The African American consumer
African Americans made up 6 percent of survey respondents but represent 13 percent of the general population. But the potential for growth is there for advisors. Currently, a small percentage of advisor business comes from the African American market. Only 10 percent of respondents said that 26 percent or more of their clients come from the African American community.
A whopping 57 percent of respondents report that “covering funeral expenses” is among this group’s primary concerns. (Figure 3) This was in sharp contrast to the other groups studied, who were less concerned about this issue. When asked which products African American clients were most likely to inquire about, 87 percent of respondents said “life insurance.” (Figure 4)
The Hispanic consumer