Diversity and inclusion is a good business practice that can propel innovation and drive better returns, according to Cynthia DiBartolo, Founder and CEO of Tigress Financial Partners.
She mentioned research from McKinsey and the Boston Consulting Group that found that companies that are diverse, will outperform their peer group.
For example, the latest McKinsey report shows not only that the business case remains robust but also that the relationship between diversity on executive teams and the likelihood of financial outperformance has strengthened over time.
“Diversity of thought is truly the next frontier in diversity inclusion. And when you get there and your company resembles its client base, you are innovative, you also tend to be able to draw upon life experiences at all different levels in your organization,” she told Traders Magazine.
On July 1, 2021, Tigress Financial Partners became the first disabled and woman-owned floor broker to achieve membership on the New York Stock Exchange (NYSE).
“We are the nation’s only disabled and woman-owned broker dealer. And it’s really iconic for us to now become the first in over 200 years, disabled woman-owned firm and full broker as a member of the exchange. And it aligns perfectly with our mission at Tigress, which is all about diversity and inclusion, and equality of opportunity; 80% of our workforce are diverse: disabled, women, African American, Asian, and Hispanic.”
Tigress Financial Partners was founded in 2011 by Wall Street veteran Cynthia DiBartolo. She spent more than two decades aligned with Fortune 500 companies, driving achievements in revenue growth, brand expansion and new offerings. Her ability to set the overall vision and strategy for a company propelled her career at Merrill Lynch, Smith Barney, Morgan Stanley, Citigroup and Bear Stearns.
In 2009, Cynthia became severely and permanently disabled, after battling head and neck cancer, precluding her from continuing in her esteemed corporate career.
However that didn’t stop her from opening the nation’s first and only disabled and woman-owned financial services firm.
Under her leadership, Tigress has evolved into a SEC/FINRA registered full-service broker dealer providing services in capital markets underwriting, investment banking, equity research, global debt and equity securities sales and trading, and investor services including global wealth management and asset management.
Earlier this year, StoneX Group made a strategic investment in Tigress and provided access to its infrastructure and global product offering.
According to DiBartolo, the New York Stock Exchange, under the leadership of Stacey Cunningham, has made tremendous “strides in diversity and inclusion and has moved to the level of equality and opportunity”.
“There is no better honor than to be a member of the exchange, if you offer financial services. But our own mission aligned perfectly with that of the NYSE that have inclusion, but inclusion on merit, not tokenism. And that in and of itself, really propelled me to seek this membership with exchange.”
DiBartolo believes that inclusion and diversity is critical to the future of the investment management industry: “You can’t have an effective, equitable, global marketplace without it.”
“We’re talking about the type of ESG change that really can make a difference in these communities. Then firms like Tigress Financial Partners need to become an integral part of the democratization of the New York Stock Exchange and the global capitalization.”
Some people might say they have diversity, said DiBartolo, adding that it’s been a word “we’ve been talking about for decades”.
“But it has taken decades for it to take hold. And we’re seeing the significant winds change with respect to how ESG and diversity are measured and valued. And we owe that to our stakeholders across the board, and can never forget the stakeholders include the individual retail clients in our communities,” she said.
DiBartolo added that Tigress is committed to philanthropic efforts.
“We have tremendous affiliation with Wanda Durant and the Durant Center in terms of financial literacy that we underwrite and participate in. As the Durant center rolls out, you’ll be seeing Tigress taking a significant role in teaching financial literacy at that center.”
“We believe that if we can capture young individuals and those women that are underserved, we can change the trajectory of the lives of many of these people,” she added.
