The idea of “financial independence” may work better than the idea of “surviving” at motivating affluent baby boomers to save.
Chris Brown and Laura Varas, the partners who run Hearts & Wallets L.L.C., Hingham, Mass., a market research firm, have published that conclusion in a summary of results from focus group sessions with U.S. investors ages 40 to 60 who have a minimum of $100,000 in assets. Most of the investors had $250,000 to $1 million in assets.
Financial services providers tend to focus on retirement needs, and their advisors also focus almost entirely on retirement planning, the Hearts & Wallets researchers say.
The researchers say providers and advisors who serve the affluent need to change their focus.