Our society will look vastly different by 2055. Demographers predict that no single race or ethnicity will comprise a majority. Over the last fifty years, immigration numbers, previously dominated by Europeans, shifted to Latinos and now to Asians. Our workforce is shaped by varied age groups, more evenly balanced gender representation, and increasing earning power of women and ethnic groups. All these demographic attributes are vastly different than 25 years ago when many financial professionals were new to the industry.
A successful future for an enduring financial practice demands a deliberate and studied approach to include some combination of these segments.
Prospecting and marketing efforts have changed seismically too. How we reach new clients and develop and maintain deeper relationships with existing clients is no longer limited to written communications, phone calls, and the annual review but includes social media marketing, websites, phone apps, texting, and more.
The message you have for your prospects and clients must be personalized for the situation and their concerns. Previously, we’ve profiled financial themes for Millennials, female employees and clients, and the middle-class market. Using insights from a series of MassMutual middle-market studies of Latinos, and African-Americans, let’s continue to explore financial beliefs by segment.
| Financial Theme | Latinos | African-Americans | General Population |
| Among those earning $75,000 – $150,000, feel insecure about financial situation | 38% | 45% | 28% |
| Unsure how to find financial professional | 49% | 48% | 48% |
| Somewhat or very interested in Financial Wellness benefits | 79% | 74% | 67% |
| Contribution of employee benefits to sense of financial security | 52% | 52% | 58% |
| Concerned about household financial situation | 62% | 57% | 54% |
| Significant financial impact from illness or injury requiring 2-day hospital stay | 27% | 20% | 18% |
Industry experts predict that narrow specialization and niche marketing will grow. Understanding what is unique to a group, the similarities, and the differences can be used to customize the marketing message and meeting agenda. For example, the financial impact of suffering an illness or injury appears to be a more urgent need for the Latino segment. Introducing disability insurance earlier in the business relationship may be indicated. It is also interesting to examine similarities across all segments. Financial Wellness benefits may be a service to add to your practice. All three groups respond very favorably to improving personal finance knowledge at the worksite.
All three segments indicate an opportunity to present individual disability products or worksite (multi-life) program. Either way, DIS provides the expertise and back-office support to make your expansion into new markets a success. Call us for a quote or to learn more about our carriers and products.
