An estimated 50% of affluent baby boomers don’t have financial advisers, according to a survey by Phoenix Affluent Marketing Service, and of those that do, nearly two-thirds have no written financial retirement plan. The survey of nearly 1,100 baby boomers with a minimum of $250,000 investable assets, or a household income of $150,000, also found that 31% of younger boomers (ages 41-49) have never met with a financial adviser about retirement, while 27% of the 50-59 group haven’t.
“Mass marketing to this group of high net worth individuals simply doesn’t work,” says David Thompson, v.p., of affluent practice at Phoenix, noting that it “requires a more thorough understanding of the affluent lifestyle, attitudes and behaviors. It’s obvious from our research that there’s lots of low hanging fruit yet to pick.”