Young, Scrappy ETFs Still Aren’t Very Welcoming to Black Workers
The industry doesn’t have some of the entrenched networks that keep non-White people out of power on Wall Street, yet still lacks representation.
Photographer: Klaus Vedfelt/Digital Vision via Getty Images
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The popular image of exchange-traded funds is of a young, scrappy corner of the staid asset management industry. But when it comes to racial diversity, there’s little evidence that the sector is any better than its longstanding counterparts.
For Stoy Hall, a senior wealth advisor at Centric Wealth in Iowa, who is African American, Black representation in the ETF world is “extremely” lacking — “How many minority-owned ETFs do you know?” he said.