Yesterday was an interesting day. I needed to take a New York state life insurance licensing exam. I visited a testing center, “Prometric” in New York city. I've been there many years ago, but yesterday was very different.
There were two revelations:
1. I was the oldest person testing
2. I was the only Caucasian there!
Both insights got me to reinforce my belief that the financial services business is not slowly shifting to a younger more diverse distribution , but the change is explosive!
Insurance industry leaders may want to begin their strategic three year planning process with a simple visit to one of these testing centers. There they will see the future advisors that will serve the ever growing diverse population.
Without recognition of this shift, some insurance companies will struggle to keep up with those companies who recognize this is their future. As the baby boomers settle into their retirement, the next huge wave of population here in the US will look and buy very differently. Those taking their tests at Prometric yesterday will be the ones that advise them.