The CFP Board Center for Financial Planning determined that there will be a significant increase in the demand for financial advising in the future, especially from African American and Latinx communities. A census from the Bureau of Labor Statistics projected that as soon as 2045, almost 50 percent of the population will be composed of people of color, as opposed to the current makeup where the majority (75%) are white. We can expect that there will be an increased demand of financial planning from minority groups. With this in mind, there is an impending challenge for the industry: that the financial planning profession might not reflect the diversity of the people it aims to serve in the future.  

If the profession continues to maintain its current ethnic make-up, it risks being unable to cater to a rapidly shifting population make-up and increasing wealth among minorities. Because of this, Brackens Financial Solutions Network enacted a survey-based research to determine what might be the root causes for the lack of racial and ethnic diversity in the financial planning industry. Read the full report to learn more!