Lack of Diversity in the Financial Advice Industry
Below is an excerpt from a InvestmentNews article on the lack of diversity in the financial advice industry. We think it is worth reading.
The investment advice profession has a long way to go in reflecting the diversity of America. In a nation where the population of African-Americans, Hispanics, Asians and other people of color is growing, the financial advice industry remains overwhelmingly white.
More than 79% of the 434,000 financial advisers in the nation are white, even though whites make up only 63% of the U.S. population. African-Americans, Asians and Hispanics/Latinos make up 20% of financial advisers, even though they constitute 36% of the population. About 5.7% of advisers are Asian, 8.1% are African-American and 7.1% are Hispanic.
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