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The Council on Financial Competition just completed a survey of 1,250 US ”baby boomers” about their attitudes to saving, spending and investments. With all that has gone on over the past two years we know one thing for sure — whatever financial institutions thought they knew about consumer attitudes and behaviors probably isn’t true now.
So we asked.
An early piece of uncomfortable but not surprising news. 42% of mass market baby boomers who in the last year went to the firm that managed the largest share of their savings and investments looking for guidance reduced their share of wallet with the firm. Only 16% increased their share of wallet. In contrast, high net worth customers (investable assets greater than $1 million) who updated or created a plan with their advisor were 47% more likely to increase their share of wallet and 43% more likely to increase their investments as a proportion of income. Why the disparity?
