Filed Under:Markets, Diversity Market

The multicultural consumer


chart 3The 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)

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chart 5The Hispanic consumer

Of the general population, 17 percent are Hispanic, while 6 percent of respondents identified themselves as such. Hispanic consumers do not make up a huge portion of the respondents’ practice with 7 percent of the agents saying that 26 percent or more of their clients come from the Hispanic community. When asked which concerns/goals are most important to their Hispanic clients, 57 percent said “health care costs.” (Figure 5) Another major concern, according to respondents, was with security in the case the primary income earner was to die (55 percent).

chart 6The potential is there for growth. According to respondents, Hispanics showed great interest in insurance products. A full 75 percent of respondents reported life insurance was the most asked about product by their Hispanic clients. (Figure 6) Also, as seen in Figure 7, respondents listed their primary challenges when marketing to Hispanic consumers. They noted product affordability (47 percent) and language barriers (36 percent) as significant concerns. A lack of familiarity with the culture (9 percent), which might have been considered a hindrance to connecting with the market, was not a big worry for respondents.

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