Investment advisers who have built up a solid foundation of assets under management shouldn't use that as an excuse to rest on their laurels.
That's because while they rest easy, wirehouses and regional broker-dealers have been scooping up the next generation of clients. Charles Schwab & Co. Advisor Services interviewed 40 individuals between the ages of 30 and 45 who had at least $500,000 in investible assets and an income of $150,000 or more, and found only one was with a registered investment adviser.
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At the same time, as many as 40% of independent advisers' clients are retired and 30% are within 10 years of retirement, according to a Schwab survey of advisers, released Thursday. Among those who are already retired, 60% are already drawing down on their assets, the Schwab study said.
Those 30- to 45-year-olds will be a key market for replacing those dollars and represent a nearly $3.5 trillion asset opportunity, Schwab said, citing data from consulting and research firm Cerulli Associates. The firm has dubbed that demographic “Generation Now” to provide a sense of urgency to investment advisers to reach out to capture their business, according to Bernie Clark, head of Schwab Advisor Services.
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