (31%) already had an advisor, compared to more than half of investors (58%). More than one-third of respondents (35%) and nearly half of investors (49%) are now relying on a financial advisor more than ever due to the impact of the COVID-19 pandemic. But nearly two in ten respondents (19%) and 14% of investors say they don’t trust anyone for financial advice during the pandemic.

Top Financial Concerns and Meeting Immediate Needs

While roughly one-quarter of respondents (24%) and one-third of investors (31%) do not expect the pandemic to impact their ability to meet their financial obligations, the majority of Americans are now feeling pressure.

Among all respondents, the top three financial concerns related to the COVID-19 pandemic are being unable to pay bills or meet their financial obligations (45%), losing their life's savings (33%) and losing their employment (30%). Among investors, the top three financial concerns related to the pandemic include losing their life’s savings (41%), being unable to pay bills or meet financial obligations (34%), while they are equally worried about being unable to afford healthcare and being unable to retire as planned (both 28%).

When it comes to meeting their financial obligations if impacted by COVID-19, roughly one-third of Americans, including 32% of all respondents and 36% of investors, will tap their savings. Respondents overall are somewhat more likely than the subset of investors to need other sources such as delaying paying bills (24% vs 19%, respectively), relying on one-time payment from the stimulus package (22% vs 15%), relying on help from family and friends (19% vs 15%), and relying on unemployment insurance (13% vs 10%). Both are almost equally likely to increase credit card debt (18% vs 17%).

Solutions for Protecting Financial Futures and Loved Ones 

Heightened uncertainty and complexity are driving a need for greater financial protection. Roughly half of respondents and investors agree that the COVID-19 pandemic has made them recognize the need for annuities to protect their investments against market risk (47% and 51%, respectively) and to protect their retirement income (48% and 51%). More than half of respondents and investors also say the pandemic has made them recognize the need for life insurance (57% and 55%).

Americans are also worried about protecting their families and loved ones. Roughly four in ten of all respondents and investors are concerned the COVID-19 pandemic will impact their ability to fulfill potential caregiving responsibilities for others due to financial strain (44% and 41%) or due to their own illness caused by COVID-19 (42% and 40%). The majority of respondents and investors (56% and 57%) also say that the pandemic has made them recognize the need for long-term care insurance for themselves and the people they care about.

Staying the Course for the Long Term 

While the pandemic impacts immediate financial needs and the ability to care for family and loved ones, 42% of Americans say they are staying the course with their long-term investments.

When managing their qualified retirement savings plans, such as their 401(k), 403(b), 457 and IRA, in response to COVID-19, nearly half of all respondents and investors say they will make no change and stay the course (42% vs 50%, respectively). If making changes to their qualified plans, respondents and investors are somewhat more likely to move to a more conservative allocation (14% and 19%, respectively), and somewhat less likely to move to a more aggressive allocation (10% and 15%). However, respondents overall are less likely than the subset of investors to increase contributions (10% vs 16%) but also somewhat less likely to decrease contributions (10% vs 14%).

When managing their other investments, such as stocks, bonds, mutual funds and ETFs, in response to the COVID-19 pandemic, many respondents and investors also say they will make no change and stay the course (35% and 42%). If making changes to their other investments, respondents are most likely to move their portfolio to a more conservative allocation (14%) or invest more in the stock market (13%), while only 10% would take money out of the stock market and only 9% would move their portfolio to a more aggressive allocation. Investors making changes to their other investments are most likely to invest more in the stock market (22%) or move their portfolio to a more conservative allocation (19%), while 15% would take money out of the stock market and 14% would move their portfolio to a more aggressive allocation.

While respondents overall are somewhat less likely than the subset of investors to meet financial obligations, if impacted by COVID-19, by selling shares in qualified retirement plans (10% vs 16%), this may in part reflect the fact that nearly two in ten respondents (18%) don’t have a qualified retirement savings plan, whereas only 4% of investors do not. Likewise, while respondents overall are less likely than the subset of investors to meet their financial obligations by selling shares in non-qualified investments (8% vs 16%), this may also reflect the fact that nearly one quarter of respondents (24%) don’t have these other investments, whereas just 6% of investors do not.

Nationwide offers this resource to help consumers find a financial advisor that’s right for them.

Methodology

This survey was conducted online within the United States between April 8-10, 2020 among 2,042 adults (aged 18 and over) by The Harris Poll on behalf of Nationwide via its Harris On Demand omnibus product. This sample included 603 investors defined as those adults with investable assets of $100K+. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online.

Respondents for this survey were selected from among those who have agreed to participate in our surveys. Because the sample is based on those who agreed to participate in the online panel, no estimates of theoretical sampling error can be calculated.

About The Harris Poll

The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

Nationwide’s venture capital team has invested in the Series A for Vesta Healthcare, the 24/7 technology and clinical services dedicated to supporting caregivers and connecting their insights to the rest of the care team. The funding comes from Nationwide’s $100 million venture capital investment fund.

“Caregivers have a huge impact on a person’s ability to live comfortably in retirement. We are thrilled to support Vesta in connecting home caregivers to the clinical environment to create a meaningful impact on people’s daily health,” says Erik Ross, head of Nationwide’s venture capital team. “We see our investment as embodying Nationwide’s mission of protecting people, businesses and futures with extraordinary care.”

Vesta Healthcare improves health outcomes for seniors with high and rising health needs by connecting in-home caregiver insights, advanced analytics and 24/7 telehealth with the patient’s surrounding care team. 

“People want to live at home as they age, but too often do not have the support they need to do so safely and comfortably. We support and engage high needs seniors and their caregivers by capturing daily insights and providing timely and personalized information, tools and clinical support. In doing so we provide peace of mind while preventing unnecessary emergency room visits, hospitalizations, and nursing home stays” said Randy Klein, Chief Executive Officer at Vesta Healthcare. “We are delighted to have an experienced, passionate and dedicated investor like Nationwide investing in us who shares our vision of meaningfully impacting people’s daily health by creating engaging and supportive tools for caregivers.    

While caregiving is emotionally rewarding, the job is difficult. Caregivers spend an average of 40 hours per week caregiving and often have to put their own life on hold.

“Our survey reveals the effects of caregiving include added stress in balancing things (48%), negatively affecting one’s own health (23%), putting a strain on their marriage (17%) and even needing to take a leave of absence (10%),” said Kristi Rodriguez, vice president of Thought Leadership for Nationwide. “Caregiving can be intensive and time-consuming. Finding ways to help them do this difficult job is important.” 

Additionally, Nationwide has partnered with KINETIC, makers of a smart wearable device and software platform designed to reduce workplace injuries, which last year cost U.S. employers almost $60 billion. 

“Given the magnitude and cost of the problem, it was surprising to see the lack of technological solutions in the marketplace,” says Haytham Elhawary, CEO and co-founder of the KINETIC. “It’s not just the injury rates and their accompanying expense that are costing employers. It’s everything that comes along with it - the lost workdays, the overtime, rehiring and retraining new employees. There’s also the human side of those injuries. My mother worked as a nurse when I was growing up and I remember her suffering multiple injuries while on the job and often coming home in pain. An injury at work affects every aspect of your life and your ability to provide for your family. We’re thankful to Nationwide for partnering with us as we work to reduce workplace injuries.” 

The device helps workers move with better body mechanics by providing real-time feedback in the form of a vibration to the wearer, reinforcing safer body mechanics every time a risky motion occurs. An accompanying dashboard helps managers understand where their next injury might happen, by showing increases in risk by department, time of day or job type.

KINETIC has been successful in reducing OSHA recordable injury rates and lost workdays by 54% and 88% respectively. KINETIC has been deployed to over 21,000 workers at over 150 locations, including six, Fortune 50 companies. Through the Nationwide partnership, they are expecting to dramatically expand their reach.

The Vesta Healthcare and KINETIC announcements are part of Nationwide’s commitment to invest more than $100 million of venture capital in customer-centric solutions. 

Nationwide’s venture capital team has made several recent investments, including: Upstream Security, Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic and Sure.

Nationwide’s innovation journey

In addition to Nationwide’s venture capital efforts, the company has implemented other new solutions to meet member needs now and, in the future, including:

• In December 2019, Nationwide opened The CoOperative - a new innovation center in the Arena District near its Columbus, Ohio-based headquarters.

• In September, Nationwide announced the launch of Spire - a simple, easy-to-understand digital auto insurance platform, built on fair and straightforward principles and designed to be convenient and accessible from your phone. Spire is now available for purchase in Texas.

About Vesta Healthcare 

Vesta Healthcare is an industry-leading technology and clinical services organization, dedicated to connecting caregiver insights to the rest of the care team. Vesta Healthcare proactively identifies the need for additional resources in the home and provides 24/7 telehealth support for caregivers and care recipients, with a focus on high-need, frail senior populations. Vesta partners with home care agencies, health plans and providers to create value-based population health programs that emphasize clinical quality, improved health outcomes and personalized engagement. Vesta Healthcare is headquartered in New York, NY. To learn more visit www.vestahealthcare.com and follow us on LinkedIn and Twitter. 

About KINETIC

KINETIC is developing the next generation of technology tools to enable a connected industrial workforce. Its smart wearable device and analytics platform reduces workplace injuries and improves productivity for industrial workers. KINETIC is based in NYC and has deployed its product to over 21,000 workers, mostly in the manufacturing and logistics space. Learn more at www.wearkinetic.com