Banks targeting the mass-affluent need to narrow their focus, according to a new report from consulting firm Booz & Co.

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 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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