Racial Concordance in the Market for Financial Advice

Research output: Contribution to journalArticlepeer-review

1 Scopus citations


We examine the role of race and racial concordance between financial advisors and their local community. We document significant differences in stock market participation based on community racial composition, as well as differences in the characteristics of communities served by minority advisors. Notably, minority advisors are more likely to serve racially concordant communities, which tend to be poorer. We find that racial concordance has only a modest relation with local stock market participation. However, while minority advisors are more likely to leave the industry, this relation is mitigated among advisors located in more concordant communities.

Original languageEnglish
Pages (from-to)906-938
Number of pages33
JournalReview of Corporate Finance Studies
Issue number4
StatePublished - Nov 1 2023

Bibliographical note

Publisher Copyright:
© 2023 The Author(s). Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.

ASJC Scopus subject areas

  • Business and International Management
  • Finance
  • Economics and Econometrics


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