The investment advisory industry has taken steps to improve diversity, but the pace of change is slow, and women and racial and ethnic minorities hold relatively few management or adviser positions, according to a study by Cerulli Associates and the Investment Adviser Association.
The study, Driving Diversity: Opportunities for Action in the RIA Marketplace, found that gender and racial/ethnicity disparities among independent and hybrid registered investment advisers remain pervasive.
Only 16% of advisers at those firms are women, while 3.8% identify as Hispanic, 2.6% as Black or African American, and 2.1% as Asian.
While 52% of respondents reported that their firm is working to increase diversity, equity and inclusion, only 35% described the efforts as having been successful.
“Our profession has a long way to go in matters of diversity, equity and inclusion,” Karen Barr, the IAA’s president and CEO, said in a release.
Most firms place a limit on advisors’ sales of alternative investments to clients in the neighborhood of 10% a customer’s net worth.
Those jumping ship include women advisors and breakaways.
Firms in New York and Arizona are the latest additions to the mega-RIA.
The agent, Todd Bernstein, 67, has been charged with four counts of insurance fraud linked to allegedly switching clients from one set of annuities to another.
“While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billion-dollar award to the State,” Justice Peter Moulton wrote, while Trump will face limits in his ability to do business in New York.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
