They are well off and willing to spend, but until now have remained beyond the reach of most advisers, says Principal Investment Management.
The Mass Affluent Yet Overlooked (MAYO) is a new breed of potential client discovered after fresh research by the asset management specialists.
"Our survey shows the MAYOs are willing to invest: they have the funds and the desire - they just need the right specialised investment service," says Principal's sales and marketing director Adrian Jewitt.
Despite MAYOs having investible assets, excluding property, of more than £20,000, Principal says few receive investment advice or the level of personal attention they expect.
Research conducted by the group gauging the views of 1,000 such affluent individuals found 26% resort to getting investment advice from the media and just under a third (30%) from the web. Just 4% get their investment advice from investment managers.
Principal says this group is not averse to receiving tailored services, using personal trainers, stylists, shoppers and interior designers.
Yet when asked about the level of attention they receive when it comes to investment advice, 75% said they were not made to feel "wealthy or important".
As such, the Sanlam subsidiary says investment advisers are "missing a major commercial trick" by ignoring this group. For instance 32% of MAYOs have ISA investments, 54% have former PEPs, a further 32% hold individual shares and one in five have a share portfolio.
They are also happy to explore less conventional investment opportunities - for example, 28% have invested in cars, 18% in jewellery and one in 10 in art.
"These people are not financially unimaginative as you can see from our findings and many are wealthy enough to have personal trainers, stylists and so forth," adds Jewitt.
"They are happy to be advised, and like the personalised treatment, yet it appears they aren't being taken seriously enough by those offering financial services."
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