What You Need to Know

• Financial advisory firms must address the disconnect between what the industry looks like and changing demographics, a survey found.
• The survey found a growing number of investors want an advisor of the same age, race or gender.
• Only 39% of solo advisors said diversity efforts should be prioritized, vs. 59% who are part of a team of 3 or more.

Consumers are making it increasingly clear that they want a financial advisor whose racial, gender and age profile is the same as their own, according to a new survey from Northern Trust Asset Management’s FlexShares Exchange Traded Funds.

FlexShares said this trend reinforces the need for financial advisory firms to address the disconnect between what the industry looks like and changing U.S. demographics.

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