Eight Ways to Win As a Multicultural Agent in America
By Jim Robinson

Eight Ways to Win As a Multicultural Agent in America  
October 2007 - Marketing 
Written by James Robinson   

• There will be approximately 38.8 million Hispanics in the United States with approximately 10.7 million households. It is estimated that by the year 2020, the Hispanic population will more than double. If we put a dollar amount to these faces, it would be to the tune of $500 billion-plus in annual buying power. A recent study from the University of Georgia’s Terry College of Business and the Selig Center for Economic Growth revealed that Hispanics’ purchasing power will likely increase to $863.1 billion in 2007.
• There are approximately 36.6 million African-American people in the United States, with 9.3 million households. By the year 2020, the African-American market is estimated to increase by 30 percent. If we put a dollar amount to these faces, it would equal $520 billion-plus in annual buying power. The study mentioned above reveals African-Americans’ purchasing power is expected to increase to $847 billion in 2007.
• The number of men and women of Asian descent is expected to grow by 27 percent by the year 2007. There are approximately 12.7 million Asians in the U.S., with 4.1 million households. If we put a dollar amount to these faces, it would be to the tune of $260 billion-plus in annual buying power.

1. Value proposition: You must be able to quickly communicate to a prospective client what it is that you do. The value proposition must breed trust and integrity. Example: “I am a financial advisor, and I work with families that are growing financial assets for the events in their lives, such as education, retirement, etc. I provide strategies for building, managing, and protecting those assets.”
2. Goals: You must master the skill of goal development. Goal development is the ability to put prospective clients in touch with their financial goals and issues.
3. Specialty focus: You must develop a particular focus (e.g., estate or wealth planning). You must be more than a salesperson — you must be an expert.
4. Team player: Many people do not like the “know it all.” They are quick to tell you that it is impossible for one person to have all the answers. So take the team approach. Bring in other advisors to help advise. Think in terms of expertise, not race or ethnicity.
5.  Need, not greed: Client presentations should be needs-based, not greed driven. They should be professional, complete with illustrations and fact sheets.
6. Blunders breed distrust: Properly complete paperwork for recommendations and strategies. Blunders breed distrust and destroy your credibility with your clients.
7. Deal flow: Relationships are far more important than the price of a product. Treat even the smallest client as you would any other. This strategy enhances your ability to ask satisfied clients for introductions. This approach ensures that you will be in the deal flow. You can feel confident in calling on clients that you like and trust and asking them for their help. Example: “I want to spend more time with clients rather than spending valuable time looking for new ones. Acquiring new clients is critical for my practice to grow. To help me accomplish this, I am asking my clients to identify three families that I would never get a chance to meet. I need your help: If you were hosting a party this weekend, whom would you invite?”
8. Professional designations: Get your credentials. They enable financial services professionals to practice within a high set of standards. Professional designations are a must for minority financial service professionals. Most credentials require pro- fessionals to have a certain level of education, experience, and some specialized training. This can take you to a higher level of commitment and passion within a certain specialty or focus area.