Impact Report 2023

In this, our inaugural Annual Impact Report, we share our progress and areas for improvement towards being a more equitable and inclusive space within the financial planning industry.

Why is this important?

Finance is traditionally a conservative industry which benefits folks in positions of privilege, and which excludes persons and communities facing marginalization. Systems like this perpetuate cycles of oppression. We aim to disrupt those patterns, making financial advice accessible so that people—ALL people who wish to work with us—can feel safe, welcome, informed and financially secure now and into their future.

Steps we’ve taken in 2022 - ‘23

In 2022, we did a deep dive about incorporating our values into the business. Through soul-searching, vulnerable brainstorming, and engaging the services of organizations whose values align with ours, Smart Investments’ revamped branding, social media, website, and mission were born.

Our mission is to eliminate barriers to accessing financial advice by creating an inclusive and safe space where everyone can thrive.

Our website unapologetically displays our progressive approach and values, including a section on accessibility and our commitment to inclusion. Our posts on Instagram, Facebook, and LinkedIn demonstrate our unwavering commitment to centering “JEDI” in our work. This acronym stands for Social Justice, Equity, Diversity, and Inclusion.

We prioritized working with partners who share similar values to ours. Where possible, we contracted QBIPWOC-owned/operated businesses, and/or contractors whose identity includes disability etc.

  • Salt Design Co for our revamped logo, branding, and entire website design

  • Larson Copy Co for contributions to our website copy

  • Angela McConnell, Photographer for our website bio photos

  • John Bello, Photographer for our Office Dogs’ bios on our About Us page

  • Purpose CPA for our bookkeeping, payroll, and accounting

  • Sara Utecht for Braille business cards and postcards

  • Comprehensive/ongoing work with Bakau Consulting:

    • Workshops: Fundamentals of Anti-Oppression & Inclusive Leadership

    • Development of our anti-oppression statement

    • Development of our Policies, Procedures, and Commitments on Community Care

Internally, we are committed to seeking, hiring, and empowering diverse team members, and offering fair and generous compensation. As such, we are proud to have become a Certified Living Wage Employer in 2023. We believe that if a job is worth doing, then an equitable living wage should be the bare minimum. If an employer is able to provide a thriving wage, that’s even better. We are aiming for thriving compensation and an anti-oppressive work environment.

According to Census data, Canadian women of colour earned less compared to Canadian men who did not identify as people of colour, based on median wages, salaries, and commissions.
Source: Women's Earnings: The Pay Gap

“As a racialized woman, who is the daughter of immigrants, financial stability means a great deal: ease, opportunity, peace of mind. And it allows me to engage in more acts of community care and mutual aid. I'm so proud to be part of an organization that pays not just a living wage, but a thriving one."

— Roanne, Smart Investments’ Operations Team Lead

Anti-oppression in the workplace starts with the recruitment and hiring process. We were honoured that Living Wage for Families BC recognized our efforts and collaborated on this post in August! As mentioned in that post, we offer: transparency in job postings, health benefits, diversity & inclusion, sharing interview questions in advance, and compensation for job interviews.

We invest time and money in JEDI initiatives and learning opportunities, and all team members are invited to the table for less hierarchical decision-making. This includes an invitation for team members to share JEDI ideas, media, and resources in our weekly meetings, as well as continued education, individually and/or as a team. This year’s JEDI learning has included:

As individuals and as an organization, we look at how we are impacted by, benefit from, and contribute to systems of oppression. It is our goal to use our power and privilege in responsible ways. We are fortunate to have been able to donate to the following registered Canadian charities:

  • Tsleil-Waututh Nation

  • NIB Trust Fund: Empowering Indigenous communities with education, healing, and cultural preservation initiatives

  • Kw'umut Lelum Foundation

Mutual aid. We recognize that there are challenges, obligations, and costs related to becoming a registered charity. Many great charitable initiatives are carried out by nonprofit organizations without registered charitable status, and while they are not able to issue tax receipts, they have somewhat greater latitude about how they can raise and deploy funds. Therefore, we are pleased to have offered mutual aid to:

  • QueerASL

  • Orange Shirt Society

  • Niijkiwendidaa Anishnaabekwewag Services Circle: Strengthening the Circle with Indigenous Families

  • Masks4EastVan

 COVID safety. The COVID-19 pandemic has caused significant harm to already marginalized individuals and communities. This includes but is not limited to BIPOC individuals and communities, persons with disabilities, 2SLGBTQ+ individuals, and individuals in financially vulnerable situations. We use an intersectional and anti-oppressive lens, and acknowledge that the pandemic is ongoing. This means that the existing provincial guidelines and requirements are a starting point, but far from the equitable framework we want to apply when considering how to mitigate harm, and care for our communities. There is a dedicated section in our Policies, Procedures, and Commitments on Community Care addressing our COVID policy. At its core, this policy is about community care.

As part of our mission to eliminate barriers to accessing financial advice… In 2023, we:

  • Implemented a sliding scale on investment fees

  • Presented outreach workshops for the following programs, free of charge:

    • YWCA, resources for single mothers and women experiencing poverty

    • YWCA | PowerUp, for entrepreneurs to develop skills to successfully start, run and grow a business idea

    • North Shore Women’s Centre | Separation Support Group, for those who are in the process of ending a marriage or common law relationship or are considering separation

Smart Investments challenges notions of how finance typically looks: rigid services often dominated by white men in suits. We recognize individuals' intersectionality and aim to welcome folks wholly. We put clients at ease in a more relaxed environment. We put details and jargon into "plain language", in terms that help our clients understand what to do with their money, minimize the stress that is often associated with finance, and feel good about the organization with whom they're placing their business.

Our core tenet is being an anti-oppressive and anti-racist space, for staff as well as clients.

Areas for continued growth

Our aim is to be a more equitable and inclusive space within the financial planning industry; as important as it is to celebrate our successes and progress, it is equally important to outline areas for improvement, for accountability.

  • Include excerpts of our anti-oppression statement online

  • A note for our trans and non-binary clients: The financial industry largely operates on the incorrect premise that gender is binary (for example, when applying for life insurance, quotes are based on ‘male’ and ‘female’). We commit to centering your identity and lived experience while working within the confines of the system, but long-term we hope to effect change in the industry. We are seeking ways in which we can meaningfully advocate for changes in the industry.

  • ASL (American Sign Language) – Kelsey has taken a beginner course through QueerASL, and hopes to continue learning more ASL.

  • DEI and racial equity work doesn’t always employ an explicit anti-colonial and anti-imperial lens. We must acknowledge colonization and personal/systemic power dynamics in our work.

  • Anti-racism. A note from Kelsey Smart: As an able-bodied cisgender white person, and the owner of this business, I recognize that I am in this position with a great deal of privilege. With this, I have a particularly deep responsibility to my community, to this team, to all the people whose lives we impact. I actively strive to further my learning and to be anti-oppressive, anti-colonial, and anti-racist. I will undoubtedly make mistakes along the way, but I commit to always strive for continued growth in these areas. The team has graciously offered me the following resources as part of my ongoing learning and unlearning:

Thank you for reading our inaugural Impact Report. We greatly value community input, therefore we welcome you to share your thoughts on this with us. We will listen to, and act on, your feedback.

See you next year for our next Impact Report!