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.
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