George H. Walper, Jr. is president of Spectrem Group, a strategic consulting firm specializing in the affluent and retirement markets. 

The firm recently released a report titled "2005 Mass Affluent Investor," which found that mass affluent investors -- those with $100,000 to $1 million of investable assets -- have a high level of exposure to real estate.  With 37% of their total assets tied up in real estate, this group appears at significant risk should the housing bubble burst.

In his interview, Walper discusses this finding along with other observations about mass affluent investors.