Discrimination in Financial Advisory jobs?

Nowadays, as you have certainly already noticed, there are statistics about almost every topic you could think about. Statistics is something that you come across all the time when you are passionate like we are about Finance. We have recently looked at different studies in respect of relation between races, gender and money management. As you could easily expect from the word “races” these studies are US-based. In fact, there are few other countries where race is such an important topic. One of these studies has shown that less than 4% of US Financial advisors are not White nor Asian. At the same time, 13% of American self-identify as being black or African American. An even larger part of the US population is made of non-white Latinos. Similarly, other studies have shown that an overwhelming majority of clients of financial advisors were White or Asian. The Center for Financial planning believes that changes need to be made in the profession in order to create a more diverse and sustainable financial planning profession. It turns out however that a vast majority of the clients do not care about the appearance of their advisers. Instead, they are looking for experience, knowledge and above all performance. Performance being often linked to experience and knowledge. It is also interesting to see that several other studies have also shown that blacks, generally speaking, are less likely to invest in stocks than whites because they are more conservative investors. This would need to be changed as well if minorities want to make more with their money.