With the U.S. becoming increasingly diverse, advisors must remain dedicated to finding the best possible products for each individual. The U.S. Census Bureau estimates minorities, now roughly one-third of the U.S. population, will become the majority in 2042, with the nation projected to be 54 percent "minority" in 2050. The ever-present need to understand your clients' goals, preferences and risk-tolerance will become vital as your client base becomes more diverse. As advisors, this means we must be tuned in to our clients' needs and willing to educate them on the right options available to spur positive growth for their personal assets.
There is no standard approach advisors can apply to financial planning. While you may recommend a life insurance, long-term care and annuity plan for multiple clients, the rationale behind each recommendation should vastly differ. Whether your client's preferences are cultural, financial or a combination of both, advisors must be able to tailor financial plans accordingly.
Diverse investments
It is important to make sure when recommending products, we help our clients understand allocating funds over a diverse group of investments can be the greatest predictor of financial success and stability in the long term, especially after the tumultuous market behavior of the past several years. Life insurance is a unique financial tool in that it magnifies or replaces assets.
