Prudential Shocked By Industry's Lack Of Traction With African-American Prospects

Thursday, April 14, 2011 00:20
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Prudential Shocked By Industry's Lack Of Traction With African-American Prospects

Tags: prospecting

Executives at Prudential are reportedly disturbed by the results of a recent study that highlight just how little African-Americans trust the advisory industry.

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The big question seems to be "Has any financial services company effectively engaged" the African-American community?" About four in five respondents said "no."

 

Cost is also an issue for some, but not always. A full 18% of the survey population earn more than $100,000 a year, so this is not exactly an impoverished crowd.

 

It really seems to boil down to a lack of trust on the investors' side and a lack of interest in getting involved on the advisors' side.

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