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The purpose of this study was to examine the likelihood of consumers hiring a financial planner based on race and gender utilizing an experimental design. Using a sample of Black and White MTurk respondents, cumulative logistic regression was employed to determine the effects of race and gender on the likelihood to hire a financial planner. Findings suggested that, overall, consumers did not have racially biased preferences when hiring a financial planner. However, they did express a preference for hiring female planners over male planners. Financial planning firms can use these findings to strengthen their support for and recruitment of women financial planners, as well as address concerns of racial bias amongst consumers. [ABSTRACT FROM AUTHOR]

This study examines the work environment outcomes in the financial planning profession, job‐related burnout, and work‐life balance satisfaction, using a convenience sample of survey respondents employed in the financial planning profession. The study compares subgroups based on gender, job role, firm size, and their CFP® certification controlling for relevant factors such as type of industry, weekly working hours, work‐life conflict, the flexibility provided by the employer, and demographics. Results indicated that the women in smaller firms are more satisfied with work‐life balance. In general, smaller firm sizes are associated with lower personal accomplishment, higher satisfaction from work‐life balance, and lower impersonal response toward clients measured by Depersonalization scores of Maslach Burnout Inventory (MBI). MBI Depersonalization scores are higher for CEOs and owners of the firms. In addition, the CFP® certification is associated with greater satisfaction from work‐life balance. The results build on previous research to provide insight into aspects that can improve participation in the profession. Future research should find ways to attract diverse participants to improve success and satisfaction outcomes for all professionals and firm sizes. [ABSTRACT FROM AUTHOR]

This study used an experiment to investigate the association between race, gender, and trust as it relates to working with a financial planner among a sample of Black and White MTurk respondents. Results revealed neither a respondent nor a financial planner's race was related to the level of trustworthiness perceived by a respondent. However, respondents were more likely to trust women financial planners than men financial planners. In addition, women respondents were more likely than men respondents to trust financial planners. Implications of this study are important in understanding the challenges and opportunities faced by underrepresented populations in succeeding as a financial planner. [ABSTRACT FROM AUTHOR]

This paper examines the lack of diversity in the financial planning profession by expanding the variable focus to include both the household side (i.e., consumer demand for financial advice) and the aspiring and existing financial planner professional side (i.e., the supply of financial advice). This study uses data from 13,507 households from the 2004 to 2016 waves of Survey of Consumer Finances (SCF) and data from 37,665 students enrolled at the College for Financial Planning for 2005 to 2018. We found that any amount of racial bias against non‐White financial planners could substantially reduce their market. Previous studies have focused almost exclusively on macro‐demographic comparisons. Therefore, reliable information on the extent of racial bias and satisfaction among racially discordant financial planner‐client relationships is not available. Black and Latinx households lag White and other households to attain high school diplomas and undergraduate degrees, partially explaining the lack of a diverse pipeline into the profession. We argue that there continues to be a need to eliminate survivorship bias when attempting to understand the realities faced by non‐White financial planning professionals by surveying those who were not successful in becoming financial planners. [ABSTRACT FROM AUTHOR]

There is a significant challenge in recruiting those from underrepresented racial and ethnic groups as well as women into financial services careers. Undergraduate financial planning programs serve as an entry point for many financial planning professionals. This qualitative study explored the recruitment efforts and strategies of 37 financial planning undergraduate programs in the United States as well as the current gender and racial representation of students in those programs. Results reveal the challenges of filling the financial advisor pipeline. They also offer insights that can be applied to increase the number of financial planning students and ultimately the number of prospective future financial advisors. [ABSTRACT FROM AUTHOR]