Diverse communities are considerably underserved by the financial services industry.
For a few examples, the Nationwide Retirement Institute notes that 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 healthcare, including insurance premiums, deductibles, and co-pays that insurance will not cover in retirement; and past and present discrimination against LGBTQ individuals has had an adverse impact on their ability to achieve a comfortable financial future.
According to a recent blog post from Nationwide, the reason why many financial professionals often fail to properly serve these communities is because many find it challenging to forge relationships with clients whose experiences, perspectives, and needs are different from those of their typical client base. So, to help financial professionals start meaningful financial planning conversations with new clients and better serve these communities, Nationwide has launched the Diverse Markets initiative.
The Diverse Markets program is designed to create awareness and understanding of the unique financial planning and retirement income needs of underserved communities. The initiative provides segmented content and research targeted to provide insight to better serve the needs of diverse clients. The initiative’s new website offers segmented content and research designed to offer insight on how to better serve the needs of diverse clients.
Some examples of available content on the 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 on the site throughout the year.
To learn more about the Nationwide Retirement Institute and its goal of helping all communities achieve financial resiliency, check out ETF Trends’ interview with Kristi Rodriguez, senior vice president and head of the Nationwide Retirement Institute, and Chris Graham, CIO of Nationwide Fund Advisors.
Nationwide offers a line of actively managed ETFs for advisors that cater to a range of investment exposures and strategies for those seeking retirement income options for their clients in the midst of changing market conditions.
For more news, information, and strategy, visit the Retirement Income Channel.