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.