The so-called mass affluent hold an enormous share of U.S. investing wealth, at last count some $6 trillion in assets. As the Baby Boomers age, the mass-affluent population and its wealth are growing. American Express Financial Advisors (AEFA) has always catered to this big group, defined as those with between $100,000 and $1 million to invest. But as the competition for this market intensifies, AEFA is making a bigger push to retain existing mass-affluent clients - and to attract new ones.
"This is the sweet spot," noted Jane Lee, vice president and general manager of AEFA's affluent client group. "The Baby Boomer generation is why the mass affluent segment is growing as fast as it is, and we know [the mass affluent] like the back of our hand," she said. "It's always been our segment, but we want to increase assets. This is about our focus, where we're going to focus time and resources."