Banks targeting the mass-affluent need to narrow their focus, according to a new report from consulting firm Booz & Company.
Specifically they need to go after the rising mass affluent or Generation X, the segment identified as having the most potential for accumulating wealth. This demographic group grew up in the prosperous 1980s and can be a potentially more attractive target than older Baby Boomers who have strong relationships with investment brokerage houses, the report contends.
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