Tapping into this growing demographic in some cases, however, will require advisors to speak in Spanish. Tools such as Bank of America’s Better Money Habits in Spanish can help, she said.
“Communicating in a way that puts people at ease and makes them feel comfortable speaking is important, especially when it comes to finances, because it’s their livelihood,” said Molina.
In addition to often being bilingual, the Hispanic-Latino demographic as a whole is prosperous.
Data from the U.S. Department of Commerce and the U.S. Department of Labor found that the total GDP of the Hispanic-Latino population in the U.S. is more than $2 trillion.
“The opportunity is tremendous and growing,” Molina said.
One way to find high-net-worth clients of Hispanic-Latino descent is to join a local Hispanic Chamber of Commerce and to attend charity events that cater to Hispanic causes, says Molina.
“Hispanics tend to be highly entrepreneurial, and your local entrepreneurs and small business owners are going to be very connected,” said Molina.
“We are also very much attuned to supporting and giving back to our community. The steering committees and boards of charitable organizations are good places for advisors to connect.”