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September 09, 2024 at 02:47 PM
What You Need to Know
- By 2050, more than one-quarter of the U.S. population could be Hispanic.
- Fewer than half of Hispanic investors have advisors.
- Their average life expectancy is longer than the U.S. average.
Fostering a sense of belonging for individuals from all backgrounds is important, and it’s something financial professionals looking to grow their client base should think about.
At all times of the year – but especially with Hispanic Heritage Month beginning Sept. 15 – advisors should focus on connecting with Hispanic clients to help them achieve their retirement goals.
Serving the Hispanic community well is more than just the right thing to do: It’s also an opportunity for advisors to build their business. By 2050, the Hispanic community will make up more than a quarter of the U.S. population, according to Pew Research Center projections.
Nationwide’s 2024 Advisor Authority study found that 59% of Hispanic investors have no advisors.
Here are three ways you can meet those investors’ needs.
1. Educate yourself (and your clients).
Learn about the historical and cultural factors influencing your Hispanic clients’ financial decisions.
Explore family history and saving habits in early conversations. Focus on addressing needs rather than promoting products
Nationwide, for example, offers continuing education courses and more support through our Diverse Markets Program.
2. Provide tailored financial planning.
To establish and build a relationship, it’s important to recognize the goals and challenges of any clients, including Hispanic clients.
For example, according to a survey from T. Rowe Price, 37% of Hispanic and Latino investors began investing after starting a family.
Hispanic clients born in other countries may prioritize sending money to family members in their native countries. Mexico’s central bank said money Mexican immigrants sent to relatives increased by 7.6% in 2023, to $63.3 billion for the year.
