“Don’t wait for tomorrow or a year from now or 20 years from now,” said Mammen Verghis, Prudential. “If you’re waiting for the right time to enter the multicultural market, you’re missing the boat because the time to target the multicultural market is right now.”
At NAILBA 34 on Friday, November 20, Verghis served as the moderator to panelists Michael Gomez, Highland Capital Brokerage; George Gore, Capitas Financial Midwest; and, Vincent Ip, East and Ocean Associates. Their topic, “Our Changing Society — Tap Into a World of Opportunities,” focused on the exponential growth of the multicultural markets.
African American, Latino and Asian American consumers offer a massive opportunity for advisors, according to the Prudential study, “A Total Market Approach: Winning with Women and Multicultural Consumers.” A copy of the study was available to attendees and the numbers are staggering.
“Multicultural markets represent an audience with $3 trillion in buying power. A figure projected to grow to $4 trillion by 2017,” according to the study.
Those numbers will continue to explode due to the massive population gains being made by multicultural markets. According to the U.S. Census, “These diverse segments accounted for over 90 percent of all population growth in the U.S. from 2000 to 2010.” These consumers account for 36 percent of today’s population and will be the majority by 2050.
With so much opportunity, inroads, as Verghis stated, need to be made now by retirement advisors.
Gomez said the Latino communities are extremely loyal. “If you start working with one Latino generation, the chances are you’ll be working with them for a long, long time.”