"Society will benefit when more women of color join the ranks of financial services professionals."
Black, Latina and other women from underserved communities to become financial advisors.
Our industry must evolve to a better representation of society as a whole.
There were 76,435 white financial planners in 2021, about 83% of the total — dwarfing the other racial and ethnic groups.
- About 4% of CFPs are Asian or Pacific Islanders; almost 3% are Hispanic or Latino, and nearly 2% are Black or African American.
"Women, particularly women of color, continue to be underrepresented in financial services roles above entry level."
Our Commitment to Change
To help defray her costs, Project 6000 Minutes will provide a $1,000 scholarship to any woman of color who demonstrates her intent to pursue a career as a financial advisor. Further, we will seek to have our $1,000 matched by one or more financial services companies.
"While women have a slight edge at the entry level (comprising 52 percent of the industry workforce), their representation falls off at every step of the corporate pipeline. This slide is particularly steep for women of color (Black, Latina, Asian ) from entry level to the C-suite, the representation of women of color falls by 80 percent."
Wish to support Project 6000 Minutes in our effort to increase the ranks of minority women financial advisors? Contact David Macchia to coordinate our efforts.
"Three in five Black women expressed difficulty in finding financial professionals or advisors they trust."
"Engagement of the Black community within the financial services industry is largely transactional – not advisory."
"Black women, found that they experience discrimination and difficulty accessing wealth-building tools."