Asian-American clients are looking to advisors for guidance and not getting it.
While advisors look to expand their wealthy client base, there’s one group that is still dramatically underserved: Asian-Americans. Only 18% of Asian-American clients work with an advisor, compared with 26% of the general population, according to Prudential’s new Asian-American Financial Experience study. Yet this group has higher average income than the overall populace, and 43% of those surveyed told Prudential they were willing to hire professional financial help.
The number of Asian-Americans is expected to grow by 20 million to 40 million in the next two decades, says Srinivas Reddy, Prudential Retirement's head of Full Service Investments.
Please click above to learn more about the investing characteristics of this client group.
Note: All data is from Prudential.