Wealth management firms are approaching to wealthy African Americans, women and LGBT people for new opportunities.
The New York Times reported that such groups have “some special needs” in wealth management, even though the firms approach them as individuals. According to the Times report, wealthy African Americans tend to be more cautious in investing their wealth than their White peers, and wealth management firms consider such investment habit of each minority group.
It is suggested that, when deciding which firm to rely on investing their assets, minority clients need to know how wealth management firms categorize them.
See Private Banking Firms Turn to Niche Marketing for Clients, New York Times, November 21, 2014.
Posted by Jin Keol Park, Associate Editor, Wealth Strategies Journal