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Here is what women and minorities have to say about the subject .

By Ben Mattlin

As an African-American financial advisor , Foulks says he ’ s often one of only a few people of color , if not the only one , at conferences and events .

The Scope Of The Problem

The statistics bear this out . According to Boston-based Cerulli Associates , just 18 % of financial advisors are women , 5 % are Hispanic , 4 % are Asian-American , and 3 % are Black . Among certified financial planners , the CFP Board found that 23 % are women and 4 % are Black or Hispanic . For comparison , roughly 51 % of the U . S . population is female and 30 % is Black or Hispanic .

Though some may say the problem isn ’ t as bad as it used to be , that ’ s far from satisfactory . “ The industry itself leans toward inadvertent segregation ,” says Foulks , meaning some smaller firms may be all African-American or all women , but few are truly integrated .

Systemic Inequities

“ We need to focus on changing the systems that have historically ignored and discouraged women , non-binary people , members of the LGBTQ + community , and people of color — especially Black and Latinx CFPs ,” says Rachel J . Robasciotti , founder and CEO of Adasina Social Capital in San Francisco , which advises firms on how to improve their diversity . No statistics were available on non-binary or LGBTQ + folks , Indigenous or other people of color , or people with disabilities in financial services , but Robasciotti describes herself as a Black and queer woman . ( Like all sources in this story , she volunteered her identity preferences .)

“ This industry can easily be a ‘ boys ’ club ,’” confirms Manal Fouz , chief compliance officer at Azzad Asset Management in Falls Church , Va ., who is an Arab Latina at a firm that primarily serves affluent American Muslims .

Marvin J . Owens Jr ., chief engagement officer at Impact Shares , a Dallas-based socially responsible financial-consulting firm , agrees . “ Cronyism is widespread ,” he says . A former senior director at the NAACP who identifies as African- American , Owens urges businesses to create “ a realistic path to success for those who are not well connected through elite secondary education , family or socioeconomic background .” He says they must look beyond traditional sources to “ broaden the pool of diverse candidates .”

36 | financial advisor magazine | may 2022 www . fa-mag . com