Baby Boomers now comprise half to three-quarters of the clients of fee-based advisers and independent reps, a new wealth report found. Understanding the changing composition of the American consumer can go a long way toward establishing a healthy business model. However, if that model is focused solely on affluent households, the pickings are growing slimmer.

While there are five million consumer households currently with $1 million to $5 million in investable assets, that's down since 1997, according to the Tiburon Consumer Wealth Research Report.

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