A TOTAL MARKET APPROACH Winning with women and multicultural consumers Foreword This “Winning With Women and Multicultural Consumers” white paper reflects key findings from research conducted by Prudential, as well as, demographic and industry studies on the multi-trillion dollar segment, affluent women’s and emerging affluent multicultural markets. The purpose of this white paper is to provide research- based information to support Prudential’s commitment to expanding its relationships with and services to diverse communities, including women, African American/Black, Hispanic/Latino and Asian American consumers.

This white paper focuses on the business opportunity of the women’s and multicultural markets. The data Stephen P. Pelletier are compelling and the research is clear. Women and EVP and Chief Operating multicultural consumers represent a new wave of Officer of U.S. Businesses customers that have the potential to significantly expand Prudential Financial the business impact of financial professionals in protection, , and investment products and services.

There is no better time than now to ensure your business is well-positioned for continued growth as our nation and, by extension, our workforce becomes increasingly more diverse. Tapping into these markets requires building relationships, winning their loyalty, referrals and business for years into the future. Understanding what motivates and influences these segments as they explore financial products and secure their financial dreams is the first step to establishing success in the marketplace. Collaborating and following the recommendations outlined in this white paper are also essential strategies to winning with these consumers.

At Prudential, we believe in the transformative business Caroline Feeney power that women and multicultural consumers represent President in shaping current and institutional strategies. We Agency Distribution also understand that getting this right can help define and Prudential Financial sustain the future of our industry. Our mission is to help all customers achieve financial prosperity and peace of mind. We look forward to partnering with you to expand the work that we do to help all Americans meet their biggest financial challenges.

2 Prudential Total market approach At Prudential, our goal is to enhance value among our segments. We believe this approach will enable us to most important audiences; our employees, shareholders, continue meeting the financial needs of the ’ clients, and distributors of our products and services. increasingly diverse demographic. We have adopted a “Total Market” approach for all of our business planning. This means that we consider our Prudential utilizes a Total Market Strategy, which target audience to be all diverse markets. We also take into encompasses a broad spectrum of consumer and our account behavioral research and the financial experiences customers from communities throughout the United States. of these markets, data that we use to inform our business In addition, segments such as Millennials are included strategies. This ensures that our focus is both broad and in the Total Market approach because they are among the deep, facilitating our ability to engage cross-culturally, most diverse populations in U.S. history and represent while also embracing the nuances of individual market a multicultural generation.

Female Male Gen X Millennial Hispanic/ African Hispanic/ Asian Women of LGBT People with Veterans Total Latino American/ Latino American Color Disabilities Black 162,000,000 156,000,000 41,000,000 86,000,000 54,000,000 42,000,000 Ma54,000,000le16,000,000 55,000,000 15,000,000 54,000,000 27,000,000 318,000,000 Female 156,000,000 Gen X 162,000,000 41,000,000 Millennial 86,000,000 LGBT 15,000,000 People With Disabilities 54,000,000 Hispanic/Latino 54,000,000 Veterans African American/Black 42,000,000 27,000,000 Asian American 16,000,000 Women of Color 55,000,000 Total Market 318,000,000

Current estimates for U.S. diversity segments1

A Total Market Approach: Winning With Women and Multicultural Consumers 3 Key themes for women and multicultural consumers Women offer breakthrough economic African American/Black, Hispanic/Latino and growth for financial professionals; Asian American consumers are a sizeable however, their confidence in meeting opportunity for long-term and retirement goals wavers Multicultural markets represent an audience with $3 trillion Women control 51% of personal wealth in the U.S. and, in buying power. A figure projected to grow to $4 trillion by over the next 40 years, are expected to inherit 70% of the 2017.7 These diverse segments accounted for over 90% of $41 trillion in intergenerational wealth transfers.2 However, all population growth in the U.S. over the last decade (2000 despite this wealth, women surveyed do not feel very through 2010) and currently account for 36% of the U.S. well-prepared to make financial decisions. Unique concerns population.8 Collectively, these consumers represent an and priorities like managing household expenses, not “emerging majority” in several states, including California, becoming a financial burden to loved ones, securing Texas, and Florida. The U.S. Census Bureau projects long-term health care for retirement, and funding their that by 2020 they will account for nearly 4 in 10 of the children’s college tuition exemplify the need for U.S. population; by 2050, they will be the majority U.S. financial planning.3 population.9 While multicultural consumers feel confident to moderately confident about the future, some segments, Women under 35 desire financial education and especially the African American/Black and Hispanic/Latino planning to achieve their retirement goals communities, face significant challenges. Debt, funding Unlike women baby boomers, women surveyed under age near-term goals such as purchasing a home, creating 35 frequently identify themselves as investment beginners an emergency savings account, and supporting their and are less likely to feel very well-prepared to make wise multigenerational families are among their top financial financial decisions. Younger women are also the most likely challenges and concerns. The 2013 Pru Asian-American to see financial decision making as their own responsibility, Retirement study found that approximately 20% of and feel empowered to participate in or make decisions on respondents used a financial professional. their own.4 Women of color are an important segment within the women’s market African American/Black, Hispanic/Latina, and Asian American women account for more than $1 trillion in buying power. Fifty-six percent have head-of-household status and, with this, responsibility for their family’s and multi-generational family’s financial well-being.5 Among Buying Power those surveyed, women of color are generally confident and WOMEN’S BUYING POWER optimistic about their future and are involved in the purchase of protection, retirement and some investment products.6 $5 TRILLION MULTICULTURAL BUYING POWER Multicultural Growth $3 TRILLION 90% OF U.S. GROWTH The Women’s & OVER LAST DECADE Multicultural Market Opportunity

Wealth Transfer (Figure A) 44% AMOUNT WOMEN WILL INHERIT WOMEN EARN OVER THE NEXT 40 YEARS Household MORE THAN Breadwinners PARTNERS $29 TRILLION

4 Prudential Why the women’s and multicultural markets matter The business case for building a stronger financial services percentage of Asian American and Black women who earn relationship with women and multicultural consumers is more than their partner.13 Among married women compelling (see Figure A). of color surveyed with a household income of $75K+, 50% manage financial decisions solely or with input from their Nearly half of women surveyed – 44% – are the primary partners.14 breadwinners in their households. Twenty-seven percent of married women say they “take control” of financial and Multicultural consumers – male and female combined retirement planning and manage it themselves, up from – have $3 trillion in buying power. Four in 10 African 14% in 2006.10 American/Black consumers (17MM) have an annual household income (HHI) of $75K or more; nearly 25% Studies show that Millennials – 47% of whom are African earn six figures.15 Twenty-nine percent of Hispanic/Latino American/Black, Hispanic/Latino or Asian American – know consumers (15 MM) earn $50K-$100K; Asian Americans they need to save, and they’re not afraid of stocks, which have $752 billion in buying power and the highest median 11 account for more than 70% of their portfolios. They are HHI of all diverse consumer groups.16 also poised, along with their Gen X predecessors, to inherit wealth than aging Boomers. The two younger generations Participation in employer-sponsored defined contribution combined could see their wealth grow from $2 trillion to plans is highest among Asian Americans (81%), followed $28 trillion in the next five years.12 by African American/Black consumers (78%).17 Among those that do participate, Hispanics/Latinos and Asian Women of color – African American/Black, Latina, and Americans trail (69%, 70%, respectively) on contributing at Asian American women – are important contributors to the full employer match level, while African American/Black household income. Studies show that there is a high consumers lead (74%).18

Millennial Women Women of Color BUYING POWER 43,000,000 CLOSING WAGE GAP $1 TRILLION VS. MEN EARN MORE THAN PARTNERS 42% 47%

31% 33% In charge of Multicultural Earn 94¢ African American/Black Asian American financial goals for each dollar

African Hispanic/ Asian Amer- Total Participates American/ Latino ican in a defined Black78% 75% 81% 75% contribution 78% 75% 81% 75% plan African Hispanic/ Asian Total American/Black Latino American Retirement African Hispanic/ Asian Amer- Total Savings Fully matches American/ Latino ican employer Black74% 69% 70% 72% contribution 74% 69% 70% 72%

A Total Market Approach: Winning With Women and Multicultural Consumers 5 Financial concerns of women

Despite the growing business impact of the women’s • Women of color lack time; the majority aged 15-44 market, their confidence has not kept pace with their (67%) are mothers and many work full-time.21 economic growth and influence. The majority of women --79% of African American/Black women work full-time surveyed are optimistic to moderately optimistic about their financial future and are receptive to learning about financial --78% of Asian American women work full-time empowerment and having a more secure retirement. --74% of Hispanic/Latina women work full-time Survey results from “Prudential’s Financial Experiences & They may have less time to attend financial seminars, Behaviors Among Women” and other industry research especially those scheduled during the day. Some may indicate the following: require childcare accommodations to attend a seminar and they may involve other members of the extended family • The most important concerns among women surveyed in a meeting given the multigenerational dynamics of the revolve around expense management, not becoming culture.22 a financial burden to loved ones, and having money to maintain their lifestyles in retirement – especially with greater longevity on the horizon (see Figure B). Click to access the • They are concerned about rising healthcare costs, “Financial Experience & elder care, paying for their children’s college tuition, Behaviors Among Women” and protecting investments from volatility.19 Prudential 2014-2015 • Only 33% of women surveyed feel they are on track or Research Study. ahead of schedule in planning or saving for retirement, down from 46% in 2008 – but up from 24% in 2012.20

Women have financial challenges(Figure B)

• Women’s average life expectancy is 3-4 years longer than men Longer Life Expectancy • On average a 65-year-old female will live an additional 20.4 years • Money needs to last longer

• More likely to leave the workforce intermittently Primary Caregiver • Some stay home to care for children • Care for parents or other dependents

• On average, earn less than men Retirement Catch-Up • Smaller contributions to Social • Many don’t have , less cash available for retirement

6 Prudential Top financial concerns of multicultural consumers Household income over $75,000 African American/Black Asian American

63% 79% Saving for retirement Have adequate health care coverage 57% 72% Reducing debt Make sure you do not outlive savings

47% 64% Building emergency savings account Have enough money to achieve desired & Protecting existing savings and investments retirement lifestyle (tied at 47%) Click to access the Click to access the “Asian Americans on “The African American the Road to Retirement” Financial Experience” Prudential 2010 Prudential 2013-’14 Research Study. Research Study.

Hispanic/Latino 65% Saving for retirement 53% Reducing debt

41% Building emergency savings account

Click to access the “The Hispanic American Financial Experience” Prudential 2014 Research Study.

A Total Market Approach: Winning With Women and Multicultural Consumers 7 Financial product ownership among women The majority of surveyed women (70%) see themselves Among women of color (regardless of HHI), financial as savers rather than investors, and are interested only in product ownership varies,25 as shown below (see Figure D). guaranteed or FDIC-insured products.23 Among women with a HHI of $75K+, the major financial products owned are shown below (see Figure C).24

Women Financial product ownership with household income over $75,000 (Figure C) purchased through an employer 66% IRA 63% Life insurance purchased individually 57% Individual stocks and bonds 47% Mutual funds 40% Fixed Annuity 17% Variable Annuity 15% Women of Color Financial product ownership with household income over $75,000 (Figure D)

African American/Black Women Life insurance purchased through an employer 74% IRA 56% Life insurance purchased individually 76% Individual stocks and bonds 45% Mutual funds 37% Fixed Annuity 15% Variable Annuity 23%

Hispanic/Latina Women Life insurance purchased through an employer 69% IRA 62% Life insurance purchased individually 45% Individual stocks and bonds 49% Mutual funds 38% Fixed Annuity 25% Variable Annuity 14% Asian American Women Life insurance purchased through an employer 59% IRA 67% Life insurance purchased individually 49% Individual stocks and bonds 57% Mutual funds 49% Fixed Annuity 22% Variable Annuity 12%

8 Prudential Financial product ownership among multicultural consumers African American/Black Hispanic/Latino (See Figure E) (See Figure F) • Higher purchase of protection products versus • Lower financial service usage across most categories all consumers26 versus all consumers28 • Opportunity to increase amount of investments • Highest usage of savings accounts (66%), workplace- (individual stocks, bonds and mutual funds) and IRAs27 based retirement plans (50%) and workplace-based insurance plans (38%), IRAs (34%) and individual life insurance policies (33%) among emerging affluent Hispanics/Latinos with a HHI of $75K+29

African American/Black Financial product ownership with household income over $75,000 (Figure E) Life insurance purchased through an employer 46% IRA 29% Life insurance purchased individually 44% Individual stocks 19% Mutual funds or ETFs 16% Annuity 18% Individual bonds 5%

Hispanic/Latino Financial product ownership with household income over $75,000 (Figure F) Life insurance purchased through an employer 38% IRA 34% Life insurance purchased individually 33% Individual stocks 15% Mutual funds or ETFs 12% Annuity 7% Individual bonds 5%

NOTE: We do not have the comparable product ownership data in the 2010 “Asian Americans on the Road to Retirement” study. While we have a sample of Asian American men and women in our current women’s study, the sample size for those above HHI $75K is n=54, with a very high margin of error.

A Total Market Approach: Winning With Women and Multicultural Consumers 9 Dispelling Myths in the Women’s and Multicultural Markets FACT: Diverse Populations Are Impacting a Large Portion of MYTH #1: Geographic Markets “Changing U.S. According to the U.S. Census, the multicultural population grew in every one of the four census regions between 2000 and 2010, with the most significant demographics growth in the South and West. The South experienced 34% increase in the have no impact multicultural population during that 10-year period. Similarly, the West saw on the opportunity an increase of 29% from 2000 to 2010. The multicultural population also experienced considerable growth in the Northeast (21%) and the Midwest (24%) to grow sales.” during this time period. Conversely, Non-Hispanic/Latino White population grew modestly in the South and West (4% and 3%, respectively), and declined in the Northeast and Midwest by -3% and -1%, respectively.30

States with largest minority populations California (22.3 million), Texas (13.7 million), New York (8.1 million), Florida (7.9 million), Illinois (4.7 million)

Top multicultural cities According to the Federal Reserve, more than half of all U.S. economic activity is coming from the top Designated Market Areas and most of the organic growth comes from ethnic consumer segments. The major “hub” cities for the multicultural markets are: Los Angeles, New York, Chicago, San Francisco, Houston, Dallas, Miami, Washington, D.C., Atlanta and Philadelphia.

Financial professionals have the opportunity to increase their books of business with diverse consumers by engaging with them in major geographic markets.

10 Prudential FACT: Research Shows That Knowledge of Financial Services MYTH #2: Is the #1 Priority in Building Relationships Prudential has a long-standing commitment to diversity and inclusion in our “Women and workplace and marketplace. We understand that we succeed through people multicultural and those who skillfully create and deliver the products and services that consumers only distinguish us from our competitors, those who confidently entrust their family’s wealth protection and growth to us, those who invest in our company’s future to want to work help secure their own, and those who live alongside us on the city streets and with financial neighborhood blocks where we do business.

professionals Working with a financial professional helps to create an inclusive, welcoming who match their environment for all consumers; one that promotes respect, appreciation for demographic.” different cultures, and trust. Our research on the priorities consumers have in selecting a financial professional are summarized here.

• Research shows that the most important characteristics of a financial professional for the Asian American consumers are not language familiarity, but: knowledge about financial matters, having experience, understanding the personal needs and wants of their clients, and supporting recommendations with facts. Only 9% feel it is “very important” for financial professionals to speak their native language.31 • Among Hispanics/Latinos, the ability to speak the Spanish language is important – especially to predominantly Spanish-speaking Latinos – but is not a major concern in working with financial professionals. Hispanics/Latinos experience more difficulty with trusting providers of financial products or services, understanding different financial products and services, and not knowing where or who to go to for information. Eighty-six percent indicate that ethnicity or race did not matter when choosing a financial professional.32 • Eight in 10 African American/Black consumers say an advisor’s ethnicity and gender does not matter to them.33 Like the general population, African American/Black consumers expect financial companies to maintain a strong code of business ethics, demonstrate an understanding of their unique needs and offer high-quality products and services. • Among women surveyed, 90% overall did not have a gender preference.34 In seeking an advisor, women say they will judge an advisory relationship on the financial strength of the company issuing the products, the quality of those products and the level of service.35

A Total Market Approach: Winning With Women and Multicultural Consumers 11 FACT: Financial Needs and Priorities May Vary Between Women MYTH #3: of Color, Boomer, Generation X, and Millennial Women “There are no major Women of Color differences among • Women of color surveyed who are married are more likely than women in general to take control of financial decisions. women. My women’s -- African American/Black women (63% take control of decisions) sales strategy -- Hispanic/Latina women (52%) should be effective -- Asian American women (48%) with all women.” Millennial Women • Predominantly single; 26% are married and those who have a partner share in financial decisions equally36 • More likely to maintain completely separate financial accounts from their spouse • Actively seek financial information from family and friends (67%), the internet (67%), and a financial professional (35%)37 Generation X Women • Predominantly single; 36% are married38 • Principal sources of financial information are the internet (61%), friends and family (56%), and their financial professional (38%) • Rely on their employer (36%) more than any other female age group for financial information39 Boomer Women • Nearly half are married (48%), and many state that they are way behind or haven’t started planning for retirement40 • Most actively engaged with a financial professional (42%), yet they also rely on friends and family (52%), the internet (47%), and news articles (38%) for financial information41 • Their openness to learn more about retirement planning represents a growth opportunity for financial professionals

12 Prudential FACT: Women and Men Make Decisions Differently MYTH #4: Generally, women survey respondents indicated that they are more collaborative “Women approach in making household financial decisions and typically involve their partner, when there is a partner in the household. Thirty-nine percent of women surveyed share the financial equally with their partners in financial decision making while 30% of men report planning process the same.42 In addition, a larger percentage of married women are increasingly with the same taking control of financial decisions. Specifically, 27% of surveyed married women with a household income of $75K+ say they control decision making, compared communication style to 19% of married women in 2012 and 14% in 200643 (see Figure G). as men. I don’t have to change my approach to grow Married women sales with women.” 2006 2008 2010 2012 are2014 increasingly 14% 14% 15% 19% taking27% control of 14% 14% 15% 19% 27% financial planning 2006 2008 2010 2012 2014 (Figure G)

In addition, women play a role in influencing final decisions. Generally, women tend to play an important role in identifying a need, conducting preliminary research, developing options for consideration, and vetting choices with their partner – of which this last step is most likely acknowledged as the final decision point.

Women will reach out to their inner circle of respected peers or industry experts to guide their decision making. This, in turn, forms the basis of their ability to provide personal referrals and endorsements to others.

Financial professionals who recognize this communication style and desire for educational information will benefit in the long run with women’s loyalty, trust, and referrals.

A Total Market Approach: Winning With Women and Multicultural Consumers 13 FACT: Saving for Retirement Is a Top Financial Priority for MYTH #5: the Millennial Generation, Second Only to Paying Down Debt “Millennial Prudential research on the Millennial generation reinforces that retirement planning is clearly on the radar for this generation (see Figure H). consumers don’t think long-term and • Generally, Millennials surveyed are very optimistic about the future and express interest in becoming educated on financial products and services. aren’t interested in Eighty-five percent also express confidence in their ability to manage their financial products.” future financial needs.44 • Almost two-thirds (63%) of those eligible to participate in their employer- sponsored retirement plans do so, reporting a median contribution of 7% of their annual salary, or $1,750 for last year.45 • However, many Millennial workers are not fully aware of their retirement plan options. Of surveyed Millennials, 4 in 10 who are eligible to participate in their employer-sponsored retirement plans have no knowledge of the maximum amount they can save annually, 17% are unaware if they are contributing the maximum proportion of annual salary, and 15% are unsure of the matching contribution their employer may offer.46 • Millennials express a strong interest in having customized retirement solutions such as, incentives, coaching, and virtual learning available to them through their employer. By employing retirement planning methods that are rewarding, engaging, and customized, financial professionals can make great strides in helping the youngest generation in the workforce achieve more secure financial futures.

This youngest generation in the workforce: (Figure H)

83% 81% 73% 58% 42%

Say that seeing what Agree that Feel “highly Discuss retirement Check their can happen to “contributing to motivated” to save planning with retirement account people who don’t one’s retirement is for retirement now friends or peers at least monthly save enough for a must, even in retirement makes economic recessions” them want to save more for their retirement

14 Prudential References 1 U.S. Census. Pew Research Social and Demographic Trends, 26 Ibid. “Millennials in Adulthood: Detached from Institutions, Networked 27 Ibid. With Friends,” March 2014, www.pewsocialtrends.org/2014/03/07/ millennials-in-adulthood/. National Organization for Disability (NOD). 28 Prudential 2014 Research Study, “The Hispanic American Financial www.harrisinteractive.com/vault/HI_LGBT_SHEET_WCC_AtAGlance. Experience.” pdf. witeck.com. 29 Ibid. 2 Joseph F. Keefe, “Women and Sustainable Investing,” 30 U.S. 2012 Statistical Abstract, http://www.census.gov/compendia/ WealthManagement.com, September 9, 2013, http:// statab/ wealthmanagement.com/viewpoints/women-and-sustainable- investing#_edn8. 31 Prudential 2013 Research Study, “Asian Americans on the Road to Retirement.” 3 Prudential 2014-2015 Research Study, “Financial Experience & Behaviors Among Women.” 32 Prudential 2014 Research Study, “The Hispanic American Financial Experience.” 4 Ibid. 33 Prudential 2013-2014 Research Study, “The African American 5 U.S. Census, Nielsen Report on Multicultural Women. Financial Experience.” 6 Prudential 2014-2015 Research Study, “Financial Experience & 34 Kerry Hannon, “Where Are All the Female Financial Advisers?” Behaviors Among Women.” Forbes, May 8, 2014, www.forbes.com/sites/nextavenue/2014/05/08/ 7 Jeffrey M. Humphreys, “The Multicultural Economy 2012” (Selig where-are-all-the-female-financial-advisers/. Center for Economic Growth, Terry College of Business, University of 35 Prudential 2014-2015 Research Study, “Financial Experience & Georgia, 2012). Behaviors Among Women.” 8 U.S. Census, Jeffrey M. Humphreys, “The Multicultural Economy 36 Pew Research Social and Demographic Trends, “Millennials in 2012” (Selig Center for Economic Growth, Terry College of Business, Adulthood: Detached From Institutions, Networked With Friends,” University of Georgia, 2012). March 2014. www.pewsocialtrends.org/2014/03/07/millennials-in- 9 U.S. Census Bureau, Statistical Abstract of the United States: 2012, adulthood/. census.gov/compendia/statab/2012/tables/12s0019.pdf. 37 Ibid. 10 Prudential 2014-2015 Research Study, “Financial Experience & 38 Ibid. Behaviors Among Women.” 39 Prudential 2014-2015 Research Study, “Financial Experience & 11 Jacqueline Doherty, “On the Rise: A lost generation? No way! The Behaviors Among Women.” Millennials are finally poised to start spending, which is good news for the economy and stocks,” Barron’s, 29 April 2013, online.barrons. 40 Pew Research Social and Demographic Trends, “Millennials in com/news/articles/SB500014240527487038894045784409728427 Adulthood: Detached From Institutions, Networked With Friends,” 42076. March 2014. www.pewsocialtrends.org/2014/03/07/millennials- in-adulthood/. Prudential 2014-2015 Research Study, “Financial 12 Ibid. Experience & Behaviors Among Women.” 13 Prudential 2014-2015 Research Study, “Financial Experience & 41 Prudential 2014-2015 Research Study, “Financial Experience & Behaviors Among Women.” Behaviors Among Women.” 14 Ibid. 42 Ibid. 15 Jeffrey M. Humphreys, “The Multicultural Economy 2012” (Selig 43 Ibid. Center for Economic Growth, Terry College of Business, University of Georgia, 2012). Prudential 2013-2014 Research Study, “The African 44 “Younger Workers and Retirement: A 2012 Study by Prudential American Financial Experience.” Retirement.” 16 Nielsen & AHAAA, “Upscale Latinos 2.0: A Renewed Outlook 45 Ibid. for High-End Marketers,” www.nielsen.com/us/en/insights/ 46 Ibid. webinars/2014/upscale-latinos-2.html, www.bizjournals.com/ washington/prnewswire/press_releases/Virginia/2014/04/30/DC16150. 17 ING Retirement Research Institute, “Culture Complex: Examining the Retirement and Financial Habits, Attitudes and Preparedness of America’s Diverse Workforce.” 18 Ibid. 19 Prudential 2014-2015 Research Study, “Financial Experience & Behaviors Among Women.” 20 Ibid. 21 U.S. Census, Bureau of Labor Statistics. 22 Prudential 2014-2015 Research Study, “Financial Experience & Behaviors Among Women.” 23 Ibid. 24 Ibid. 25 Prudential 2013-2014 Research Study, “The African American Financial Experience.”

A Total Market Approach: Winning With Women and Multicultural Consumers 15 What can financial professionals do today to seize the opportunity with the women’s and multicultural markets? Important communication tips • When hosting educational seminars, take time to listen, 10 Practical Steps ask open-ended questions, and get to know your client’s 1. Review your book of business for concerns, financial objectives, investment and financial opportunities. experience, and family dynamics. 2. Look for households with the target • Start your questions with phrases such as: market segment. -- Tell me about … 3. Review listings of local organizations -- Walk me through … that could present opportunities to make connections. -- Help me to understand … 4. Establish goals for your target • Use inclusive words such as “we,” “us” and “our.” consumers. Avoid jargon and acronyms, and use real-life examples in addition to statistics and charts. 5. Attend local events to meet and engage with women and multicultural • Don’t forget to step back from specific investment topics consumers and begin making and delve into the broader topics of long-term security, connections. and the overall financial success of your client’s family. 6. Seek referrals from existing clients. • Remember that multicultural families are also often multigenerational. 7. Leverage social media such as LinkedIn, Facebook and Twitter to • When working with couples be sure to treat both customers identify referral opportunities and as equals. Be sure to address your written and electronic gather insights and intelligence about communication to both partners. Hold face-to-face customers and prospects. When using meetings only when both partners can be present. social media, however, be aware of • Create a welcoming and friendly office environment: corporate guidelines and industry -- Make sure your office is well-lit, organized and regulations. comfortable. 8. Participate in Prudential business -- Have pictures of your family, friends and associates, development and training programs. as well as certificates, degree designations, artwork 9. Budget appropriate resources. and other items that give an inviting and personal feel 10. Take small steps now. to your office. • Have plenty of educational materials available.

To learn more about how Prudential is expanding the women’s and multicultural markets, please contact your Prudential wholesaler. Prudential’s 2014-2015 Financial Experience & Behaviors Among Women, The 2012-2013 African American Financial Experience, The 2014 Hispanic American Financial Experience study and The 2013 Asian Americans on the Road to Retirement study survey women’s and multicultural consumers’ attitudes, behaviors and financial knowledge, as well as their financial goals and confidence in meeting those goals. Results of the surveys reflect broad generalizations, averages and only some of the characteristics of the broadest depiction of the women and diverse communities. As such, results of analyses do not necessarily describe some or all of the groups that comprise those market segments or communities. Prudential recognizes that substantial variations in individual experience exist and these surveys should not be used as a basis for assuming that all persons within those segments and communities have the characteristics cited. The Prudential Insurance Company of America and its affiliates, Newark, NJ. Prudential, the Prudential logo, the Rock Symbol and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, sexual orientation, national origin, genetics, disability, age, veteran status, or any other characteristic protected by law.

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