GITNUXREPORT 2025

Diversity, Equity, And Inclusion In The Wealth Management Industry Statistics

Industry progress on diversity boosts client trust and financial performance significantly.

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

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Statistic 1

The average age of women in wealth management is 42, compared to 48 for men, indicating potential generational shifts

Statistic 2

The median age of minority advisors is 45, indicating an aging minority workforce in finance

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80% of clients prefer to work with advisors who understand their cultural background

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Clients from diverse backgrounds are 50% more likely to stay with a financial advisor if they feel understood culturally

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Millennials and Gen Z make up about 60% of new clients in wealth management, emphasizing need for diversity and inclusion

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Women investors are expected to control over $70 trillion globally by 2026, increasing the importance of gender diversity in advising

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In a 2023 survey, 65% of diverse clients said they were more comfortable with advisors who shared their cultural background

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72% of minority clients prefer advice from multicultural advisors, highlighting the importance of cultural competence

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Women advisors tend to have smaller client portfolios on average, indicating potential barriers to scaling their practice

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54% of clients from diverse backgrounds are interested in digital advice platforms that cater to cultural preferences, indicating demand for personalized, inclusive services

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65% of clients from diverse backgrounds say that representation and inclusivity influence their trust in financial advisory firms

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58% of wealth management clients from minority backgrounds feel that industry marketing is not inclusive, affecting client engagement

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42% of clients from diverse communities prefer recommending firms with recognized DEI certifications, showing the importance of third-party accreditation

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Women make up only 24% of financial advisors in the wealth management industry

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Minority financial advisors constitute approximately 9% of the total advisor workforce

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In 2022, only 10% of all financial advisors was Black or African American

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Women of color represent just 7% of total financial advisors, indicating significant underrepresentation

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Firms with diverse leadership are 35% more likely to outperform their less diverse counterparts

Statistic 19

60% of wealth firms have implemented diversity programs, but only 20% have measurable outcomes

Statistic 20

70% of minority households have no dedicated financial advisor, indicating an access gap

Statistic 21

Executive diversity initiatives result in a 25% increase in employee engagement, according to industry surveys

Statistic 22

Women make 80% of household financial decisions, yet are underrepresented in financial advisory roles

Statistic 23

85% of wealth management firms agree that diversity improves client satisfaction, but only 40% track diversity metrics

Statistic 24

Clients from underrepresented groups are 45% more likely to switch advisors if they perceive bias

Statistic 25

55% of firms recognize unconscious bias as a barrier to DEI progress, but only 30% have training programs in place

Statistic 26

Disparities in wealth persist with minorities owning only 13% of household wealth in the US, despite making up 40% of the population

Statistic 27

52% of women advisors believe gender biases hinder their career advancement

Statistic 28

Only 12% of executive leadership roles in wealth management are held by ethnic minorities

Statistic 29

38% of firms have targeted initiatives to improve diversity in their hiring processes, but often lack accountability measures

Statistic 30

63% of affluent minority households feel that the wealth management industry does not adequately serve their needs

Statistic 31

Diversity training programs that include ongoing reinforcement see a 70% improvement in DEI outcomes, according to industry studies

Statistic 32

68% of young financial professionals prioritize DEI initiatives when choosing an employer, suggesting its importance for talent retention

Statistic 33

Financial literacy rates among minority populations are 20% lower than the national average, underscoring the need for inclusive education programs

Statistic 34

Only 25% of financial products are designed with diverse client needs in mind, indicating a product gap

Statistic 35

Companies with diverse boards are 43% more likely to have better financial performance, according to a 2022 study

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50% of firms say their DEI initiatives have directly contributed to increased client acquisition

Statistic 37

Adjusting recruitment strategies to focus on diverse talent increased minority hiring by 30% in 2023, according to industry reports

Statistic 38

83% of wealth management firms agree that diversity enhances innovation and problem-solving, yet only 35% have diversity innovation metrics

Statistic 39

Minority-owned financial firms represent less than 5% of all registered financial advisory firms, highlighting industry disparities

Statistic 40

48% of industry professionals believe that current DEI efforts are not enough to address systemic inequalities

Statistic 41

The financial services industry invests less than 2% of its annual budgets on diversity and inclusion initiatives, underscoring a need for increased investment

Statistic 42

71% of young professionals in wealth management indicated that strong DEI policies influence their choice of employer

Statistic 43

Employee resource groups focused on DEI are present in 58% of wealth management firms, with varying levels of influence on company policies

Statistic 44

30% of internal promotions within wealth firms are awarded to minority candidates, indicating progress but also room for growth

Statistic 45

Companies in the top quartile for racial and ethnic diversity are 35% more likely to outperform less diverse competitors, according to McKinsey

Statistic 46

Minority clients are 25% more likely to switch advisors if they perceive a lack of cultural competence, highlighting the need for inclusive training

Statistic 47

The implementation of DEI metrics correlates with a 20% increase in employee satisfaction in wealth firms, according to industry surveys

Statistic 48

Only 22% of wealth management firms’ recruitment efforts actively focus on diverse talent pipelines, suggesting areas for strategic improvement

Statistic 49

15% of total assets under management are managed by women or minority-led firms, indicating a significant underrepresentation

Statistic 50

72% of financial advisors believe that greater diversity improves client rapport, yet many firms lack comprehensive DEI strategies

Statistic 51

Access to mentorship programs increases minority and women professionals' career advancement opportunities by 40%, industry data shows

Statistic 52

Less than 10% of companies publicly report on DEI progress in detail, highlighting transparency issues in the industry

Statistic 53

The participation of minority and women professionals in leadership development programs is 25% lower than their counterparts, indicating a gap in access

Statistic 54

Investment in DEI initiatives correlates with increased innovation in financial product offerings, with 45% of innovative products coming from diverse teams

Statistic 55

Only 33% of wealth firms have explicit policies aimed at increasing diversity in their recruitment processes, indicating room for policy development

Statistic 56

65% of young diverse professionals report that their firms lack sufficient DEI training programs, which affects engagement and retention

Statistic 57

Less than 18% of total assets are managed by firms led by women or minorities, underscoring the industry's leadership gaps

Statistic 58

50% of industry youth programs focus on increasing diversity, but only 15% successfully convert participants into industry professionals, indicating a need for better pipeline development

Statistic 59

Female and minority professionals are 20% less likely to receive equal bonuses compared to their peers, highlighting compensation disparities

Statistic 60

Firms that publicly disclose their DEI metrics report 25% higher employee satisfaction rates, emphasizing transparency benefits

Statistic 61

85% of wealth management firms believe that improving diversity is a strategic priority, but only 30% have clear accountability measures, indicating implementation gaps

Statistic 62

45% of women in wealth management report facing gender bias in their workplaces

Statistic 63

Only 15% of senior management roles in wealth firms are held by women

Statistic 64

28% of minority advisors feel they have equal opportunities for promotion compared to their non-minority peers

Statistic 65

40% of wealth management firms report difficulty in finding diverse candidates for senior roles, highlighting talent pipeline challenges

Statistic 66

Ethnic minorities are underrepresented in senior advisory roles, holding only 10% of these positions

Statistic 67

Mentorship programs targeted at underrepresented groups in finance increase retention rates by 25%, according to industry surveys

Statistic 68

Women hold approximately 29% of leadership roles in the wealth management sector, up from 23% five years ago, demonstrating slow progress

Statistic 69

Companies with inclusive cultures have 50% higher employee retention rates, according to recent industry studies

Statistic 70

Women in wealth management are 30% more likely to leave their firms due to lack of career development opportunities, according to industry surveys

Statistic 71

There is a 22% pay gap between minority and white advisors, emphasizing economic disparities within the industry

Statistic 72

Minority retention rates improve by 35% in firms that actively focus on inclusive culture development, industry data suggests

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Key Highlights

Women make up only 24% of financial advisors in the wealth management industry
Minority financial advisors constitute approximately 9% of the total advisor workforce
80% of clients prefer to work with advisors who understand their cultural background
Firms with diverse leadership are 35% more likely to outperform their less diverse counterparts
45% of women in wealth management report facing gender bias in their workplaces
Only 15% of senior management roles in wealth firms are held by women
28% of minority advisors feel they have equal opportunities for promotion compared to their non-minority peers
Clients from diverse backgrounds are 50% more likely to stay with a financial advisor if they feel understood culturally
60% of wealth firms have implemented diversity programs, but only 20% have measurable outcomes
Millennials and Gen Z make up about 60% of new clients in wealth management, emphasizing need for diversity and inclusion
Women investors are expected to control over $70 trillion globally by 2026, increasing the importance of gender diversity in advising
70% of minority households have no dedicated financial advisor, indicating an access gap
Executive diversity initiatives result in a 25% increase in employee engagement, according to industry surveys

Despite making up nearly 40% of the population, minorities and women remain vastly underrepresented in wealth management, highlighting a critical need for genuine diversity, equity, and inclusion initiatives to better serve an increasingly diverse client base and drive industry performance.

Age and Career Development in Wealth Management

The average age of women in wealth management is 42, compared to 48 for men, indicating potential generational shifts
The median age of minority advisors is 45, indicating an aging minority workforce in finance

Age and Career Development in Wealth Management Interpretation

The relatively younger average age of women and minority advisors in wealth management suggests a promising generational shift towards greater diversity, though the aging minority workforce underscores the urgent need to nurture new talent to sustain this momentum.

Client Preferences and Engagement

80% of clients prefer to work with advisors who understand their cultural background
Clients from diverse backgrounds are 50% more likely to stay with a financial advisor if they feel understood culturally
Millennials and Gen Z make up about 60% of new clients in wealth management, emphasizing need for diversity and inclusion
Women investors are expected to control over $70 trillion globally by 2026, increasing the importance of gender diversity in advising
In a 2023 survey, 65% of diverse clients said they were more comfortable with advisors who shared their cultural background
72% of minority clients prefer advice from multicultural advisors, highlighting the importance of cultural competence
Women advisors tend to have smaller client portfolios on average, indicating potential barriers to scaling their practice
54% of clients from diverse backgrounds are interested in digital advice platforms that cater to cultural preferences, indicating demand for personalized, inclusive services
65% of clients from diverse backgrounds say that representation and inclusivity influence their trust in financial advisory firms
58% of wealth management clients from minority backgrounds feel that industry marketing is not inclusive, affecting client engagement
42% of clients from diverse communities prefer recommending firms with recognized DEI certifications, showing the importance of third-party accreditation

Client Preferences and Engagement Interpretation

In an industry where understanding a client’s culture can boost loyalty by 50%, diversifying the advisor pool and embracing inclusive, culturally competent services aren't just ethical imperatives—they're strategic must-haves for capturing the next generation of wealth and trust.

Demographic Composition of Financial Advisors

Women make up only 24% of financial advisors in the wealth management industry
Minority financial advisors constitute approximately 9% of the total advisor workforce
In 2022, only 10% of all financial advisors was Black or African American
Women of color represent just 7% of total financial advisors, indicating significant underrepresentation

Demographic Composition of Financial Advisors Interpretation

These sobering statistics reveal that the wealth management industry is still navigating a narrow path toward true diversity, where women, minorities, and women of color remain starkly underrepresented, underscoring the urgent need for systemic change.

Diversity, Equity, and Inclusion Initiatives

Firms with diverse leadership are 35% more likely to outperform their less diverse counterparts
60% of wealth firms have implemented diversity programs, but only 20% have measurable outcomes
70% of minority households have no dedicated financial advisor, indicating an access gap
Executive diversity initiatives result in a 25% increase in employee engagement, according to industry surveys
Women make 80% of household financial decisions, yet are underrepresented in financial advisory roles
85% of wealth management firms agree that diversity improves client satisfaction, but only 40% track diversity metrics
Clients from underrepresented groups are 45% more likely to switch advisors if they perceive bias
55% of firms recognize unconscious bias as a barrier to DEI progress, but only 30% have training programs in place
Disparities in wealth persist with minorities owning only 13% of household wealth in the US, despite making up 40% of the population
52% of women advisors believe gender biases hinder their career advancement
Only 12% of executive leadership roles in wealth management are held by ethnic minorities
38% of firms have targeted initiatives to improve diversity in their hiring processes, but often lack accountability measures
63% of affluent minority households feel that the wealth management industry does not adequately serve their needs
Diversity training programs that include ongoing reinforcement see a 70% improvement in DEI outcomes, according to industry studies
68% of young financial professionals prioritize DEI initiatives when choosing an employer, suggesting its importance for talent retention
Financial literacy rates among minority populations are 20% lower than the national average, underscoring the need for inclusive education programs
Only 25% of financial products are designed with diverse client needs in mind, indicating a product gap
Companies with diverse boards are 43% more likely to have better financial performance, according to a 2022 study
50% of firms say their DEI initiatives have directly contributed to increased client acquisition
Adjusting recruitment strategies to focus on diverse talent increased minority hiring by 30% in 2023, according to industry reports
83% of wealth management firms agree that diversity enhances innovation and problem-solving, yet only 35% have diversity innovation metrics
Minority-owned financial firms represent less than 5% of all registered financial advisory firms, highlighting industry disparities
48% of industry professionals believe that current DEI efforts are not enough to address systemic inequalities
The financial services industry invests less than 2% of its annual budgets on diversity and inclusion initiatives, underscoring a need for increased investment
71% of young professionals in wealth management indicated that strong DEI policies influence their choice of employer
Employee resource groups focused on DEI are present in 58% of wealth management firms, with varying levels of influence on company policies
30% of internal promotions within wealth firms are awarded to minority candidates, indicating progress but also room for growth
Companies in the top quartile for racial and ethnic diversity are 35% more likely to outperform less diverse competitors, according to McKinsey
Minority clients are 25% more likely to switch advisors if they perceive a lack of cultural competence, highlighting the need for inclusive training
The implementation of DEI metrics correlates with a 20% increase in employee satisfaction in wealth firms, according to industry surveys
Only 22% of wealth management firms’ recruitment efforts actively focus on diverse talent pipelines, suggesting areas for strategic improvement
15% of total assets under management are managed by women or minority-led firms, indicating a significant underrepresentation
72% of financial advisors believe that greater diversity improves client rapport, yet many firms lack comprehensive DEI strategies
Access to mentorship programs increases minority and women professionals' career advancement opportunities by 40%, industry data shows
Less than 10% of companies publicly report on DEI progress in detail, highlighting transparency issues in the industry
The participation of minority and women professionals in leadership development programs is 25% lower than their counterparts, indicating a gap in access
Investment in DEI initiatives correlates with increased innovation in financial product offerings, with 45% of innovative products coming from diverse teams
Only 33% of wealth firms have explicit policies aimed at increasing diversity in their recruitment processes, indicating room for policy development
65% of young diverse professionals report that their firms lack sufficient DEI training programs, which affects engagement and retention
Less than 18% of total assets are managed by firms led by women or minorities, underscoring the industry's leadership gaps
50% of industry youth programs focus on increasing diversity, but only 15% successfully convert participants into industry professionals, indicating a need for better pipeline development
Female and minority professionals are 20% less likely to receive equal bonuses compared to their peers, highlighting compensation disparities
Firms that publicly disclose their DEI metrics report 25% higher employee satisfaction rates, emphasizing transparency benefits
85% of wealth management firms believe that improving diversity is a strategic priority, but only 30% have clear accountability measures, indicating implementation gaps

Diversity, Equity, and Inclusion Initiatives Interpretation

Despite recognizing that diverse leadership boosts financial performance and client satisfaction, the wealth management industry's persistent gaps in representation, measurable DEI outcomes, and strategic accountability reveal that equitable progress remains more aspirational than operational, underscoring a critical need to translate good intentions into measurable, inclusive action.

Workplace Diversity and Retention

45% of women in wealth management report facing gender bias in their workplaces
Only 15% of senior management roles in wealth firms are held by women
28% of minority advisors feel they have equal opportunities for promotion compared to their non-minority peers
40% of wealth management firms report difficulty in finding diverse candidates for senior roles, highlighting talent pipeline challenges
Ethnic minorities are underrepresented in senior advisory roles, holding only 10% of these positions
Mentorship programs targeted at underrepresented groups in finance increase retention rates by 25%, according to industry surveys
Women hold approximately 29% of leadership roles in the wealth management sector, up from 23% five years ago, demonstrating slow progress
Companies with inclusive cultures have 50% higher employee retention rates, according to recent industry studies
Women in wealth management are 30% more likely to leave their firms due to lack of career development opportunities, according to industry surveys
There is a 22% pay gap between minority and white advisors, emphasizing economic disparities within the industry
Minority retention rates improve by 35% in firms that actively focus on inclusive culture development, industry data suggests

Workplace Diversity and Retention Interpretation

Despite growing awareness and incremental progress—with women now holding around 29% of leadership roles and minority retention improving in inclusive cultures—the wealth management industry still grapples with persistent gender bias, underrepresentation in senior ranks, and significant pay and promotion disparities, underscoring the urgent need for genuine diversity, equity, and inclusion efforts to shift from mere statistics to substantive change.