The lack of diversity in the financial services industry for both people of color and women has been an open secret. The challenge is it will take a concerted effort to change; the good news is that early, encouraging signs of change are visible throughout the industry. Note this is reminiscent of pour prior discussion on “Where Are the Women in Finance?”
This week, we discuss that issue with Mandell Crawley, Morgan Stanley’s head of private and international wealth management. The division he runs at Morgan Stanley Private Wealth Management manages over a trillion dollars in assets for clients, making him one of the highest positioned African American men in finance.
He explains why he believes the current change in attitudes towards structural racism and the Black Lives Matters movement may be different than in the past — the shock of police murders of young black men and women, and the more egregious behavior of the police attacking peaceful protestors, have all been captured on video. This may lead to longer lasting changes then has been seen in the past.
Crawley discusses his unconventional career path — he joined the firm as a high school intern in 1992 and never left. After graduating from high school, he accepted a full-time position with the firm, while getting a BA in economics from Northeastern at night. He earned his MBA from Fordham the same way.
He co-leads the institutional client coverage group, and is a member of the firm’s management committee, global wealth management operating committee, multicultural client strategy committee and global securities operating committee. Previously, he was Morgan Stanley’s chief marketing officer.
We also discuss ESG investing as a rising practice among younger investors. There has been a move towards cash, as investors have become more defensive, as well as a move towards gold and other metals. Additionally, he is getting far fewer questions about politics and taxes in 2020 than came his way in 2016.