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Retirement Planning > Retirement Investing

Advisors: Look to middle-market boomers

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A recently released report from the Insured Retirement Institute (IRI) concludes that nearly 60 percent of middle-market baby boomers-those with incomes between $30,000 and $74,000-are in need of financial planning advice, thus offering advisors a fertile field to grow their business.

In its study, “Middle-Income Boomers and Retirement: Tapping the Significant and Underserved Middle-Income Market,” IRI found that less than 50 percent have contacted an investment advisor, even while 48 percent concede they lack investment know-how. What’s more, only 50 percent have calculated how much they will need to fund a comfortable retirement.

“Our research shows that although boomers have the means to save for retirement, they do not believe they have the knowledge to select the best investment vehicle to meet their future needs,” said IRI President and CEO Cathy Weatherford in a statement detailing the study. “Clearly, financial professionals have the knowledge and expertise to serve this market and can provide the needed guidance to boomers looking to fund and build their retirement nest egg.”

Other findings of the report include:

  • Boomers who consult advisors believe they are doing a good job preparing financially for their own retirement, with 90 percent stating so, compared to 63 percent of those who do not use advisors.
  • Of the middle-income boomers who have consulted a planner, most do so to seek their expertise–whether it’s in building a plan or validating a plan that the boomers have constructed themselves.
  • When asked to identify the most important trait they look for when selecting a retirement investment product, middle-income boomers identified principal protection (19 percent of respondents) and guaranteed income (17 percent).
  • Most middle-income Boomers can expect to receive an inheritance during their lifetimes, increasing assets by approximately 30 percent of their current wealth.

For more on baby boomers and retirement planning, see:


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