Schwab Advisor Services released today a study of affluent individuals aged 30 to 45  that reveals their attitudes about investing and finances, how they make decisions and what matters most to them.

Individuals in that age group control nearly $3.5 trillion in investable assets, says a report by Cerulli Associates.

Schwab's Generation Now Study, named to reflect the immediate opportunity these individuals represent for independent advisors, gives RIAs a window into the investing mindset of this group, says Schwab.

“We are excited because the research clearly shows that the RIA model is right for these individuals, and these insights provide a jumping-off point for us to work together to construct the strategies for growth and transition that will help enable RIAs to continue their success,” said Bernie Clark, executive vice president and head of Schwab Advisor Services.

RIAs can use this study to understand the business implications for everything from client service and talent management to succession and legacy planning for this group, says Schwab.

While these individuals share many of the same financial goals as RIAs' current clients, Schwab says they have defining characteristics related to their outlook on life and finances.

The study revealed that they are anxious and insecure about the future. Living through one of the longest recessions this country has ever experienced, the instability of housing, dot-com bubbles, terrorist attacks, rising unemployment and geopolitical clashes, this group is certain that the next crash or crisis will occur and they are worried about being able to provide for their families.

Many in this group cannot differentiate between types of financial advisors, and they have a general distrust of the profession. They think that advisors don’t understand them and feel advisors recite corporate talking points, having an inability to deliver unique insights and expertise.

They are focused on short-term versus longer-term investments. Their cash savings rates are high and even those with over $4 million in investable assets worry about budgeting and spending levels. Cash represents a tangible safety net they can trust.

Success for this generation is having the freedom to avoid hardship and to not be a burden to others. Success means having enough to cover health-care, education, housing and elder-care costs – and protecting against the unknown. When asked what they would do once they had financial freedom, this group has a desire for life experiences over material goods with almost all who participated in the study saying they would travel.

“Every generation has had its defining moments, but this group’s life experiences up to now have been punctuated by persistent instability,” said Clark. “Our findings reveal that Generation Now investors want a trusted guide with expert knowledge who deeply understands them and their unique needs. We believe independent advisors fit that need, but this generation just doesn’t know it yet.”

Their ideal financial advisor relationship is with one whom they can build a trusted and transparent relationship, based on empathy and understanding of the whole person, not just their financial goals, Schwab says.

They want their advisor to provide planning and financial advice alongside expert advice in other related areas, such as tax or insurance. Generation Now also expects to be heavily involved in decisions regarding their investment strategy.

Advisor accessibility is important to this group. They want to be able to communicate with advisors whenever, wherever, through a combination of in-person meetings as well as voice, text, e-mail and videoconferencing.

“The key to winning the trust of Generation Now is to understand their mindset,” said Clark. “But we believe that independent advisors can also differentiate their firms in the eyes of these investors from other financial services models through marketing and referrals, the client experience, and talent acquisition that will position them to seize this opportunity.”

Egg Strategy conducted the study for Schwab Advisor Services between March 24 and April 11, 2014. Forty individuals age 30 to 45 with earned or inherited investable assets of $500,000 or a household income of at least $150,000 participated.