While women represent 52% of the U.S. population, just 33% of all financial advisors and only 23.2% of all CFP certificate holders are women, the board said.
Hispanics and Latinos make up 16% of the population, but just 7% of advisors and 1.9% of CFPs.
African Americans account for 13% of the population, 8% of advisors and only 1.5% of all CFP certificate holders, the CFP Board found.
“We’re doing everything we can through the center and to catalyze the industry,” Mohrman-Gillis said.
But it is time for the industry to go from talk to action if it hopes to increase diversification, she added.
“What’s working is expanded metric goals,” Mohrman-Gillis said. “Diversity and inclusion programs in firms are, broadly speaking, not likely to succeed without commitment and resources from the top down even when it might conflict with other business imperatives.”