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.
Counting advisor moves in and out of firms requires some art as well as science.
“I'm just a big believer that based on demographics alone, we are looking at a 10-to-15 year bull market in M&A in the RIA and independent wealth space,” said Michael Belluomini, SVP of M&A at Carson Group.
As a tsunami of retirees comes crashing in, three-fifths of those surveyed believe – wrongly – that the federal safety net will cover their LTC needs.
Orion's latest update, a partnership with 11th.com, focuses on an underserved area of compliance for advisors and wealth firms.
The latest arrivals, including a 10-advisor ensemble from Ameriprise, bolster the firm's independent contractor and employee advisor channels.
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.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
