About half of the millionaires in America still don't have written financial plans, which is striking when you consider that most have already retired.
High-net-worth consulting firm Spectrem polled 1,492 millionaires -- with $1 million to $5 million in investable assets -- and found that 60% had already stopped working but 50% had no cash flow or tax plan.
This may be an opportunity for financial planners to prospect in older markets. Traditionally, many planners focused on people in their 50s and early 60s and made retirement planning a center of their practice.
But while $5 million is a lot better than what most retirees have to work with, $1 million definitely doesn't stretch as far as it once did.
Helping these retirees revamp what might be informal back-of-the-envelope plans and get more out of their nest eggs could be a great proposition as the country -- and the profession itself -- ages.