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, vice president 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."
Source: www.InstitutionalInvestor.com March 22, 2006
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