The US is increasingly becoming a diverse nation. That means that people of all ethnic, religious, and social backgrounds will increasingly need financial advice.
This means the way you market to your clients will have to change in more ways than just to attract next generation investors.
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Different races, cultures, religious beliefs, military backgrounds, marital status, parental status, and geographical locations will become greater considerations in marketing for the financial and wealth management industries.
Statistics offer good reasons for the change. Median income for black women rose 75% between 1974 and 2004. Native Americans are growing wealthy from oil and casino revenue.
Asian-Americans have the highest median income and educational levels of any other minority group. The average age of Latinos is 28 and are beginning to think about investing and asset protection.
There’s also a difference in the way immigrants meld into American society. Immigrants 100 years ago came to America to be absorbed and accepted.
Today’s immigrants work to maintain the best aspects of their culture of origin when they come.
Technology enables them to do this. Different geographical locations lend themselves to working with different types of clients. And many clients of other cultures continue to speak their native tongues in their own homes.
Successful marketing to multicultural and more diverse clients is based on trust, just as it is for current clients. Diversity is here to stay and it can enrich your business
in more ways than one.