Life Insurance, Retirement, Investments | Prudential Financial - A TOTAL MARKET … · 2015-06-22 · Total market approach At Prudential, our goal is to enhance value among our most

A TOTAL MARKET APPROACH

Winning with women and multicultural consumers

2 Prudential

ForewordThis “Winning With Women and Multicultural Consumers” white paper reflects key findings from research conducted by Prudential, as well as, demographic and industry studies on the multi-trillion dollar segment, affluent women’s and emerging affluent multicultural markets. The purpose of this white paper is to provide research-based information to support Prudential’s commitment to expanding its relationships with and services to diverse communities, including women, African American/Black, Hispanic/Latino and Asian American consumers.

This white paper focuses on the business opportunity of the women’s and multicultural markets. The data are compelling and the research is clear. Women and multicultural consumers represent a new wave of customers that have the potential to significantly expand the business impact of financial professionals in protection, retirement, and investment products and services.

There is no better time than now to ensure your business is well-positioned for continued growth as our nation and, by extension, our workforce becomes increasingly more diverse. Tapping into these markets requires building relationships, winning their loyalty, referrals and business for years into the future. Understanding what motivates and influences these segments as they explore financial products and secure their financial dreams is the first step to establishing success in the marketplace. Collaborating and following the recommendations outlined in this white paper are also essential strategies to winning with these consumers.

At Prudential, we believe in the transformative business power that women and multicultural consumers represent in shaping current retail and institutional strategies. We also understand that getting this right can help define and sustain the future of our industry. Our mission is to help all customers achieve financial prosperity and peace of mind. We look forward to partnering with you to expand the work that we do to help all Americans meet their biggest financial challenges.

Caroline FeeneyPresident Agency DistributionPrudential Financial

Stephen P. Pelletier EVP and Chief Operating Officer of U.S. Businesses Prudential Financial

A Total Market Approach: Winning With Women and Multicultural Consumers 3

Female Male Gen X Millennial Hispanic/Latino

African American/

Black

Hispanic/Latino

Asian American

Women of Color

LGBT People with Disabilities

Veterans Total

162,000,000 156,000,000 41,000,000 86,000,000 54,000,000 42,000,000 54,000,000 16,000,000 55,000,000 15,000,000 54,000,000 27,000,000 318,000,000

Total market approachAt Prudential, our goal is to enhance value among our most important audiences; our employees, shareholders, clients, and distributors of our products and services. We have adopted a “Total Market” approach for all of our business planning. This means that we consider our target audience to be all diverse markets. We also take into account behavioral research and the financial experiences of these markets, data that we use to inform our business strategies. This ensures that our focus is both broad and deep, facilitating our ability to engage cross-culturally, while also embracing the nuances of individual market

segments. We believe this approach will enable us to continue meeting the financial needs of the United States’ increasingly diverse demographic.

Prudential utilizes a Total Market Strategy, which encompasses a broad spectrum of consumer and our customers from communities throughout the United States. In addition, segments such as Millennials are included in the Total Market approach because they are among the most diverse populations in U.S. history and represent a multicultural generation.

Female 162,000,000

Male 156,000,000

Total Market 318,000,000

Millennial86,000,000

Women of Color55,000,000

Hispanic/Latino54,000,000African American/Black42,000,000

People With Disabilities54,000,000

Gen X 41,000,000

Asian American 16,000,000

Veterans 27,000,000

LGBT 15,000,000

Current estimates for U.S. diversity segments1

4 Prudential

Women offer breakthrough economic growth for financial professionals; however, their confidence in meeting long-term and retirement goals wavers Women control 51% of personal wealth in the U.S. and, over the next 40 years, are expected to inherit 70% of the $41 trillion in intergenerational wealth transfers.2 However, despite this wealth, women surveyed do not feel very well-prepared to make financial decisions. Unique concerns and priorities like managing household expenses, not becoming a financial burden to loved ones, securing long-term health care for retirement, and funding their children’s college tuition exemplify the need for financial planning.3

Women under 35 desire financial education and planning to achieve their retirement goalsUnlike women baby boomers, women surveyed under age 35 frequently identify themselves as investment beginners and are less likely to feel very well-prepared to make wise financial decisions. Younger women are also the most likely to see financial decision making as their own responsibility, and feel empowered to participate in or make decisions on their own.4

Women of color are an important segment within the women’s marketAfrican American/Black, Hispanic/Latina, and Asian American women account for more than $1 trillion in buying power. Fifty-six percent have head-of-household status and, with this, responsibility for their family’s and multi-generational family’s financial well-being.5 Among those surveyed, women of color are generally confident and optimistic about their future and are involved in the purchase of protection, retirement and some investment products.6

African American/Black, Hispanic/Latino and Asian American consumers are a sizeable opportunity for financial servicesMulticultural markets represent an audience with $3 trillion in buying power. A figure projected to grow to $4 trillion by 2017.7 These diverse segments accounted for over 90% of all population growth in the U.S. over the last decade (2000 through 2010) and currently account for 36% of the U.S. population.8 Collectively, these consumers represent an “emerging majority” in several states, including California, Texas, and Florida. The U.S. Census Bureau projects that by 2020 they will account for nearly 4 in 10 of the U.S. population; by 2050, they will be the majority U.S. population.9 While multicultural consumers feel confident to moderately confident about the future, some segments, especially the African American/Black and Hispanic/Latino communities, face significant challenges. Debt, funding near-term goals such as purchasing a home, creating an emergency savings account, and supporting their multigenerational families are among their top financial challenges and concerns. The 2013 Pru Asian-American Retirement study found that approximately 20% of respondents used a financial professional.

Key themes for women and multicultural consumers

Buying PowerWOMEN’S BUYING POWER

$5 TRILLION MULTICULTURAL BUYING POWER

$3 TRILLION

Wealth TransferAMOUNT WOMEN WILL INHERIT

OVER THE NEXT 40 YEARS

$29 TRILLION Household Breadwinners

44%

WOMEN EARN MORE THAN PARTNERS

90% OF U.S. GROWTH

OVER LAST DECADE

Multicultural Growth

The Women’s & Multicultural

Market Opportunity

(Figure A)


African American/

Black

Hispanic/Latino

Asian Amer-ican

Total

78% 75% 81% 75%

African American/

Black

Hispanic/Latino

Asian Amer-ican

Total

74% 69% 70% 72%

Why the women’s and multicultural markets matter The business case for building a stronger financial services relationship with women and multicultural consumers is compelling (see Figure A).

Nearly half of women surveyed – 44% – are the primary breadwinners in their households. Twenty-seven percent of married women say they “take control” of financial and retirement planning and manage it themselves, up from 14% in 2006.10

Studies show that Millennials – 47% of whom are African American/Black, Hispanic/Latino or Asian American – know they need to save, and they’re not afraid of stocks, which account for more than 70% of their portfolios.11 They are also poised, along with their Gen X predecessors, to inherit wealth than aging Boomers. The two younger generations combined could see their wealth grow from $2 trillion to $28 trillion in the next five years.12

Women of color – African American/Black, Latina, and Asian American women – are important contributors to household income. Studies show that there is a high

percentage of Asian American and Black women who earn more than their partner.13 Among married women of color surveyed with a household income of $75K+, 50% manage financial decisions solely or with input from their partners.14

Multicultural consumers – male and female combined – have $3 trillion in buying power. Four in 10 African American/Black consumers (17MM) have an annual household income (HHI) of $75K or more; nearly 25% earn six figures.15 Twenty-nine percent of Hispanic/Latino consumers (15 MM) earn $50K-$100K; Asian Americans have $752 billion in buying power and the highest median HHI of all diverse consumer groups.16

Participation in employer-sponsored defined contribution plans is highest among Asian Americans (81%), followed by African American/Black consumers (78%).17 Among those that do participate, Hispanics/Latinos and Asian Americans trail (69%, 70%, respectively) on contributing at the full employer match level, while African American/Black consumers lead (74%).18

BUYING POWER

$1 TRILLION43,000,000

31%African American/Black In charge of

financial goalsEarn 94¢

for each dollar Multicultural33%

Asian American

Total African American/Black

Hispanic/ Latino

AsianAmericanRetirement

Savings

Women of Color

Millennial Women

Participates in a defined contribution plan

Fully matches employer contribution

75%

72%

75%

69%

78%

74%

81%

70%

EARN MORE THAN PARTNERS

CLOSING WAGE GAP VS. MEN

42% 47%

6 Prudential

Financial concerns of womenDespite the growing business impact of the women’s market, their confidence has not kept pace with their economic growth and influence. The majority of women surveyed are optimistic to moderately optimistic about their financial future and are receptive to learning about financial empowerment and having a more secure retirement.

Survey results from “Prudential’s Financial Experiences & Behaviors Among Women” and other industry research indicate the following:

• The most important concerns among women surveyed revolve around expense management, not becoming a financial burden to loved ones, and having money to maintain their lifestyles in retirement – especially with greater longevity on the horizon (see Figure B).

• They are concerned about rising healthcare costs, elder care, paying for their children’s college tuition, and protecting investments from volatility.19

• Only 33% of women surveyed feel they are on track or ahead of schedule in planning or saving for retirement, down from 46% in 2008 – but up from 24% in 2012.20

• Women of color lack time; the majority aged 15-44 (67%) are mothers and many work full-time.21

-79% of African American/Black women work full-time

-78% of Asian American women work full-time

-74% of Hispanic/Latina women work full-time

They may have less time to attend financial seminars, especially those scheduled during the day. Some may require childcare accommodations to attend a seminar and they may involve other members of the extended family in a meeting given the multigenerational dynamics of the culture.22

Click to access the “ Financial Experience & Behaviors Among Women” Prudential 2014-2015 Research Study.

Longer Life Expectancy

Primary Caregiver

Retirement Catch-Up

Women have financial challenges (Figure B)

• Women’s average life expectancy is 3-4 years longer than men

• On average a 65-year-old female will live an additional 20.4 years

• Money needs to last longer

• More likely to leave the workforce intermittently

• Some stay home to care for children

• Care for parents or other dependents

• On average, earn less than men

• Smaller contributions to Social Security

• Many don’t have pensions, less cash available for retirement

http://www.prudential.com/media/managed/wm/index.html?src=RPSite&pg=WMLP






Top financial concerns of multicultural consumers Household income over $75,000

African American/Black

63%Saving for retirement

57% Reducing debt

47% Building emergency savings account & Protecting existing savings and investments (tied at 47%)

Click to access the “ The African American Financial Experience” Prudential 2013-’14 Research Study.

Hispanic/Latino

65%Saving for retirement

53% Reducing debt

41% Building emergency savings account

Click to access the “ The Hispanic American Financial Experience” Prudential 2014 Research Study.

Asian American

79%Have adequate health care insurance coverage

72% Make sure you do not outlive savings

64% Have enough money to achieve desired retirement lifestyle

Click to access the “ Asian Americans on the Road to Retirement” Prudential 2010 Research Study.

http://www.prudential.com/media/managed/aa/index.shtml?src=RPsite&pg=AAFE





http://www.prudential.com/media/managed/hispanic_en/index.shtml?src=RPsite&pg=HAFEen





http://research.prudential.com/view/page/rp/31089





8 Prudential

Financial product ownership among women The majority of surveyed women (70%) see themselves as savers rather than investors, and are interested only in guaranteed or FDIC-insured products.23 Among women with a HHI of $75K+, the major financial products owned are shown below (see Figure C).24

Among women of color (regardless of HHI), financial product ownership varies,25 as shown below (see Figure D).

Women Financial product ownership with household income over $75,000 (Figure C)

Life insurance purchased through an employer 66%

IRA 63%

Life insurance purchased individually 57%

Individual stocks and bonds 47%

Mutual funds 40%

Fixed Annuity 17%

Variable Annuity 15%

Women of Color Financial product ownership with household income over $75,000 (Figure D) African American/Black Women Life insurance purchased through an employer 74%

IRA 56%



Mutual funds 37%

Fixed Annuity 15%


Hispanic/Latina Women Life insurance purchased through an employer 69%

IRA 62%



Mutual funds 38%

Fixed Annuity 25%


Asian American Women Life insurance purchased through an employer 59%

IRA 67%



Mutual funds 49%

Fixed Annuity 22%



Financial product ownership among multicultural consumers

African American/Black Financial product ownership with household income over $75,000 (Figure E)


IRA 29%


Individual stocks 19%

Mutual funds or ETFs 16%

Annuity 18%

Individual bonds 5%

Hispanic/Latino Financial product ownership with household income over $75,000 (Figure F)


IRA 34%


Individual stocks 15%

Mutual funds or ETFs 12%

Annuity 7%

Individual bonds 5%

NOTE: We do not have the comparable product ownership data in the 2010 “Asian Americans on the Road to Retirement” study. While we have a sample of Asian American men and women in our current women’s study, the sample size for those above HHI $75K is n=54, with a very high margin of error.

African American/Black (See Figure E)

• Higher purchase of protection products versus all consumers26

• Opportunity to increase amount of investments (individual stocks, bonds and mutual funds) and IRAs27

Hispanic/Latino (See Figure F)

• Lower financial service usage across most categories versus all consumers28

• Highest usage of savings accounts (66%), workplace-based retirement plans (50%) and workplace-based insurance plans (38%), IRAs (34%) and individual life insurance policies (33%) among emerging affluent Hispanics/Latinos with a HHI of $75K+29

10 Prudential

Dispelling Myths in the Women’s and Multicultural Markets

MYTH #1:“ Changing U.S. demographics have no impact on the opportunity to grow sales.”

FACT: Diverse Populations Are Impacting a Large Portion of Geographic MarketsAccording to the U.S. Census, the multicultural population grew in every one of the four census regions between 2000 and 2010, with the most significant growth in the South and West. The South experienced 34% increase in the multicultural population during that 10-year period. Similarly, the West saw an increase of 29% from 2000 to 2010. The multicultural population also experienced considerable growth in the Northeast (21%) and the Midwest (24%) during this time period. Conversely, Non-Hispanic/Latino White population grew modestly in the South and West (4% and 3%, respectively), and declined in the Northeast and Midwest by -3% and -1%, respectively.30

States with largest minority populations

California (22.3 million), Texas (13.7 million), New York (8.1 million), Florida (7.9 million), Illinois (4.7 million)

Top multicultural citiesAccording to the Federal Reserve, more than half of all U.S. economic activity is coming from the top Designated Market Areas and most of the organic growth comes from ethnic consumer segments. The major “hub” cities for the multicultural markets are:

Los Angeles, New York, Chicago, San Francisco, Houston, Dallas, Miami, Washington, D.C., Atlanta and Philadelphia.

Financial professionals have the opportunity to increase their books of business with diverse consumers by engaging with them in major geographic markets.


MYTH #2:“ Women and multicultural consumers only want to work with financial professionals who match their demographic.”

FACT: Research Shows That Knowledge of Financial Services Is the #1 Priority in Building Relationships Prudential has a long-standing commitment to diversity and inclusion in our workplace and marketplace. We understand that we succeed through people and those who skillfully create and deliver the products and services that distinguish us from our competitors, those who confidently entrust their family’s wealth protection and growth to us, those who invest in our company’s future to help secure their own, and those who live alongside us on the city streets and neighborhood blocks where we do business.

Working with a financial professional helps to create an inclusive, welcoming environment for all consumers; one that promotes respect, appreciation for different cultures, and trust. Our research on the priorities consumers have in selecting a financial professional are summarized here.

• Research shows that the most important characteristics of a financial professional for the Asian American consumers are not language familiarity, but: knowledge about financial matters, having experience, understanding the personal needs and wants of their clients, and supporting recommendations with facts. Only 9% feel it is “very important” for financial professionals to speak their native language.31

• Among Hispanics/Latinos, the ability to speak the Spanish language is important – especially to predominantly Spanish-speaking Latinos – but is not a major concern in working with financial professionals. Hispanics/Latinos experience more difficulty with trusting providers of financial products or services, understanding different financial products and services, and not knowing where or who to go to for information. Eighty-six percent indicate that ethnicity or race did not matter when choosing a financial professional.32

• Eight in 10 African American/Black consumers say an advisor’s ethnicity and gender does not matter to them.33 Like the general population, African American/Black consumers expect financial companies to maintain a strong code of business ethics, demonstrate an understanding of their unique needs and offer high-quality products and services.

• Among women surveyed, 90% overall did not have a gender preference.34 In seeking an advisor, women say they will judge an advisory relationship on the financial strength of the company issuing the products, the quality of those products and the level of service.35

12 Prudential

MYTH #3:“ There are no major differences among women. My women’s sales strategy should be effective with all women.”

FACT: Financial Needs and Priorities May Vary Between Women of Color, Boomer, Generation X, and Millennial Women

Women of Color• Women of color surveyed who are married are more likely than women

in general to take control of financial decisions.

- African American/Black women (63% take control of decisions)

- Hispanic/Latina women (52%)

- Asian American women (48%)

Millennial Women• Predominantly single; 26% are married and those who have a partner

share in financial decisions equally36

• More likely to maintain completely separate financial accounts from their spouse

• Actively seek financial information from family and friends (67%), the internet (67%), and a financial professional (35%)37

Generation X Women• Predominantly single; 36% are married38

• Principal sources of financial information are the internet (61%), friends and family (56%), and their financial professional (38%)

• Rely on their employer (36%) more than any other female age group for financial information39

Boomer Women• Nearly half are married (48%), and many state that they are way behind or

haven’t started planning for retirement40

• Most actively engaged with a financial professional (42%), yet they also rely on friends and family (52%), the internet (47%), and news articles (38%) for financial information41

• Their openness to learn more about retirement planning represents a growth opportunity for financial professionals


2006 2008 2010 2012 201414% 14% 15% 19% 27%

FACT: Women and Men Make Decisions Differently Generally, women survey respondents indicated that they are more collaborative in making household financial decisions and typically involve their partner, when there is a partner in the household. Thirty-nine percent of women surveyed share equally with their partners in financial decision making while 30% of men report the same.42 In addition, a larger percentage of married women are increasingly taking control of financial decisions. Specifically, 27% of surveyed married women with a household income of $75K+ say they control decision making, compared to 19% of married women in 2012 and 14% in 200643 (see Figure G).

Married women are increasingly taking control of financial planning

(Figure G)

In addition, women play a role in influencing final decisions. Generally, women tend to play an important role in identifying a need, conducting preliminary research, developing options for consideration, and vetting choices with their partner – of which this last step is most likely acknowledged as the final decision point.

Women will reach out to their inner circle of respected peers or industry experts to guide their decision making. This, in turn, forms the basis of their ability to provide personal referrals and endorsements to others.

Financial professionals who recognize this communication style and desire for educational information will benefit in the long run with women’s loyalty, trust, and referrals.

14%

2006

14%

2008

15%

2010

19%

2012

27%

2014

MYTH #4:“ Women approach the financial planning process with the same communication style as men. I don’t have to change my approach to grow sales with women.”

14 Prudential

Say that seeing what can happen to

people who don’t save enough for

retirement makes them want to save

more for their retirement

Agree that “contributing to

one’s retirement is a must, even in

economic recessions”

Feel “highly motivated” to save for retirement now

Discuss retirement planning with

friends or peers

Check their retirement account

at least monthly

This youngest generation in the workforce: (Figure H)

81% 58% 42%83% 73%

FACT: Saving for Retirement Is a Top Financial Priority for the Millennial Generation, Second Only to Paying Down DebtPrudential research on the Millennial generation reinforces that retirement planning is clearly on the radar for this generation (see Figure H).

• Generally, Millennials surveyed are very optimistic about the future and express interest in becoming educated on financial products and services. Eighty-five percent also express confidence in their ability to manage their future financial needs.44

• Almost two-thirds (63%) of those eligible to participate in their employer-sponsored retirement plans do so, reporting a median contribution of 7% of their annual salary, or $1,750 for last year.45

• However, many Millennial workers are not fully aware of their retirement plan options. Of surveyed Millennials, 4 in 10 who are eligible to participate in their employer-sponsored retirement plans have no knowledge of the maximum amount they can save annually, 17% are unaware if they are contributing the maximum proportion of annual salary, and 15% are unsure of the matching contribution their employer may offer.46

• Millennials express a strong interest in having customized retirement solutions such as, incentives, coaching, and virtual learning available to them through their employer. By employing retirement planning methods that are rewarding, engaging, and customized, financial professionals can make great strides in helping the youngest generation in the workforce achieve more secure financial futures.

MYTH #5:“ Millennial consumers don’t think long-term and aren’t interested in financial products.”


References 1 U.S. Census. Pew Research Social and Demographic Trends,

“Millennials in Adulthood: Detached from Institutions, Networked With Friends,” March 2014, www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/. National Organization for Disability (NOD). www.harrisinteractive.com/vault/HI_LGBT_SHEET_WCC_AtAGlance.pdf. witeck.com.

2 Joseph F. Keefe, “Women and Sustainable Investing,” WealthManagement.com, September 9, 2013, http://wealthmanagement.com/viewpoints/women-and-sustainable-investing#_edn8.

3 Prudential 2014-2015 Research Study, “Financial Experience & Behaviors Among Women.”

4 Ibid.

5 U.S. Census, Nielsen Report on Multicultural Women.


7 Jeffrey M. Humphreys, “The Multicultural Economy 2012” (Selig Center for Economic Growth, Terry College of Business, University of Georgia, 2012).

8 U.S. Census, Jeffrey M. Humphreys, “The Multicultural Economy 2012” (Selig Center for Economic Growth, Terry College of Business, University of Georgia, 2012).

9 U.S. Census Bureau, Statistical Abstract of the United States: 2012, census.gov/compendia/statab/2012/tables/12s0019.pdf.


11 Jacqueline Doherty, “On the Rise: A lost generation? No way! The Millennials are finally poised to start spending, which is good news for the economy and stocks,” Barron’s, 29 April 2013, online.barrons.com/news/articles/SB50001424052748703889404578440972842742076.

12 Ibid.


14 Ibid.

15 Jeffrey M. Humphreys, “The Multicultural Economy 2012” (Selig Center for Economic Growth, Terry College of Business, University of Georgia, 2012). Prudential 2013-2014 Research Study, “The African American Financial Experience.”

16 Nielsen & AHAAA, “Upscale Latinos 2.0: A Renewed Outlook for High-End Marketers,” www.nielsen.com/us/en/insights/webinars/2014/upscale-latinos-2.html, www.bizjournals.com/washington/prnewswire/press_releases/Virginia/2014/04/30/DC16150.

17 ING Retirement Research Institute, “Culture Complex: Examining the Retirement and Financial Habits, Attitudes and Preparedness of America’s Diverse Workforce.”

18 Ibid.


20 Ibid.

21 U.S. Census, Bureau of Labor Statistics.


23 Ibid.

24 Ibid.

25 Prudential 2013-2014 Research Study, “The African American Financial Experience.”

26 Ibid.

27 Ibid.

28 Prudential 2014 Research Study, “The Hispanic American Financial Experience.”

29 Ibid.

30 U.S. 2012 Statistical Abstract, http://www.census.gov/compendia/statab/

31 Prudential 2013 Research Study, “Asian Americans on the Road to Retirement.”

32 Prudential 2014 Research Study, “The Hispanic American Financial Experience.”

33 Prudential 2013-2014 Research Study, “The African American Financial Experience.”

34 Kerry Hannon, “Where Are All the Female Financial Advisers?” Forbes, May 8, 2014, www.forbes.com/sites/nextavenue/2014/05/08/where-are-all-the-female-financial-advisers/.


36 Pew Research Social and Demographic Trends, “Millennials in Adulthood: Detached From Institutions, Networked With Friends,” March 2014. www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/.

37 Ibid.

38 Ibid.


40 Pew Research Social and Demographic Trends, “Millennials in Adulthood: Detached From Institutions, Networked With Friends,” March 2014. www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/. Prudential 2014-2015 Research Study, “Financial Experience & Behaviors Among Women.”


42 Ibid.

43 Ibid.

44 “Younger Workers and Retirement: A 2012 Study by Prudential Retirement.”

45 Ibid.

46 Ibid.

What can financial professionals do today to seize the opportunity with the women’s and multicultural markets?

10 Practical Steps1. Review your book of business for

opportunities.

2. Look for households with the target market segment.

3. Review listings of local organizations that could present opportunities to make connections.

4. Establish goals for your target consumers.

5. Attend local events to meet and engage with women and multicultural consumers and begin making connections.

6. Seek referrals from existing clients.

7. Leverage social media such as LinkedIn, Facebook and Twitter to identify referral opportunities and gather insights and intelligence about customers and prospects. When using social media, however, be aware of corporate guidelines and industry regulations.

8. Participate in Prudential business development and training programs.

9. Budget appropriate resources.

10. Take small steps now.

Important communication tips• When hosting educational seminars, take time to listen,

ask open-ended questions, and get to know your client’s concerns, financial objectives, investment and financial experience, and family dynamics.

• Start your questions with phrases such as:

- Tell me about …

- Walk me through …

- Help me to understand …

• Use inclusive words such as “we,” “us” and “our.” Avoid jargon and acronyms, and use real-life examples in addition to statistics and charts.

• Don’t forget to step back from specific investment topics and delve into the broader topics of long-term security, and the overall financial success of your client’s family.

• Remember that multicultural families are also often multigenerational.

• When working with couples be sure to treat both customers as equals. Be sure to address your written and electronic communication to both partners. Hold face-to-face meetings only when both partners can be present.

• Create a welcoming and friendly office environment:

- Make sure your office is well-lit, organized and comfortable.

- Have pictures of your family, friends and associates, as well as certificates, degree designations, artwork and other items that give an inviting and personal feel to your office.

• Have plenty of educational materials available.

To learn more about how Prudential is expanding the women’s and multicultural markets, please contact your Prudential wholesaler.Prudential’s 2014-2015 Financial Experience & Behaviors Among Women, The 2012-2013 African American Financial Experience, The 2014 Hispanic American Financial Experience study and The 2013 Asian Americans on the Road to Retirement study survey women’s and multicultural consumers’ attitudes, behaviors and financial knowledge, as well as their financial goals and confidence in meeting those goals.

Results of the surveys reflect broad generalizations, averages and only some of the characteristics of the broadest depiction of the women and diverse communities. As such, results of analyses do not necessarily describe some or all of the groups that comprise those market segments or communities. Prudential recognizes that substantial variations in individual experience exist and these surveys should not be used as a basis for assuming that all persons within those segments and communities have the characteristics cited.

The Prudential Insurance Company of America and its affiliates, Newark, NJ. Prudential, the Prudential logo, the Rock Symbol and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, sexual orientation, national origin, genetics, disability, age, veteran status, or any other characteristic protected by law.

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Life Insurance, Retirement, Investments | Prudential Financial - A TOTAL MARKET … · 2015-06-22 · Total market approach At Prudential, our goal is to enhance value among our most