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.
LPL has closed 56 deals in its succession program, using $690 million of capital, according to William Blair analyst Jeff Schmitt.
The smartest sellers are prioritizing integration support, not just payout multiples, says industry head.
Unequal life expectancy, emotional decision-making, and market swings are rewriting the rules, forcing a rethink on everything from default plans to annuities.
Meanwhile, Wells Fargo reels in a veteran from JPMorgan in Las Vegas, Nevada.
Maine lawmakers have passed a bill authorizing financial institutions to delay disbursements if they suspect financial exploitation of residents aged 62 or older.
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