Only 18% of individuals between the ages of 28 to 53 seek out financial advice, even though they are in the prime savings and asset accumulation of life, according to a survey of 800 investors conducted by Sway Research and Mast Hill Consulting. Most of this group—younger Boomers between the ages of 43 and 53, and Generation X, aged 28 to 42—turn to family and friends for advice on key investing decisions.

A full 60% of the investment industry’s focus is concentrated on near- and post-retirees. Thus, they are losing out on the 57 million households in the 28-53 population, who have more than $5.2 trillion in investable assets in their bank, taxable brokerage and retirement accounts.

“This unheralded demographic is quietly looking for new products and services to support their savings goals, but most are not seeking professional advice,” said Chris Brown, of Sway Research, and Laura Varas, of Mast Hill Consulting, who issued a report based on their survey findings called “Capturing the Hearts & Wallets of Peak Accumulators.”

Fifty-four percent said it is difficult or very difficult to find the right resources for getting help, and 78% consult friends and family because they “seem to know how to invest.”

And this group is very unsure of their financial future, with only 9% saying they are on track to accumulate the savings they will need to retire, and 84% very concerned or concerned about the future of Social Security. Only 5% believe their employer is responsible for providing for their retirements.

“The core financial task of mid-life is to establish stability and accumulate savings, but core workforce investors don’t feel they can rely on their employers, the government or the financial services industry to help them, so they are turning to themselves, friends and family for advice—even as they recognize the limited value of that advice,” Brown and Varas said.

Thus, those firms that find a way to resonate with this group of investors between the ages of 28 and 53 will have “first-mover advantage,” according to the report.

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