African-Americans Remain a Viable, Untapped Advice Market

However, there's no doubt that "there's a distinct need for advisors to serve African-Americans, and the study shows that African-Americans are less likely to be contacted by an advisor than any other market segment," he says.

Many advisors may not be doing the needful because they feel they're not from the community, but that's not a requirement at all, Davis says. It's important for an advisor to have an understanding of different communities and to invest resources to learn about their unique cultural peculiarities. For instance, African-Americans are more likely to live in multigenerational homes headed by women, and many provide financial support to other family members, he says. But an advisor needn't be a part of a particular community to serve it well.

Prudential's study is based on a March 2013 poll of 1,153 African-Americans and 471 general-population Americans on a broad range of financial topics. Respondents were 25 to 70 years old, with a household income of $25,000 or more and with some involvement in household financial decisions. Among those meeting the survey criterion of $25,000 or more in household income, the median household income was $61,000.