Alexandra Galindez, vice president of women and multicultural marketing at Prudential, says this about the emergence of multicultural markets in the U.S.: “If you look at the projected population growth rates from 2015-2030, it is clear that the U.S. is becoming increasingly diverse. Research has shown that these markets tend to be underserved by the financial services industry. As a result, we have to ensure that we are effectively reaching multicultural markets.”
Galindez isn’t the only one who is helping steer the industry in this direction. In National Underwriter’s 2013 Multicultural Markets Survey, recently conducted by the National Underwriter research team, just 5 percent of agents said that they consciously market to multicultural clients. However, an additional 78 percent of respondents said that they were interested in expanding into this market.
A huge opportunity exists, based on a huge need. Here are the top six reasons to serve clients in the Hispanic, African American, Asian and LGBT communities, as told by our survey respondents.