In a groundbreaking survey, Prudential Financial Inc. found that only one in four African-Americans polled use the services of a financial planner.
The study, “The African American Financial Experience, released Tuesday by the Newark, NJ-based insurance and financial services giant, looked into the financial needs and beliefs of this segment of the population. “The use of financial professionals is low” because of the expense, the lack of knowledge about how to choose a competent advisor and a lack of trust, said Ron Andrews, an executive with Prudential, who presented the findings at a luncheon Tuesday.
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