Competition for talent remains intense across the RIA industry. Schwab’s benchmarking data shows that 75% of firms managing at least $250 million in assets hired in the prior year and planned to hire again, making recruiting a major strategic priority. For RIAs, improving diversity, equity, and inclusion is increasingly connected to the ability to attract talent, retain employees, and build teams that can serve a changing client base.
How Can RIAs Improve Hiring and Retention?
RIAs can start by expanding recruiting beyond traditional professional networks and using structured interviews, clear role requirements, and consistent evaluation criteria. Retention is just as important. Schwab data shows that 67% of larger RIAs offer coaching or mentorship programs and 77% provide career paths or progression opportunities. The takeaway is that DEI works best when it is part of everyday hiring and talent development rather than a separate initiative.
What Role Does Mentorship Play in RIA Diversity and Inclusion?
Mentorship gives employees access to institutional knowledge, professional relationships, and clearer career paths. This can be particularly important for employees who may not already have established networks within the wealth management industry.
The trend is already visible: larger RIAs are increasingly using coaching, mentorship, and formal career-development programs to build internal talent pipelines. For firms, the benefit can create a stronger pipeline for future managers, advisors, and client-facing professionals.
How Can RIAs Measure DEI Progress?
RIAs do not need complicated programs to start measuring progress. Basic metrics such as hiring sources, promotion rates, retention, and employee feedback can show where opportunities or gaps exist.
The representation data highlights why this matters. With women making up only 24% of CFP® professionals, firms have an opportunity to broaden the pool of future advisors and leaders. Measurement also helps firms evaluate whether their hiring and advancement practices are actually producing results rather than relying on assumptions.
How Can DEI Strengthen Client Service?
A broader range of professional backgrounds and experiences can help RIAs approach planning and client communication from different perspectives. This is becoming increasingly relevant as firms focus on younger investors and the next generation of wealth.
Schwab found that 57% of larger RIAs are creating diverse teams to better reflect younger investors, while 68% are engaging with clients’ children. With $105.3 trillion expected to pass to heirs by 2048, the ability to build relationships across generations will become increasingly important for firms focused on long-term growth.
What Other Areas Can RIAs Overlook?
Building a stronger and more inclusive team is one part of improving the client experience. RIAs can also look for overlooked ways to create additional value for existing clients.
Securities class action settlements totaled approximately $8 billion in 2025, creating an opportunity to deliver consistent additional value to investors. Platforms such as 11th.com automate the entire claims process, allowing RIAs to add recovery value without creating a significant additional administrative workload.
What Should RIAs Focus on in 2026 and Beyond?
For RIAs, DEI is increasingly becoming a talent and growth issue, not simply a workplace initiative. Firms that broaden recruiting, create transparent advancement opportunities, invest in mentorship, and measure retention can build stronger internal pipelines while preparing for a more diverse and multigenerational client base.
FAQ
Why Is DEI Important for RIAs in 2026?
Talent demand is growing, while RIAs continue to face pressure to attract and retain skilled employees.
How Can RIAs Improve Employee Retention?
Career paths, mentorship, coaching, competitive compensation, and development opportunities can strengthen retention.
How Large Is the Talent Gap for RIAs?
According to statistics, the industry would need more than 70,000 new staff over five years, excluding attrition and retirements.
How Diverse Is the Financial Planning Profession?
Women represent about 24% of CFP® professionals, showing that gender representation remains an area where the profession has room to grow.
How Can Diverse Teams Support RIA Growth?
A broader range of perspectives can help firms connect with younger investors and different client segments, while also strengthening the firm's talent pipeline.
