LPL Financial says it has made progress in 2021 to bolster diversity among the ranks of its employees as well as its financial advisers, although the improvements have been uneven.
Seventeen percent of LPL advisors, for example, are women — a proportion LPL hopes to improve with other diversity goals, the company says in its 2022 sustainability report. a full breakdown of advisor diversity or how it compares to previous numbers.
LPL’s Advisor Inclusion Council, made up of 21 advisors – 52% of whom are women and 51% are advisors of color – meets three times a year to explore ways to attract more underrepresented financial advisors , help advisors overcome barriers to growth and cultivate inclusive communities for advisors, report says
Overall, women made up 48% of LPL’s workforce in 2021, up from 46% in 2020, while black employees made up 17%, up from 16% in 2020, according to the company.
However, the percentage of Hispanic or Latino employees fell from 8% in 2020 to 7% in 2021, while Asian employees made up 12% of the company’s workforce last year, compared to 13% in 2020, according to LPL. .
The LPL also saw no improvement at board level, with people of color making up just 11% and women making up 33% in 2021, both unchanged from 2020, according to the report.
Similarly, women made up 33% and people of color 23% of employees at the vice president level and above in 2021, again in both cases unchanged from 2020, according to LPL.
And while women made up 41% of middle managers at LPL in 2021, up from 40% the year before, people of color made up 36%, up from 37% in 2020, according to the report.
Additionally, people of color made up 47% of entry-level staff in 2021, up from 52% in 2020, and 55% of support staff, up from 60% in 2020, according to LPL.
Women, meanwhile, made up 57% of entry-level professionals last year, down from 51% in 2020, but 62% of support staff, down from 64% in 2020, the report said.
Meanwhile, Edward Jones said last month that its adviser ranks are now made up of 22% women and 9% people of color.
By the end of 2025, Edward Jones wants to have 20% people of color and gender parity among leaders in his St. Louis home office, 15% people of color and 40% women among general home office associates, and 15% people of color. and 30% women among US advisors.
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