Affluent minority investors were also more likely to choose the older white male (selected by 29 percent), or the middle-aged white male, (selected by 21 percent). Only 18 percent chose the young white female; only 12% chose the middle-aged white female; only 5 percent chose the middle-aged minority male; and only 5 percent chose the younger minority female.
“Is it the chicken or the egg?” Walper asked. Is the industry failing to mirror the current U.S. and global demographic diversity, “or is the industry more representative of society and what investors have been trained to think about?”
Spetrem’s research was based on surveys of 3,152 households with between $100,000 and $25 million in net worth, with 1,875 male respondents and 1,277 female respondents.