WARREN, N.J. – Many 34- to 50-year-olds are losing track of their financial risk as they pursue careers, raise families and accumulate wealth, according to Chubb Personal Insurance.
The insurer, headquartered in New Jersey, conducted a study examining roughly 60 million U.S. citizens born between 1965 and 1981. The study looked at various personal property and liability exposure.
The report, dubbed “A Lost Generation? Wealth Accumulators Are an Overlooked Opportunity for Advisors,” recommends that wealth advisers work more with specialist insurers, agents and brokers to reach “wealth accumulators,” or high-net-worth individuals, to develop more effective risk-management strategies.
“Clearly, there is a great opportunity for wealth advisers to work with this age group,” said Stacey Silipo, director of strategic partnership at Chubb Personal Insurance. “However, to be successful, advisers will need to better understand these prospective clients and then be in a position to help them minimize all the major risks to achieving their financial goals.”
The report shows people in their mid-30s and 40s sharing the same risk characteristics as younger adults, but often at a greater exposure level, according to a press release. Examples include:
“It all happens so fast. One day you’ve just graduated law school and you’re in debt and renting a hole-in-the-wall studio apartment. The next day you’re buying a second home, art and a classic car, and then your kids are leaving the nest for college,” Silipo said. “It’s so easy to lose track of time and to lose track of your risks.”
The full report can be found here.
