Report: Small Gains Made in Advisor Diversity Women and people of color are still grossly underrepresented in the advisory industry compared with the broader population, according to new Cerulli Associates data. Over the summer, trade groups and companies in the wealth management space were quick to issue public statements in response to the widespread protests over racism that took place across the country, as well as regarding broader issues of inequality that persist across the industry. Some firms used it as an opportunity for deeper introspection, and many firms did take actionable steps—beyond simply writing a check or issuing statements—to address racism in the country and the underrepresentation in this industry.