Financial planners could have an edge in getting the business of African American consumers.[@@]
A researcher at LIMRA International, Windsor, Conn., has published data supporting that conclusion in a new report based on a survey of African-American consumers ages 25 to 64 with annual household income of at least $25,000.
The researcher, Nilufer Ahmed, found that 73% of the survey participants said they had no one to contact for financial advice or relied only on friends and relatives. More than half, 53%, said they had no source of financial advice.
When Ahmed asked the participants with no source of financial advice about the type of professional advisor with which they would feel most comfortable, 37% named financial planners, 20% named bankers and 14% named lawyers. Only 3% named insurance agents or brokers.
Ahmed also addressed the question of advisor race.