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Ed Meek
CEO/Investment Advisor

Edge Portfolio Management

City:Winfield

State: IL



BIOGRAPHY:
At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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The Baby Boomer Investor, Part 2: Ride ‘Em Cowboy

The Cowboy Baby Boomer is primarily male and is among the most engaged and aggressive investors. 

| BY Donald Liebenson


 

 

There is nothing typical about the “typical’ Baby Boomer investor. There are 74.9 million Baby Boomers ages 51 to 69. A new Spectrem Group demographic study, “Baby Boomer Investment Personas” finds five primary character traits that run the gamut from independent to advisor dependent. In part two of our series, we consider the Cowboy.

Baby Boomers are of particular interest to financial advisors as they are where the money is. Nine-in-ten (92 percent) of Ultra High Net Worth households with a net worth between $5 million and $24.9 million are ages 55 and up, as are 85 percent of Millionaire households and 71 percent of non-Millionaires with a net worth of at least $500,000.

The Cowboy Baby Boomer investor comprises a smaller percentage than his cohorts (21 percent), but this male-dominated segment (91 percent) is among the most engaged and aggressive investors.

Like their saddle-bound counterparts, the Cowboy Baby Boomer investor is self-reliant and less likely to consult a financial advisor. Almost two-thirds (63 percent) consider themselves “very” knowledgeable about investing and financial productions while 68 percent believe they can do better than an advisor in managing their portfolio. Beyond their self-confidence, their opinion of financial advisors is just slightly higher than varmint. Three-fourths consider advisors to be too expensive. While 72 percent think advisors are more concerned with selling products than acting as a fiduciary.

Of all the Baby Boomer investment personas identified, the Cowboy possesses the highest risk tolerance, with 43 percent indicating they are aggressive investors and 6 percent including themselves among the most aggressive. Nearly 60 percent are invested in stocks compared with 39 percent of surveyed investors in this demographic.

The Cowboy Baby Boomer investor doesn’t fret much, neither. Less than half (46 percent) said they are concerned about maintaining their financial position, compared with 53 percent of Baby Boomer investors overall. Similarly, only 8 percent have on their to-do lists getting advice to reach their financial goals, compared with 22 percent of their cohorts.

 



About the Author


Donald Liebenson

dliebenson@millionairecorner.com

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.