Diversity in financial planning: Race, gender, and the likelihood to trust a financial planner

This is the authors' abstract. We don't add key points for this paper.

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.