|VIDEO: Alexandra Galindez says the "needs and means" of African Americans warrant more focus from the financial services industry. |
African American community open to financial advice, but receives less contact from industryAfrican Americans cite professional financial advisors as one of the most important sources for financial information, yet the community is 13 percent less likely to be contacted by an advisor, according to Prudential's 2013-2014 "The African American Financial Experience" study. "The need and financial means are there," says Alexandra Galindez, vice president of Multicultural Marketing for Prudential. "We need to arm advisors with the data and tools to serve this market that has been underserved by the industry."
And this market is a growing economic force, the study found. Of those surveyed, 39 percent have annual household income of $75,000 or more—including 24 percent earning $100,000 or more. About one third of those surveyed have $50,000 or more in financial assets, including savings, investments and employer-sponsored retirement accounts.
"The survey provides us with an opportunity to educate the industry and consumers about the importance and needs of this segment," Galindez adds.
Want more information about the study? Watch a video of Alexandra discussing the findings or read "The African American Financial Experience." Want to speak to Alexandra? Contact Alicia Alston.
The Prudential Insurance Company of America and its affiliates Newark, NJ.