Financial-services diversity gaps make black disinvestment from markets a self-fulfilling prophecy

Evidence

What I found is that while investing in the stock market is a “rite of passage for white investors” like Susan, for whom it was part of the curriculum at her predominantly white middle school, a lack of diversity in the financial services market makes black Americans’ lack of investment a self-fulfilling prophecy. A 2017 study of asset management firms showed that firms owned by minorities and women manage only 1.1 percent of the industry’s total $71.4 trillion in assets under management. — Dorothy A. Brown, The Whiteness of Wealth, 455