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