Multicultural markets represent $3 trillion in buying power

Gomez added that many of the first generation Latinos don't talk with advisors. For many, there's a language barrier. For others, there's the fear that they're giving up a certain amount of control of their money. But there's a huge opportunity if advisors can break down those barriers and talk about something that matters to those prospective clients.

"Family is so important to them," Gomez said. "There's a huge opportunity to educate the first generation Latinos about passing wealth onto their children. The children are the ones who are getting U.S. educations. They're the ones getting professional jobs. They'll be the ones inheriting money from their parents."

Ip said the key to making inroads with the Asian American market is through face-to-face communication. "They're not going to answer voice mails or emails or fliers. They want to see a real person, someone who gets to know them and asks about them and their family, not just someone who shows up to sell a product." 

With all the opportunities in these emerging markets, what's an advisor to do? Gore said you have to get out in those communities and meet the leaders there, perhaps join a local organization or leadership group to better understand the people's needs.

Gomez summed up the market in a succinct way. "Don't judge a book by it's cover. I'm from Chicago. Many of you may have heard of 26th Street. It's made up completely of Mexican-American businesses. Guess what? It had more tax revenue last year than the upscale Miracle Mile."

An audience member raised a hand after Gomez said that and asked how Gomez dressed when he met with these Latino clients. Gomez looked down at his sharp suit and crisp white shirt before answering the question: 

"I'm not going to look like this. They don't want the guy in the suit. They want the guy who can sit across the table from them and feel comfortable. Jeans and a golf shirt is just fine."