Take a good look around the neighborhoods where you live and where you work. Look at the people who shop at the same stores you do or eat at the same restaurants you do. Chances are that they don’t all look the same as you or speak the same language as you.
The face of America is changing rapidly. The nation is becoming more diverse, to the point where the U.S. is on track to become a “minority-majority” country by 2050.
The U.S. Census Bureau predicts that the non-Hispanic white population of the U.S. will decline by 5 percent between 2013 and 2050. Meanwhile, the Asian population is expected to increase by 115 percent to 34.3 million during that time. The Hispanic population is predicted to grow by 88 percent to 101 million people by 2050, and African-Americans also will see population gains.
This change in our nation’s ethnic makeup brings opportunities for advisors who know how to reach diverse markets and serve them. The National Association of Insurance and Financial Advisors has issued a report, “Finding Success in Diverse Markets,” that offers insights on these growing markets and provides ideas for advisors to be successful in engaging these diverse groups.
As various ethnic groups become more assimilated into American culture, and as second-generation immigrants establish careers, start families and build wealth, they will need the expertise of an advisor who understands what is important to them and knows how to help them achieve their goals.
And it’s not just members of these ethnic groups that will be increasingly in need of professional advice. The NAIFA report also cites women, especially independent or so-called “breadwinner” women, as a growing and underserved market for advisors.
Another area of opportunity for advisors is what the NAIFA report called the “Modern Family,” including the LGBT community. This group also is a fast-growing segment of the population and has a wide set of financial needs and concerns.
Advisors need all the qualified prospects they can get. And there are too many segments of the population that need financial advice and life insurance but aren’t obtaining it. It’s about time a connection was made.
Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected].
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