CHICAGO, November 19, 2014 —Spectrem Group’s latest report in the Ethnic Segmentation Series – Advisor Relationships and Changing Advice Requirements – delves into the unique attitudes ethnic investors have toward advisor usage and investment decisions. Affluent African-American, Hispanic and Asian investors are studied, and their inclinations towards advisors are detailed and compared to investors in the general population.
Key findings in the report include:
· Affluent African-American investors are much more likely to use more than two financial advisors, and are most likely to recommend their advisor to someone they know.
· Asian investors like to compare their investment results against those of their financial advisor; 41 percent consider themselves self-directed investors.
· Affluent Hispanic investors are less likely to use advisors for more than just a special investment need, but those that do use advisors are more satisfied than other ethnic investors.
· Investors from all three ethnicities are less likely to use advisors than investors in the general population of investors.
· Ethnic investors are younger than non-ethnic investors overall and are much more likely to still be working.
“Because they are younger than the general population of investors, ethnic investors still have many financial decisions to make,” says George H. Walper Jr., president of Spectrem Group. “Advisors can assist in making those decisions, but need to understand the investor’s background and how it might shape their priorities and preferences. The Ethnic Segmentation report details the unique nature of investors from each ethnicity, and that information can help create a positive and long-term advisor-investor relationship built on understanding and trust.”
About Spectrem Group: Spectrem Group (www.spectrem.com) strategically analyzes its ongoing primary research with investors to assist financial providers and advisors in understanding the Voice of the Investor.
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