Diversity and inclusion are issues that come up on a near-daily basis for our journalists covering the private wealth sector.
And while most leaders within the sector agree it is an issue that needs addressing – the problem lies in how this can be achieved in a meaningful and timely way.
Firms need to ensure D&I does not become a box-ticking exercise, that they are still recruiting the top people for the job at hand, and that pushes to cast the net wider in hiring and promotion do not unfairly penalise those from more "traditional" wealth management backgrounds.
Last year’s results indicated that socio-economic background and ethnicity were the next frontiers of diversity.
The overwhelming majority of respondents said that people working in the sector were lacking diversity in terms of socio-economic background, with 81.9 percent either agreeing or strongly agreeing with this sentiment.
A high proportion also believed different ethnicities were poorly represented, with 68.2 percent agreeing or strongly agreeing with this sentiment.
This compared with around half of respondents who said the industry was lacking gender diversity.
The 2021 PAM Diversity & Inclusion Survey aims to be an annual barometer of these issues in the private client and wealth management sectors.
This survey, now in its second year, looks at the attitudes of wealth managers, private bankers, wealth structuring specialists, and B2B support staff in the sector, as well as touching on the steps firms are taking towards building a more diverse workforce.
Responses are anonymised. We very much appreciate you taking the time to complete the survey, which closes on Friday, 7 May 2021.