The report by the global insurer Chubb – entitled A Lost Generation? Wealth Accumulators Are an Overlooked Opportunity for Advisors – looked at the personal property and liability exposures facing the some 60 million US persons born between 1965 and 1981 with at least $1 million in investable assets.

It acknowledged that many individuals in their mid-thirties to late forties share the same risk characteristics as younger and older adults alike, but often at a substantially greater level of exposure.

“These individuals are in the wealth accumulation phase of life; they're buying homes, second homes, luxury homes – homes that are not typically well insured by standard insurance companies,” Stacey Silipo, director of strategic partnerships at Chubb Personal Insurance, told Family Wealth Report.

“They also tend to be individuals who are starting to collect things they have a passion in such as art, wine and jewelery,” Silipo said. Indeed, according to a Shullman report, wealth accumulators are boosting their luxury spending, with 54 per cent planning to spend more in 2015 than 2014 versus 34 per cent of the general population.

“They have the income and assets to be able to do so but oftentimes aren't really thinking about their wealth and risk holistically,” Silipo said. Having children can also expose them to more liabilities through auto and home-related accidents and social media activities, she added.

Advisors need to understand that this client segment is sometimes overlooked because of the industry's intense focus on the financial needs of Millennials and Baby Boomers, she continued. According to a Weber Shandwick survey, for example, none of the financial services companies that segment their websites by generation focus on Generation X. While this may be the smallest cohort in terms of size, it has disproportionately more assets than other age groups, Chubb noted in its report.

Offering risk and insurance-related advice and products is crucial if advisors want to compete in today's wealth management environment, Silipo added. The issue has also bubbled up in recent time as the world grows ever more inter-connected, with people – particularly HNWIs – traveling more frequently and ultimately expanding their global footprint. The need for comprehensive risk management has arguably never been greater, but it is wealth accumulators that perhaps most urgently need to evaluate this aspect of their financial lives, Chubb argued.

Advisors should be cognizant that these individuals are busy and working, but also in their prime consumption phase, and confronting some of their biggest life changes, Silipo told Family Wealth Report. “It all happens so fast. It's so easy to lose track of time and to lose track of your risks.”

“The problem for wealth accumulators is that they are so involved with dealing with these changes and in building and perusing their careers that they can lose track as their assets outstrip their insurance coverage,” Chubb said, noting that ultimately this is a business opportunity for advisors.

Silipo added that advisors can position themselves with the wealth accumulator cohort by being “where these individuals can you find you, which includes a combination of digital and face-to-face relationships.” She also said advisors should lead with advice: “Holistic advice that takes into consideration the client’s possessions, potential third-party liability and lifestyle is the avenue through which the advisor can gain the trust and attention of the wealth accumulator.”