A new report from Forbes Insights and Temenos also found a majority of wealth managers saw attracting mass affluent clients as "highly important" for their practice.
The fifth-annual Advisor Authority survey showed that more than half of advisors and investors were concerned about market volatility and a U.S. economic recession within the next 12 months.
While investors believe they will need an average of $1.7 million for retirement, a new survey from Schwab Retirement Plan Services suggests employee investments may not be addressing that need.