Wealthier Boomers Want More Advice

Posted On February 7, 2013

The wealthier the Baby Boomer, the more likely he or she will seek financial advice, according to an analysis by Millionaire Corner. Meanwhile, middle income or “Mass Affluent” (net worth between $100K and $1M) are more likely to self direct their finances.

Only a quarter high net worth Boomers (>$5M) self direct their investments even though, as a group, they consider themselves very knowledgeable about finance. Meanwhile, 40% of the Mass Affluent group calls their own financial shots even though only 7% consider themselves “very knowledgeable.”

Mass affluent are also the most likely (32%) to use an advisor on an “event-driven” basis, for one-time transactions occasioned by life or economic changes.  The high-net-worth group is the most likely to use advisors regularly (27%) or to simply hand the reins over entirely to an advisor (18%).

The irony exposed by the study is that the wealthiest and most knowledgeable investors understand the needs for both risk and advice, but the investor class that might benefit the most from both is not taking advantage of them.


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Categories: Baby Boomers, Financial Services, Wealth