The lack of retirement planning on the part of
affluent baby boomers continues to be an area of potential
opportunities for advisors, according to a recent survey.
Continuing to drive home the message that has been
sounded by similar studies the past few years, the survey by Phoenix
Marketing International found that significant number of baby boomers
are headed towards retirement without the help of an advisor.
The survey found that among affluent baby boomers
aged 50-59, with an average net worth of more than $1.7 million not
including primary residences, 62% do not have a written financial plan
for retirement.
Among this same group, 27% have never met with a financial advisor to discuss their impending retirements.
Among younger affluent baby boomers, aged 41 to 49,
with an average net worth of more than $900,000, 64% have no written
retirement plan. Thirty-one percent of this group has not met with a
financial advisor.
Baby boomers comprise about 45% of affluent households, according to the study.
The survey is based on a survey of 1.083 affluent households in December.
"Affluent baby boomers have unique challenges when
it comes to retirement planning and represent one of the largest
opportunities for financial service firms," says David Thompson,
Phoenix Marketing's vice president for affluent practice. "Mass
marketing to this group of high net worth individuals simply doesn't
work and 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 be picked."