Public Concern about Immigration and Customer Complaints against Minority Financial Advisors

As a form of racial discrimination, xenophobia does not know the boundary between high-skilled and low-skilled labor markets

Key Takeaways:

• During high public concern about immigration, minority financial advisors are more likely to receive customer complaints and face regulatory actions.

• These complaints are not limited to those with merit, and the trend is more pronounced in counties with strong anti-immigration views.

• Our study provides evidence of a strong association between public concern about immigration and customer dissatisfaction with minority advisors.