According to ONS, there are around 3.8m people over 55 with more than £100,000 wealth.
However, there are only 20,453 advisers creating a shortage of around 5,000 advisers, based on advisers servicing a maximum of 150 clients each.
The figures increased to 5m people when including those aged over 45.
Eddy Reynolds, head of adviser and investment proposition at Standard Life, said the advice gap was not limited to those who were priced out of advice.
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He said: "We believe there is also an 'adviser gap' to service high net worths, particularly those among the baby boomer generation approaching retirement. In other words, more people than ever before will be in need of financial advice but there will not be enough advisers available to help them.
"The belief that there is a decline in potential demand for the financial adviser market couldn't be further from the truth. There is a significant number of people aged over 45 who are asset rich and the financial adviser marketplace needs to grow in order to match the demand for advice that will inevitably be coming in future years."

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