How to connect with the fastest-growing client demographic

Top 5 Stocks To Buy For 2014

Financial advisers seeking to build relationships with the fastest growing demographic in America just need to reach out and connect with it.

The Hispanic community has a significant unmet need for financial advisory services, has been historically underserved by advisers — thanks to a handful of common misconceptions — and would be very receptive to financial advice if only advisers reached out, according to a study by Prudential Financial Inc.

The Hispanic population is expected to grow 167% by 2050. More so than other groups, Hispanics stand to benefit substantially from financial advisory services. For example, Hispanic households with incomes above $75,000 accumulate only half the assets of others in that income bracket, according to Tanya Valle, vice president of global communications for Prudential, who moderated a webcast on the study results Wednesday. Some reasons for this include saving more than investing, spending on family needs and, for some, lacking knowledge of financial options.