Case Study

Unlocking Wealth Management Among Asian Americans


Our client, a leading financial institution, had previously conducted a large-scale quantitative study among Affluents from many different multicultural cohorts. Propelled by this research, they wanted to conduct a “deep dive” into understanding the financial behaviors and needs for one specific cohort – Asian Americans. Knowing that our CultureBeat division specializes in multicultural audiences (including Asian Americans), they wanted to partner with C+R for this endeavor.


Needed deeper understanding of Asian Americans and wealth management

The goal of this research was to gain a deeper comprehension of the distinct requirements, cultural perspectives, and financial strategies associated with wealth management among Asian American consumers, encompassing a range of affluence levels and Asian American groups. Additionally, this study sought to uncover perceived barriers or challenges in the realm of wealth management within the context of Asian Americans’ needs.


A deep dive discussion requires a qualitative approach

We hosted an online immersive discussion board with 40 Asian Americans. This asynchronous discussion took place in a private online community platform. Participants were able to privately detail their stories and experiences to the moderators in a series of activities. The virtual backroom of our private discussion board allowed clients to observe these dialogues as they unfolded, at their convenience, and they could submit questions/probes to the moderator for greater depth and clarity.

All participants were Asian Americans, representing three segments: Chinese, Indian, and Japanese. They were a mix of foreign-born and US-born, and all had a personal relationship with a financial institution. Some were customers of our client, while others were not. We also made sure we had representation from different affluent cohorts.

The result

Our exploratory deep dive revealed that the Asian community is multi-faceted when it comes to wealth management

After the online discussions, it was apparent that not one size fits all when it comes to the Asian American community and managing wealth, investments, and finances. Specifically, financial attitudes and behaviors are delineated by generations. Not surprisingly, older Asian Americans are more conservative and avoid risky investments. They often rely on their children to guide them in such matters. Among all Asian Americans, financial institutions, in general, are not perceived as a place for financial advice or wealth management. However, there are ways to overcome these barriers with specific strategies and tactics targeted specifically to the Asian American community.

Our client used these learnings in a multitude of ways, including the creation of an Asian American Insights whitepaper and Financial IQ articles to help optimize marketing and communication strategies for these diverse Asian segments.

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