Gain the insight you need to better understand the Hispanic community and help them when their next moment arrives with the tools in this playbook, which include:
Beneficial demographic and cultural information
Tips for building rapport and developing long-term clients.
Prospect profiles to show the wide range of financial experiences
Growth
Fastest growing population segment between 2010 and 2021
of total U.S. population
19%
Source: U.S. Census Bureau, Population Changes Nation’s Diversity, 2020
Over 63.6 million people
Source: Kantar U.S. Monitor 2021, Download on Hispanics.
Grew from $213 billion in 1990
59%
Tools and resources, including bilingual marketing materials
You’ve been there for your clients every step of the way, helping them achieve financial success. There’s an excellent opportunity to help even more people and grow your business in the Hispanic community, whose impact on the U.S. economy is increasing.
Giving back to his community was Oscar’s calling—and a worthy investment. He created a retirement income strategy with his financial adviser that helped both the community and his family. Watch how he confidently planned for both today and tomorrow.
Resources
Hispanic Prospect Profiles
Building Rapport
Understanding Cultural Differences
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Beneficial demographic and cultural information.
Tips for building rapport and developing long-term clients
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Being educated about and aware of cultural cues will help you to build more genuine relationships with your current and prospective Hispanic clients.
Hispanic decision-makers are not by themselves. Their families are not only the center of their priorities—they are an active part of the decision-making process.
1
Make room for other family members to join the discussion, translate, or help make decisions. Get comfortable and help extended family members feel at home.
Never assume anything when it comes to your Hispanic prospects and clients. Be open to learning about the particulars of their background and culture. Showing a genuine interest in getting to know them makes a huge impact.
While growing up in U.S. culture has made younger generations of Hispanics either bilingual or English-dominant, there is still a large portion of the community that is either Spanish-dominant or prefers to access certain types of information in Spanish.
Never assume your client won’t understand you in English or won’t be able to work with you if you don’t speak Spanish. Encourage your clients to bring someone with them who can help translate, if necessary.
2
While many Hispanics have been born in the country and have absorbed much of U.S. culture, they still honor a connection to their family’s country of ancestry. This cultural pride manifests itself in values, tradition, food, and celebrations in the company of others.
Accept invitations to holiday celebrations, quinceañera parties, or social gatherings. Participation in key cultural moments builds trust as an ally.
3
With a median age of 30 years old, Hispanics are 11 years younger than the overall population and are expected to drive most of the population growth in the decades to come.
Start adapting your business approach to connect with the new generation of younger and financially able Hispanics who will soon need your services. Going digital just might be the first step.
4
LEARN MORE
Source: Jessica Peña, Magdaliz Álvarez Figueroa, Merarys Rios-Vargas and Rachel Marks, U.S. Census Bureau, "Hispanic Population Is Younger But Aging Faster Than Non-Hispanic Population", May 23, 2023.
Once you earn your first Hispanic client, it’s just a matter of time until they start referring you to their inner circle. Genuine, trustworthy relationships can turn into a positive reputation and referrals.
Here are three strategies you can use to build relationships within the Hispanic community.
Hispanics value community over almost everything else (beyond their families). Become part of the community by participating, taking action, and giving back.
Causes like increasing home ownership and small business support can open access to otherwise hard-to-reach community segments like new investors and first-time business owners.
•
Chambers of commerce
DOWNLOAD PDF
Hispanics in the U.S. are significantly more active on social media than any other consumers.* They consume content in both English and Spanish and stay connected with family members, friends, and loved ones who live abroad.
You don’t need to become the next big social media influencer, but here are tips that can help you with both current and prospective clients:
Engage across digital platforms (approved for use by your broker-dealer) to have a bigger reach.
* Source: Kantar U.S. MONITOR 2022 (Q2 DEI Study)
VIEW HERE
Develop and maintain a consistent presence on social media to help build your online reputation as a financial expert and generate leads.
Provide Spanish content when possible. Spanish-speaking clients find content in their native language to be especially meaningful.
Establish trust first, and then evolve toward business.
Show a genuine interest in helping them
Make them feel welcomed and valued.
Helps to become a trusted ally, rather than a salesperson
Can lead to more frequent meetings and a consistent, trusted relationship.
They may not take the first step unless they feel they are in trouble/need immediate help.
Community boards
Communities of faith
Millennial, age 33, with one child, 5, and caring for her mother, 57, who needs help with medical issues.
Women
Families with children
Small business owners
Mature adults
Hispanic women face different financial pressures than other groups, yet most financial advice and assistance isn’t targeted to their needs and circumstances. Make sure that they feel represented in important financial conversations involving wealth-building and investing goals.
56%
Cómo el seguro de vida me ayudó a seguir viviendo
Find out here
Your clients’ age, income, home life, personal responsibilities, level of financial education, and exposure to financial knowledge all affect what your clients need and how you can help as a financial professional. The following profiles can help you focus on a few key groups so you can gain trust and best serve their needs.
Millennial Hispanic women who are also caregivers reported increased financial challenges due to their caregiving responsibilities, like decreased earnings and difficulty managing finances and paying bills.
70% of Hispanic Millennials are the breadwinners of their families, even increasing their support during the pandemic.*
This puts pressure on family members who are trying to build personal wealth for retirement while also planning to support aging parents and other family members financially. More than two-thirds of Hispanic households aren’t putting anything aside for retirement through workplace savings such as 401(k) plans.*
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Managing your costs in retirement: Healthcare ( How an annuity can help)
Millennial Hispanics have a practical approach and are more responsible than older family members regarding spending. But those who are second generation get much of their financial knowledge from word-of-mouth, and they tend to invest in low-yield assets like homes and cars.
Home ownership has significantly outpaced that of non-Hispanics every year since 2010: a sign that their income and wealth are increasing.
71% of Hispanic Millennials said the pandemic influenced their financial values or how they plan to manage their finances.*
23.4%
Millennials learned through the pandemic that they are in need of financial guidance.
Millennials, ages 40 and 39, with two children, ages 11 and 13
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The effects of climate change and COVID-19 threatening their retirement security are both concerns among Hispanic GenXers.
Fear of higher taxes, higher insurance costs, and higher probability of damage (due to climate-related events) can delay their plans.
Hispanic-owned small businesses are the fastest-growing segment of the business community in the United States. Latinas represent 40% of all Latino business owners and the number of Latina-led employer firms has grown 20% within the last five-year period of data available.*
There is an opportunity for you to present a portfolio offering that addresses the different factors that threaten GenXers’ retirement plans. Hispanic business owners may not have their own financial professional. Consider showing them the benefits of business insurance and personal insurance to get started.
GenX, age 53, owns graphic design firm
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From Confusion to Clarity: Making the Most of Social Security
A Guide to Making Informed Decisions: Social Security
Managing Your Costs in Retirement: Healthcare (How an annuity can help)
Hispanic Boomers are more likely than Millennials and GenXers to say they are self-reliant regarding their financial situation.
Many Hispanics rely on their own calculations, research, or best guesses to determine their retirement readiness.
72% of Hispanics favor investments that make a positive social impact. Hispanics also more likely to shift purchases and donations toward companies and charities led by or supporting community members.*
10%
More than educating them, older Hispanics want someone to partner with them and help them create an effective plan. Life insurance for charitable donations may be of particular interest to more affluent clients, including those of the Boomer generation. “Success” means creating more opportunities for future generations. “Sustainable investing” can help them invest in companies that are making change for their own community and creating progress
Boomers, affluent, both age 63
• 48% said they planned to start an emergency fund • 32% say they are prioritizing saving and budgeting.
These are areas where you can begin your business relationships and help bridge the financial knowledge gap and become a trusted source for financial advice.
Managing your costs in retirement: Healthcare (How life insurance can help)
*Sources: Insurance Barometer, Life Insurance Need by Race, 2021. Bank of America. More than 70% of Hispanic Millennials Providing Support to Family Members—with Many Increasing Their Support During the Pandemic. 2021. LDC U.S. Latino GPD Report, 2021
*Sources: Pew Research Center. The Nation’s Latino Population Is Defined by Its Youth. 2016. 2021 State of Latino Entrepreneurship, Stanford Business SOA Research Institute. Financial Perspectives on Aging and Retirement Across the Generations. 2021. Legalzoom. How female Hispanic business owners are fueling the economy. 2022 Guadalupe, P. How female Hispanic business owners are fueling the economy. LegalZoom. 2022 Arena, V. Key Insights from the 2019 State of Latino Entrepreneurship Report. Latinas In Business, Inc. 2021
*Sources: Torres-Rodriguez, J. Why personal finance is different for Latinas like me. Synchrony Bank. 2021 Bank of America. More than 70% of Hispanic Millennials Providing Support to Family Members—with Many Increasing Their Support During the Pandemic. 2021.
*Sources: McKinsey. Wealth Gaps Between White, Black and Hispanic Families in 2019. SOA Research Institute. Financial Perspectives on Aging and Retirement Across the Generations. 2021. McKinsey: Wealth gaps between White, Black, and Hispanic families in 2019.
compared to just
of growth for non-Hispanics
In the last 10 years, Hispanic businesses have had a growth of
44%
4%
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Planning for Retirement: Women in Two -Income Households at highest Risk
5 steps to retirement readiness
¿Existe una brecha de seguros en la familia?
Maneja tus gastos de salud en la jubilación: Cómo una renta vitalicia (anualidad) te puede ayudar
Maneja tus gastos de salud en la jubilación (Cómo el seguro de vida puede ayudar)
Una solución de acuerdo de compraventa para proteger el futuro de tu empresa
Estrategias de seguro para ayudar a proteger el futuro de tu negocio
Las personas clave te ayudan a impulsar tu negocio. Atrae y retén a esas personas mientras proteges a la organización.
Una guía para tomar decisiones informadas: Seguro Social
Prepárate mejor para tu jubilación: Entender los retos de la zona roja de la jubilación
De la confusión a la claridad: Aprovechar al máximo el Seguro Social
Cómo el seguro de vida me ayudó a seguir adelante
How life insurance helped me get on with living
Maneja tus gastos de salud en la jubilación
Managing health care costs in retirement
Nadie sabe lo qué hará el mercado en el futuro. Prepárate con confianza.
What the market will do next is anybody's guess. Prepare with confidence
Maneja tus gastos de salud en la jubilación: Cómo el seguro de vida puede ayudar
Planificación para la jubilación: Las mujeres en hogares con doble ingreso corren mayor riesgo
56% of Hispanic Millennial women hold some type of caregiving responsibility.
On average, Hispanics are younger than other races or ethnic groups and account for 23.4% of the total U.S. Millenial population
In the last 10 years, Hispanic businesses have had a growth of 44% compared to just 4% of growth for non-Hispanics
The information in this playbook can help you play a key role in Prudential’s mission of making lives better by helping to solve the financial challenges of our changing world, and in particular, to the Hispanic community in the United States.
If you earn the trust and loyalty of one Hispanic client, others will follow.
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Calculadora de seguro por discapacidad
Life Insurance Calculator
Calculadora de seguro de vida
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¿Cuánta casa puedes pagar?
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Infórmate: cuentas de ahorro para la salud
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Lo que necesitas saber sobre el seguro de enfermedades críticas
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¿Eres vulnerable a los delitos cibernéticos?
Here’s How to Live Your Best Life…on a Budget
Aquí te decimos cómo vivir lo mejor de la vida…dentro de tu presupuesto
How to Build an Emergency Fund
Cómo crear un fondo de emergencia
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Cómo crear un fondo de ahorros de emergencia para cubrir tus gastos de un año
Your Voluntary Benefits Checklist: Which Ones Do You Need?
Tu lista de beneficios voluntarios: ¿qué necesitas en realidad?
