Expand your outreach to underserved communities with Diverse Markets insights

It’s no secret that many diverse communities are dramatically underserved by the financial services industry and that’s evident in the wealth gap we see in our country today. One reason for this is that many financial professionals find it challenging to forge relationships with clients whose experiences, perspectives and needs are different from their typical client base. That makes it tough to break the ice and build trust.

Did you know?

• Two out of three Hispanic Americans are not confident they are prepared financially for retirement.
• Black consumers are interested in and willing to work with a financial professional for targeted purposes, but they use them less than white consumers for comprehensive financial planning.
• Almost three out of four (72%) women are concerned about the cost of health care, including insurance premiums, deductibles, and co-pays that insurance will not cover in retirement.
• Past and present discrimination against LGBTQ individuals has had an adverse impact on their ability to achieve a comfortable financial future.

These findings, among many others, represent Nationwide Retirement Institute research on the experiences of various communities the financial services industry has an opportunity to serve better. They also provide insights financial professionals can use to start meaningful financial planning conversations with new clients.

Financial planning across diverse communities

To help you get started, Nationwide has launched the Diverse Markets initiative, which is designed to create awareness and understanding of the unique financial planning and retirement income needs of underserved communities. The initiative’s new website will provide segmented content and research targeted to provide insight to better serve the needs of diverse clients.

Some examples of available content on the Diverse Markets site includes survey data to better understand the needs of Black consumers, growth opportunities in the Hispanic market, the importance of long-term-care planning for LGBTQ clients, and opportunities to meet women’s financial planning needs. Additional research and programming will become available throughout the year.

Financial professionals advocating for a more equitable financial services industry can empower diverse consumers to achieve a more secure future – and grow their practice. We hope you’ll join us in this effort and make use of the powerful content we’ve made available.