Financial advisers seeking to build relationships with the fastest growing demographic in America just need to reach out and connect with it.
The Hispanic community has a significant unmet need for financial advisory services, has been historically underserved by advisers — thanks to a handful of common misconceptions — and would be very receptive to financial advice if only advisers reached out, according to a study by Prudential Financial Inc.
The Hispanic population is expected to grow 167% by 2050. More so than other groups, Hispanics stand to benefit substantially from financial advisory services. For example, Hispanic households with incomes above $75,000 accumulate only half the assets of others in that income bracket, according to Tanya Valle, vice president of global communications for Prudential, who moderated a webcast on the study results Wednesday. Some reasons for this include saving more than investing, spending on family needs and, for some, lacking knowledge of financial options.
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