Older men may be the stereotypical U.S. wealth managers, but they are getting a run for the money from their younger and female counterparts, according to a survey released on Thursday by Fidelity Investments.
On average, advisers under age 48 manage 16 percent more in client assets than those who are older, and women manage 5 percent more than male advisers, according to the survey, which was conducted in March.
To be sure, Fidelity surveyed just 1,200 advisers and brokers at broker-dealers, banks, wirehouses, insurers and registered investment advisors – a small fraction of a group that research firm Cerulli Associates estimates at more than 300,000.
But with third-party research firms verifying that this was a representative sample, the results could be a nascent sign of change in the wealth management industry, said Fidelity, which has done this survey six times since 2005.
“This is the first year that the face of the new adviser really popped out,” said Alexandra Taussig, a senior vice president of Fidelity clearing division National Financial.
Despite managing more money on average, these groups are taking home less of it than older, male advisers. Taussig said this could mean that younger advisers and women need to get better at negotiating their fees and pay structures.