CollegeSTEPSSM expanded sweepstakes runs April 1-June 30, 2013; 
520 high school winners will each win a $1,000 cash prize

SAN FRANCISCO, CA (April 2, 2013) –Wells Fargo announced the expansion of its CollegeSTEPS program. The expansion gives 520 high school students from all over the United States the chance to win a $1,000 cash prize they can use to help pay for college or other expenses. A total of $520,000 will be given away. Students are automatically entered in the sweepstakes when they enroll in Wells Fargo’s CollegeSTEPS program, which provides regular, helpful college planning and money management tips for parents and students, including how to find scholarships, apply for financial aid, make campus visits, save and budget and manage student loans.

“There is no question that tuition costs continue to rise across the country and can be daunting to college students and their families. There’s also no question that a college degree can increase earnings potential and decrease the likelihood of unemployment,” said John Rasmussen, head of Wells Fargo Education Financial Services. “Wells Fargo is committed to helping customers make their dreams of a college education become a reality. For years, the CollegeSTEPS program has provided students and their families with information and tools and we’re proud to provide this additional opportunity for students who want to earn a college degree.”

How to Enter the CollegeSTEPS expanded sweepstakes

Eligible high school students between the ages of 14 and 20 are automatically entered for a chance to win $1,000 when they enroll in the CollegeSTEPS program by visiting http://www.wellsfargo.com/expandedcollegesteps.com. The sweepstakes runs between April 1, 2013 and June 30, 2013. If high school students are already enrolled in the CollegeSTEPS program and want to enter the expanded sweepstakes, they should visit http://www.wellsfargo.com/expandedcollegesteps.com and re-enroll by June 30, 2013. A total of 520 winners will be chosen and notified in August 2013. No purchase is necessary to enter or win. For complete sweepstakes rules, visit http://www.wellsfargo.com/expandedcollegesteps.com.

About Education Financial Services

Wells Fargo Education Financial Services serves more than 1.9 million student and family customers in all 50 states and has been in the student lending business for 44 years helping customers make smart borrowing decisions to finance education. Education Financial Services provides customers with financial tips and tools to keep their finances on track while in school and prepare them financially for when they finish college. Wells Fargo markets its education products to colleges and universities, directly to consumers and through Wells Fargo Bank. As part of the organization’s commitment to education, in 2012, Wells Fargo’s community investments included $75.7 million to 8,000 educational programs and schools around the U.S.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

Contact: Maria Fernanda Trochimezuk at maria.fernanda@jelenagroup.com; 310-696-9585

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Last month’s column offered suggestions to legally address healthcare and financial concerns and objectives. One of those suggestions was a “Living Together” agreement, which explains what property belongs to whom and how assets should be divided in the event that the relationship ends while both partners remain living. We think this document, which can also be called a Domestic Partnership Agreement or DPA, is tremendously important.

The inability of domestic partners to marry in many states also means there is often no prescribed blueprint for handling disputes or dissolution of a relationship. A legally recognized DPA can save time, energy and resources in the event of a partnership’s dissolution. It may also provide a guide to a judge who may not be sympathetic to either partner.

The general purpose of a DPA is to address potentially stressful situations or events before they arise and state what solutions both partners feel are fair. Many couples neglect to consider DPAs, as they may see such an agreement as an admission that their relationship is destined to fail. However, a same-gender couple should think of it as similar to a married couple’s prenuptial agreement: Having an agreement in place may help avoid greater turmoil, recrimination or contempt during a stressful time and could help prevent a complete break in the relationship.

Specific areas of concern to be addressed might include division of assets, income support and child custody and care. In the event one or both partners do not abide by the terms of the agreement, the DPA provides the court a legal basis to enforce agreement in the absence of applicable law. Even when a domestic partnership is legally recognized in a particular state, the DPA still serves as a useful and durable document if a legally partnered couple moves to another state that does not acknowledge the partnership.

A DPA is a legal contract and not a do-it-yourself project. Appropriate legal counsel should be employed to draft the document. For a DPA to be considered fair and durable, both parties must enter into the agreement voluntarily, both parties must disclose all pertinent information, and both parties must have the opportunity to have the document examined and explained to them by independent counsel. There can be numerous instances where one partner can have a significant conflict of interest due to differences in wealth, income or legal claims to children. As with other legal documents like wills and trusts, the partners’ legal counsel should verify the number of attestations by witnesses and if the document needs to be notarized to promote enforceability. It is important to discuss with your attorney the enforceability of the agreement in your state or a state where you might relocate, as your location may affect its recognition.

A great advantage of legal contracts is that they allow interested parties to discuss and lay out a set of agreements before conflicts arise. In so doing, they help avoid distrust, confusion and doubt, and promote understanding and harmony. A thoughtful and well-crafted DPA should offer nothing less.

Wells Fargo Advisors is not a tax or legal advisor. Wells Fargo Advisors, LLC, member SIPC, is a registered broker-dealer and separate nonbank affiliate of Wells Fargo & Company, No. 33 on the 2012 DiversityInc Top 50.

The post Wells Fargo LGBT Advice: Domestic Partnership Agreements appeared first on DiversityInc.

Wong recently sat down with DiversityInc CEO Luke Visconti during a Q&A session at Wells Fargo to discuss the company’s outreach to the Asian community.

How do you see the demographics of the Asian community that Wells Fargo serves changing?

Nancy Wong: Immigrants actually are very entrepreneurial and many of them are business owners, so the way that Wells Fargo has been serving the Asian community is by really focusing on the financial needs of Asian businesses. We know how important it is for businesses to strive and therefore we develop programs that help the small-business community to strive and provide them access to tools, financial education, resources that can actually help them to really make their business go to the next level. A lot of the businesses have ties with Asian countries and actually have transpacific characteristics, so we offer specific products and services such as treasury management, trade finance and APEC (Asia-Pacific Economic Cooperation) service because we know that these services would help to really meet their needs.

What is Wells Fargo doing to reach a larger footprint with Asian-Americans?

Nancy Wong: The company has a very long history of serving diverse communities and we have developed a lot of marketing assets. We really believe in building out the assets in terms of advertising, in terms of marketing collateral, and what we are able to do when we have a larger footprint is to scale a lot of these assets from the West Coast footprint to the entire footprint. So that’s a lot of efficiency. We have the ATM network, which is already serving multiple Asian languages, so all the language marketing materials, such as financial-education brochures, we are able to use all that for different Asian communities across the entire footprint.

What marketing strategies work particularly well with the various Asian segments and what should be avoided?

Nancy Wong: Being consistent is very important in serving the Asian community, and we show respect to the communities by celebrating Asian heritage on a consistent basis coast-to-coast. During holidays and festivals we also run special promotions to make sure that we are offering a particular celebratory offer to our Asian customers. So being culturally relevant, being in the community and respecting the culture is very important.

What role does Wells Fargo’s Asian Connection resource group play in your efforts?

Nancy Wong: A lot of our resource-group team members of Asian descent, they are not just corresponding with customers on a daily basis but they are actually living in the Asian community. A lot of the insights that they are able to gather from the community help us improve our products and services. The other thing that we do very, very consistently is that we organize a lot of volunteer work. We have a hands-on banking-education seminar and we mobilize all our Asian Connection team members to go out and actually teach financial literacy to the Asian community. We set a goal to reach 2,000 different community groups across the country to make sure that as a financial institution we are offering the right financial-education programs to our communities.

The post Multicultural Marketing Case Study: Wells Fargo’s Asian Outreach appeared first on DiversityInc.

Despite Overall Optimism, Financial Awareness Gap Still High for
LGBT Investors, According to Wells Fargo Survey

Increased Education Remains Critical

SAN FRANCISCO, March 4, 2013 – LGBT investors indicate high levels of post-election optimism about the political and economic direction of the country, as well as confidence about their own financial future, according to a recent Wells Fargo nationwide survey.  LGBT investors also show a great deal of optimism around the future of same-sex marriage and civil unions.  The picture is not entirely rosy, however.  Despite steps toward retirement preparation, LGBT investors remain concerned about saving enough for retirement, and there continues to be underlying confusion about transfer rights and benefits for same-sex couples.

Two-thirds (66%) of LGBT investors are optimistic about the political direction of the country, compared with 43% of the overall population.  Three in four expect a stronger US economy over the next two years, much higher than the general population of 47%.  And two-thirds (65%) anticipate stronger local economies over the next two years, compared to 45% overall.

LGBT investors are more positive regarding their current financial situation than the general public.  Three in five (59%) report they feel financially comfortable, compared to 51% of all US adults.  Two-thirds (66%) are confident in their financial future versus 52% of US adults.  LGBT adults are also more likely to report being better off financially then they were three years ago (65%), compared to 51% of all adults.  And two thirds (66%) feel secure in their current job situation, higher than US adults (55%).

“While optimism and confidence among LGBT investors remain high, there is clearly an awareness gap related to the very complex financial issues facing same-sex couples,” said Kyle Young, Financial Advisor and Vice-President, Investment Officer in the Short Hills, New Jersey office of Wells Fargo Advisors.  “Lack of Federal recognition of same-sex couples adds many layers of challenges to retirement and estate planning for all LGBT couples.  Proper analysis and planning that comes with a financial advisor who understands the landscape of today’s differing state-by-state approaches is essential.”

LGBT adults appear to be taking more steps to better save and prepare for retirement. On average, non-retired and retired LGBT adults report higher median net savings than the overall population. Over half of LGBT non-retirees (55%) report having a detailed retirement savings plan in place, compared to 42% of all adults.  These LGBT respondents are more likely to have developed plans with a paid financial advisor (42%) while an additional 22% used web-based tools and calculators to assist in the process.

Nevertheless, concerns remain.  Many LGBT respondents are concerned about saving enough for retirement (53%), and only 55% are confident they will be able to afford their current lifestyles in retirement.  In a list of financial concerns, “saving for retirement” was the top concern for pre-retired LGBT respondents at 38%, followed by healthcare costs (18%) and paying monthly bills (16%).

LGBT adults with children consistently report more financial challenges, including preparing for retirement, than LGBT adults without children.  LGBT with children feel less financially comfortable than those without (42% vs. 61%), and reported less confident in their financial future (40% with children vs. 68% without).  LGBT with children are also twice as likely to report that high living expenses are limiting their ability to save for the future (51% with children vs. 26% without).

Almost all LGBT adults (92%) believe that within their lifetime, federal laws on survivor rights and benefits will become the same for same-sex couples as they are for heterosexual couples.  Nearly half (43%) believe this will happen within the next three years, while 22% believe it will happen in the next four or five years.

Despite heightened attention to same-sex marriage and civil unions, tremendous confusion remains around transfer rights and benefits for same-sex couples.  Nearly half (44%) of LGBT respondents did not know that Social Security income and benefits are not transferable to the spouse or partner in a same sex couple.  Similarly, fewer than half (41-47%) of LGBT respondents correctly answered that other assets and benefits like real estate (47%), life insurance (44%) and retirement savings (41%) may be transferable depending on the state in which the same-sex couple resides.  Only 36% of LGBT adults know that Federal taxes on survivor assets or benefits are different for the spouse/partner in a same-sex marriage than in a heterosexual marriage.

Wells Fargo Advisors – Accredited Domestic Partnership Advisor (ADPA) Program
The Accredited Domestic Partnership Advisor (ADPA) program was created, through a partnership with the College for Financial Planning, to educate advisors about the unique needs and financial considerations of domestic partners. Financial advisors who earn this designation are well-equipped to work with domestic partners and lesbian, gay, bisexual, and transgender (LGBT) clients to develop a thoughtful approach to meeting their financial goals.  Wells Fargo Advisors created ADPA in conjunction with the College for Financial Planning.  Today, Wells Fargo Advisors has more than 100 ADPA-certified financial advisors nationwide, more than any other firm in the country.

About the Study
These survey findings are based on an online survey conducted November 9 – December 3, 2012 among adults nationwide (N=1,105) and LGBT adults (N=606). Qualified respondents were non-students, ages 25-75, who are the primary or joint financial decision-maker in the household with household investable assets of at least $10,000. Survey results are weighted to reflect Census data for gender, age, race/ethnicity, region and household income to ensure representativeness.  Assuming no sample bias, the maximum margin of error for the National sample is ± 2.9% and ± 4.0% for LGBT.

About Richard Day Research, a Market Probe company
Market Probe is a full-service market research firm, headquartered in Milwaukee, WI, with offices in Evanston, IL, specializing in behavioral and opinion research among hard-to-reach populations and professional communities. For more information, visit marketprobe.com.

About Wells Fargo Wealth, Brokerage and Retirement
Wells Fargo Wealth, Brokerage and Retirement (WBR) is one of the largest wealth managers in the U.S. WBR includes Wells Fargo Advisors, the third-largest brokerage in the U.S.; Wells Fargo Private Bank, serving high-net-worth individuals and families; Abbot Downing, serving ultra-high-net-worth families; and Wells Fargo Retirement, which manages $266 billion in institutional retirement plan and pension assets for 3.7 million Americans. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company: Wells Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC (members SIPC).

About Wells Fargo (Twitter @WellsFargo)
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States.  Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

Note: Complete survey results are available upon request.

Media:
Matt Hurwitz
415-396-6964
Matthew.s.hurwitz@wellsfargo.com

Sarah Tonigan
505-818-7480
Sarah.h.tonigan@wellsfargoadvisors.com

The post Despite Overall Optimism, Financial Awareness Gap Still High for LGBT Investors, According to Wells Fargo Survey appeared first on DiversityInc.

Luke Visconti: Why has outreach to the LGBT community been such a priority for Wells Fargo?

Mark Ng: At one time our outreach to the LGBT market was because it’s the right thing to do, because it’s part of our overall visions of diversity—which still holds true. But the right answer now is because it’s imperative, just like with all the other segments, to our business. A lot of corporations, not only Wells Fargo, are really waking up to the fact that this is a segment that is affluent, profitable, loyal and has really, really stepped up in terms of responding to corporations holistically and authentically targeting them.

Visconti: PRIDE, Wells Fargo’s LGBT resource group, is very involved in the community. How does the company ensure that the messages you get from that involvement go all the way to the top of the organization?

Ng: That’s very key in terms of making programs work. One of the examples of how this plays out is our anti-bullying focus. Over the past few years Wells Fargo has really stepped up in terms of making an anti-bullying stance in support of safe schools. But that was something that came from team members expressing that this was a growing issue that they were seeing, feeling, hearing in their communities. It was something that was put up to management, and also senior management felt it was something that was not only important but also consistent with Wells Fargo’s vision and values. And because it was not only confirmed from the team members but also something that our management really supported as consistent with our vision and values, this is now a program that we focus on year-round in terms of really ensuring that our schools are safe for everybody.

Visconti: How does CEO John Stumpf ensure that senior management—not just LGBT senior management, but also heterosexual senior management—is involved?

Ng: Oftentimes there are questions on whether LGBT fits in the company’s vision of diversity—is it only ethnic segments? But one of the best things that our CEO has done is to make it very, very clear from the beginning that not only LGBT; not only the ethnic segments, people with disabilities, women—all these groups really constitute our vision of diversity and all these groups count.

Visconti: With this idea of different resource groups collaborating, I think there are two things at play. The maturity of Wells Fargo’s culture in terms of diversity and inclusion, and younger people being less siloed than people of my generation. What do you think about that? 

Ng: There was a point in time when people were really honed in on what makes us unique, whereas now the headliner is really what’s common amongst everybody. And the more team-member networks, customers, whoever is in the search and journey of diversity really focuses on that, it’s going to bring us to new ideas, news ways of partnership like these team-member networks coming together, with folks who normally would never work together getting partnered. They are starting to see opportunities, and that’s what’s exciting about the space that we are in—even the very definition of diversity is changing before our eyes.

The post How Wells Fargo’s Resource Group & CEO Reach LGBT Markets appeared first on DiversityInc.

SAN FRANCISCO — March 8, 2013

Wells Fargo & Company (NYSE: WFC), America’s No. 1 small business lender¹ and a leading lender to women- and diverse-owned businesses, today announced a commitment to lend a cumulative total of $55 billion to women-owned businesses in the U.S. by the year 2020, updating its lending commitment first established in 1995. The announcement will be made by Lisa Stevens, Wells Fargo lead executive for Small Business and West Coast Regional Banking president, at the Hispanas Organized for Political Equality (HOPE) 22nd Annual Latina History Day conference in Los Angeles.

March is National Women’s History Month, and Wells Fargo has a rich history of working with women business owners and providing them access to capital and financial services. Since introducing the women’s lending commitment 18 years ago, Wells Fargo has provided more than $38 billion in capital to women business owners, a group that grew in size by more than 20 percent from 2002 to 2007, according to the latest Census data. Today, approximately 30 percent of businesses in the U.S. are owned by women, according to the National Women’s Business Council.

“Women-owned businesses are among America’s fastest growing segments, and we are honored to support their role in shaping the future of small business,” said Stevens. “As a leader in lending to women, Wells Fargo is dedicated to helping women succeed financially — in business and personally.”

Wells Fargo’s first lending commitment in 1995 established a goal to lend $1 billion to women business owners over three years. Fueled by the continued growth of women business owners, the goal was increased, most recently in 2003.

In addition to the cumulative lending goal, Wells Fargo supports numerous outreach efforts to build relationships with women business owners and help them to succeed financially. Wells Fargo is a proud supporter of the National Association of Women Business Owners (NAWBO) and the Women Presidents’ Organization, as well as several other organizations focused on the education, growth and advancement of women business owners. Wells Fargo provides the full array of financial products and services to satisfy all of the financial needs of women-owned businesses, such as banking, business loans and lines of credit, credit cards, payroll, merchant services, insurance, retirement planning, and online resources.

For an example of how Wells Fargo helped meet the financing needs of one woman-owned small business, see the story of GLAMGLOW, a Los Angeles-based consumer products company owned by Shannon Dellimore.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

About Wells Fargo Small Business
Wells Fargo has loaned more money to small businesses in the United States than any other bank for 10 years running (based on 2002-2011 Community Reinvestment Act government data) and is a leading lender to women- and diverse-owned businesses. Wells Fargo provides a wide range of financial solutions to meet the needs of business owners nationwide. Through the Wells Fargo Business Insight Resource Center, business owners can access an informative selection of videos and articles featuring expert advice and best practices. For more information visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.

Media:
Alice Hartnett
704-715-9115
alice.hartnett@wellsfargo.com

Jennifer Langan
213-253-3452
jennifer.l.langan@wellsfargo.com

Spanish-language media:
Maria Fernanda Trochimezuk
310-696-9585
maria.fernanda@jelenagroup.com

###

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Jim Norman, Adriene Bruce, Michelle Lee

“You’re so articulate,” “You must have voted for Obama” and “I love your name, it’s so ethnic” top the list of blatantly obvious things you shouldn’t say to Blacks. But it’s not always about what you should say as much as how and when you say it.

“The comments frequently may be coming from an unconscious bias,” says Kraft Foods Group Vice President of Diversity Jim Norman. Living in an increasingly diverse country doesn’t necessarily make it easier. In fact, it becomes more difficult, especially when you’re unsure of how best to build relationships at work. People struggle to find affinity and fall back on stereotypes unintentionally, Norman says.

Most people aren’t aware of the negative impact their words can have on others, according to Wells Fargo Executive Vice President and Northeast Regional President Michelle Lee. She recommends that Blacks “call it to attention and explain how what [the person] said sounds. The average person doesn’t walk around wanting to be offensive and most are very grateful for the insight.”

Norman also advises not to jump to conclusions of racism or discrimination. “These instances are best responded to candidly, with some sense that the individual asking the question is doing so from a lack of knowledge,” he says.

5 Things NEVER to Say to Blacks

1. “You’re so articulate.”
This phrase is one of the most frequently cited gaffes. “When someone makes this statement, they think they are providing the receiver with a compliment,” explains Adriene Bruce, Vice President of Consulting, DiversityInc.

But the comment implies that the person is an exception to a rule, which promotes stereotypes. “It comes from ignorance or lack of exposure and is nonintentional,” says Bruce, but it’s condescending.

2. “I actually voted for Obama.”
It’s not what you say—but when you say it. Telling a Black person you voted for Obama when you’re conversing about what’s being offered in the cafeteria downstairs or immediately after discussing last night’s game unintentionally highlights underlying issues of race that exist.

The statement is an attempt to create affinity or commonality, says Norman, but translates as superficial. “Don’t assume to know who I support politically,” Norman says.

3. “Is that your real hair?” and “Can I touch your hair?”
This question should not be asked of ANY person. Hair and grooming are personal. Read Do Blacks Need to Relax Their Natural Hair to Get Promoted? (www.diversityinc.com/natural-hair) for more on this subject. As a general practice, you also should never initiate unsolicited and/or inappropriate physical contact with anyone.

4. “You people”
Referencing Blacks or any other demographic as a collective “you” quickly causes negative assumptions that you mean to offend. “You’re implying an intention to make the Black person—or any person—at the receiving end of the statement feel substandard,” says Bruce. For example: “Please be on time, since you people have a tendency of being late.”

“No specific race is late,” Bruce says. “People are late and people are on time.”

5. “Do you know any good diversity candidates?” and “Let’s take a risk on a diverse candidate”
“Yes, I know good diversity candidates. Why don’t you?” says Norman, noting that the word “good” suggests a belief that the majority are not qualified. While the speaker may not intend to imply this negative connotation, it implies that choosing a Black for a senior-level position is a risk.

“Usually it’s someone trying to be very supportive of the company’s or their own diversity initiative, but a statement like that lands negatively on people,” explains Lee. “What I’ve done is called it to their attention and explained how that sounds.”

Bruce, Lee and Norman also advise to avoid these phrases:

• “Is this how the brothers do it?”
• “I love your name, it’s so ethnic” and “Whatever happened to good old-fashioned names like Bob, Jim and Mary?”
• “You’re like the Black [insert white person here]” and “You look like [insert famous Black person here]”
• “So what sport did you play?”
• “I don’t see color” (“Sure you do,” says Norman)
• “You are only here to meet the company’s quota”
• Don’t try to dance, rap or use terms associated with hip-hop culture in jest
• Don’t assume all Blacks are African-American; there also are people who are African, Afro-Latino, Afro-European, Afro-Caribbean, etc.
• Read more at www.diversityinc.com/10-things-blacks

Most importantly, companies need to equip their employees to have these difficult conversations and take advantage of these opportunities to provide some cultural perspective, stress Lee and Norman. An organization can address acts of discrimination, but that will not mitigate less obvious stereotypes and biases.

“When people have a good relationship, they can talk about a few things very openly. irrespective of race and gender. We all have biases we need to become aware of and we need to become conscious of what we do and say,” explains Norman, noting that it’s important for Blacks to take the time and get everyone engaged in genuine conversations about diversity and how stereotypes affect them.

The post ‘You Must Have Voted for Obama’: 5 Things NEVER to Say to Blacks appeared first on DiversityInc.

In last month’s column, we explained why investment planning for same-sex couples is often more complicated than it is for heterosexual couples. The complexities and unique circumstances may seem daunting, but they don’t have to be insurmountable. This checklist is a great way to get started.

Select Advisers Familiar With the Issues

“Gay friendly” is no longer sufficient. Seek out advisers, attorneys and other professionals who fully understand the unique planning requirements for LGBT couples.

Execute a Healthcare Proxy and a Directive to Physicians

A new client recently told me a story about being unable to see a partner who was hospitalized, since only “immediate family members” were allowed in. A healthcare proxy designates an agent (e.g., your partner) to make medical decisions for you in the event of your incapacity. In addition, a living will outlines your wishes with regard to feeding and other end-of-life decisions.

Create Your Investment and Estate Plans—Together

When assessing your financial future, you and your partner should discuss financial values, priorities and goals. A plan can help with long-term financial goals, determining how to save for major purchases, and laying out your paths to retirement. It can also help you address those difficult “what if” questions.

Execute a Will

Careful estate planning for same-sex partners is a must. You should be specific, clear and precise in making your wishes known. In most states, if you die without a will, your estate is distributed to your legal heirs, commonly known as your “next of kin.” Lacking a will, the identity of your heirs is determined by law, not by you. A will and/or a trust specifying your intentions can help ensure your assets transfer to your partner if you so choose.

Be Precise With Beneficiary Designations

Instead of leaving it to state laws to identify your legal heirs, your will should list the identities of your beneficiaries by name. Many of your assets, such as life insurance, 401(k) plans and IRAs, are transferred outside the will and are not subject to probate. This is something same-sex couples should remember when naming beneficiaries on individual accounts and policies.

Make a Property Agreement

If you put your partner on the title, you may be making an irrevocable gift. Another approach to consider is creating a property-agreement order to address the possibilities of death or separation.

Make a “Living Together” Agreement

If you are sharing money and assets, financially supporting each other and incurring debt together, a “living together” agreement can state what property belongs to whom and how you wish to handle your assets while you live as a couple or if you should part.

Execute a Durable Power of Attorney

A power of attorney gives one person in the couple financial authority to act and sign on behalf of the other, and can be used to authorize your partner to make financial or business decisions if you become incapacitated.

Create a Joint-Custody Agreement

Consult your attorney about an arrangement that ensures each partner’s rights to seeing the child, continuing guardianship or custody, and ensuring that agreed-upon living arrangements are upheld in the event that one of you dies or you separate.

We’ll continue to discuss the unique financial needs of LGBT couples throughout the year in this column, but this checklist can be an invaluable first step.

Wells Fargo Advisors is not a tax or legal advisor.  Wells Fargo Advisors, LLC, member SIPC, is a registered broker-dealer and separate nonbank affiliate of Wells Fargo & Company, No. 33 on the DiversityInc Top 50.

Trust services available through banking and trust affiliates in addition to nonaffiliated companies of Wells Fargo Advisors.

The post Domestic Partnership Financial Checklist appeared first on DiversityInc.

To evaluate the impact of global diversity efforts, we have investigated best practices that correlate to results, measured in increased human-capital diversity and business opportunity. Through 203 data submissions and extensive interviews with 25 companies, we have learned that diversity-and-inclusion initiatives have been mostly focused around gender, while efforts to include ethnic and religious minorities, people with disabilities and LGBT people are just beginning to surface.

We studied all global regions and found the most successful diversity-and-inclusion efforts in Europe, Asia and Central/South America. Virtually all start with initiatives aimed at women that emphasize local cultural values. We found direct correlations between companies that have initiatives for recruitment and talent-development programs for women and increased representation of women in the workplace, management and the senior-executive ranks. We also note correlations between D&I initiatives such as resource groups and mentoring, and increased female representation in management ranks.

Support from corporate and local leadership is especially critical when addressing other dimensions of diversity. Companies in every region with global diversity councils have made far more significant inroads in LGBT inclusion. And companies with regional diversity councils led by local business leaders are far more likely to implement supplier-diversity initiatives.

In this report, we will document which best practices are working through analytical data and case studies demonstrating results. All of the companies we have analyzed tell us these efforts are just beginning and they expect to see rapid advancement in their global diversity efforts and enhanced competition for talent.

I. Methodology: DiversityInc’s Global Diversity Research

This report relies on two years’ worth of data submissions, totaling 203 entries from 46 countries. The submissions represent nine industries—professional services, technology, consumer-packaged goods, pharmaceutical, chemical, manufacturing, auto, hospitality and medical devices. The questionnaire was designed to be culturally competent, capturing and codifying demographics (gender, age and locally underrepresented groups where reportable) as well as best practices (talent and leadership development, resource groups, diversity councils, supplier diversity).

Our thirteen 2012 sponsors helped us determine what best practices to examine locally and globally to implement initiatives with sustainable results. Our interviews, with an emphasis on talent development, leadership pipeline and resource groups for underrepresented groups, gave us perspective on what has worked for different companies in different countries/regions, and how they overcame challenges. The sponsors are: Accenture, BASF, Cigna, Dell, Deloitte Touche Tohmatsu Limited, Ernst & Young, General Motors, Merck & Co., Medtronic, Pfizer, PricewaterhouseCoopers, Sodexo and Wells Fargo.

Companies filled out the survey for each country they chose; most also provided information for headquarters. The survey continues to stay open. We add companies, countries and regions to our database with each new submission. The survey has approximately 100 questions and is divided into the following seven sections:

• General Information: Ascertains how long the diversity-and-inclusion initiative has existed, and how it is organized and staffed (full-time, part-time and volunteer).
• Headquarters: Assesses global diversity councils and global support and control of local diversity-and-inclusion initiatives.
  
• Leadership and Values: Examines what diversity and/or inclusion means locally, what the three biggest challenges/barriers facing successful D&I efforts in each country are, what type of internal diversity council has been established, the support of local business leaders, how D&I is integrated into the local business goals, what metrics are used to assess D&I success locally (i.e., what is the business case?), and how employee engagement is measured.
  
• Human Capital: Measures workforce, management and senior-management representation by gender, looks at the age of the workforce in each country, and probes whether the local organization has specific recruitment and leadership-development efforts for women and other underrepresented groups.
  
• Best Practices for Global Diversity: Looks at local efforts to implement global diversity strategies and initiatives that include resource groups, mentoring, training, outreach to LGBT people (where legally permissible), outreach to people with disabilities, work/life benefits (especially flexible workplaces), and website communications about D&I.
  
• Supplier Diversity: Studies whether local supplier diversity exists and, if so, what groups are targeted and what best practices are in place to support growth and impact.

 II.  Major Global Diversity Findings 

Our findings show significant correlations between established best practices and human-capital results, primarily measured in recruitment and promotions of women. The data and interviews support specific and proven approaches to recruitment, leadership development, flexible workplaces, formal mentoring, resource groups, generational issues and global executive diversity councils. Full findings are available to global sponsors and global consulting clients. (See more information on DiversityInc Global Consulting.)

Examples:

• Companies with formal recruitment policies aimed at women reported dramatic increases in female representation in the workforce. For example, in India, companies with formal recruitment policies had one-third more women in the workforce.

• We note a significant increase in management opportunities and promotions for women in companies that have locally based leadership-development programs aimed specifically at women. In contrast, leadership programs targeted at underrepresented groups are scarce globally. For example, in Brazil, companies with leadership programs for women had almost four times as many women in management as companies without these programs; in Japan, the difference was sixfold.

• Almost all companies surveyed felt that flexibility in terms of hours and location is key to increasing retention, engagement and promotions of women and younger people in general. The degree of flexibility often depends on the local cultural role of women and how strong their home/family duties are. For example, in France, companies with flexible workplaces have almost double the percentage of women senior executives and a third more women in management. They also have double the amount of women in the workforce.

• While formal mentoring and sponsorship programs are just beginning to catch on in most of the world, their impact in areas where they have been in place is dramatic. For example, companies in Australia with formal mentoring had one-third more women executives than companies without.

• Global resource groups traditionally are aimed at women and focus almost exclusively on talent development, but we are beginning to see groups based on age, sexual orientation and, in a few cases, race/ethnicity. There are definite correlations between having groups and increased diversity in the workplace. For example, in the United Kingdom, companies with resource groups had 10 percent more women in management.

• Our research shows a vast difference in the age of workers in various countries, with many Asian countries having very young workforces and some European countries having older workforces. The issues facing them are very different and, therefore, require a variety of solutions. For example, more than half of the workforce of the countries in Asia are younger than 34.

• Global executive diversity councils are increasingly used to set D&I strategies for the organization, which then are filtered to local diversity councils for implementation. They show organizational consistency in values and subsequent messaging, which produces results in the global workplace. For example, in Europe, companies with global executive diversity councils are twice as likely to offer domestic-partner benefits in countries where they are legal and three times more likely to include sexual orientation in training. And companies with global executive diversity councils are also three times more likely to have regional councils to implement strategies. Supplier diversity is a good example of that: Companies with regional councils in Europe are twice as likely to have formal supplier-diversity outreach. (There is virtually no supplier diversity in Asia yet.)

Case Studies:

Global Diversity Best Practice: Developing Female Talent in Australia: Can flexible workplace models and leadership programs provide measurable improvements in gender diversity? Read these case studies from Deloitte and Ernst & Young.

Global Diversity Best Practice: Flexible Workplaces in India: Global companies must combat a “leaky pipeline” of women talent, but these best practices from Sodexo, Merck, Dell and Deloitte can improve retention.

2 European Case Studies: People With Disabilities & Ethnic Minorities: How are Sodexo and Merck recruiting people from underrepresented groups in Europe?

Best Practice: IBM’s Global LGBT Support: How is IBM’s global commitment to the LGBT market reshaping its business advantage? It builds credibility and trust with clients—and increases revenue prospects.

III. Conclusions About Global Diversity

The direct link between diversity-management best practices and sustainable human-capital results is clear from this research as well as from the interviews with executives around the globe.

To highlight the key correlations:

• Companies with recruitment programs for women recruited 20 percent more women in Europe and Central/South America.
• Companies with leadership programs for women had 44 percent more women executives in Asia.
• Companies with flexible work arrangements had 34 percent more women executives in all areas studied.
• Companies with formal mentoring programs had 12 percent more women in Central/South America.
• Companies with global diversity councils were twice as likely to have global LGBT efforts in all regions.
• Companies with regional diversity councils led by local country executives were four times more likely to have supplier-diversity programs in Europe and Asia.

The best practices the companies have detailed for us, and which still are evolving, increase representation, engagement, productivity and marketplace connections. However, the research shows they work most effectively when specifically tailored to local cultural norms and when there is support from both global headquarters and local leadership.

There are demographic differences between regions, which we note in this research, such as the much younger workforce in Asia and older workforce in Europe. There are also varying standards on women’s roles in and out of the home, inclusion of LGBT people, the need for proactive efforts to include people with disabilities, and the importance of supplier diversity.

Global diversity is evolving at different paces in various regions and countries, but all participating companies agree to its increasing importance in having an engaged workforce that relates to the local population.

WHAT’S NEXT? 

Our consulting practice can help build your global diversity initiative and successfully implement it on a local level. This service includes: Making the business case to local leadership; in-depth assessment of organization/current initiatives; roadmaps and specific plans of action; situational analysis; written and verbal debriefs.

Our next round of global research will start in the spring of 2013, and will focus on increasing our knowledge database, especially in emerging-market countries where there is significant business-growth potential. Sponsors will be able to shape the best practices we study and will receive data analysis of their submissions compared to the competitive set.

For more information on consulting and research sponsorship, visit DiversityInc Global Consulting or contact consulting@diversityinc.com.

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Daniel Ayala, head of Wells Fargo’s Global Remittance Services, spoke to DiversityInc CEO Luke Visconti about how cultural competence allows his company to better serve underrepresented groups. Wells Fargo is No. 33 in the DiversityInc Top 50.

Luke Visconti: How has cultural competence enabled Wells Fargo to help its customers succeed financially? 

Daniel Ayala: Cultural competence is a key element of being able to effectively execute a business strategy in today’s corporate world. Eighty percent of the consumer market growth in the last two or three years has been driven by diverse segments. When you look at the long-term implications that number is amplified because minorities are going to be the majority, so having cultural context and understanding the segment well allow us not only to perform the way we perform historically but really project ourselves into the future.

Visconti: What are the greatest differences among the financial habits of Latinos, Asians and whites, especially in the area of consumer remittances? 

Ayala: At the end of the day, consumer remittances is really people taking care of other people, so it’s as simple as a father sending money to his siblings and/or potentially to his kids and providing that day-to-day support. So it’s really not different from one segment to the other. One key thing about remittances on the international side is it goes beyond educational support. In some cases, people in the U.S. that come from Latin America and Asia are supporting families, extended families for their lifetime, so in those cases sending money to those families overseas is a key financial activity that they perform month after month.

Visconti: Can you talk about any specific cultural differences that you weren’t aware of but found out through your good work and were able to put to good use for serving your customers? 

Ayala: When you look at different ethnic groups you always look for the differences. But what I found is the immigrant experience has a lot of commonalities: First you need to establish yourself, then you need to make ends meet for yourself, and then your primary focus is to take care of your family back home.

There is one key theme that cuts across all immigrant segments no matter where they come from, and it’s the principle that hard work pays. And when it pays, they take care of their own. That’s a very unique thing about the immigrant segment. When you hear the stories about people leaving everything behind and in some cases not even speaking the language and surviving through all those challenges, it’s a great story of success, and you still hear about people being able to live the American dream through that.

Visconti: I can’t imagine what could be more relieving to somebody who is struggling to establish themselves than to know they have security, that the money that they are sending home, which in lot of cases is keeping people alive, is getting there safely and at a reasonable cost. 

Ayala: Absolutely. When you humanize that and you understand that the $300 transaction going from Oxnard, California, let’s say, to San Salvador, El Salvador, is going from a grandparent for his grandson’s birthday, and that money is going to be used to buy the bicycle and to pay for the birthday party, you understand how important that transaction is to that individual in Oxnard and how important it is to the family receiving that money. You can’t be late, it needs to be delivered on time and needs to be a positive experience for both sides. That’s the business we are in, and that’s why it’s important to understand who it is that you are really serving and for what purpose.

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