"For those of us around in the 1960s, you may remember the saying 'Don't trust anyone over 30.' Well now that we're over 30, we've just truncated it to, 'Trust no one,'" he commented.

He added MIT says we trust those who are most like us, and  the profession that most closely mirrors what financial advisors do for a living is that of medical doctor. And today, people don't trust doctors the way they once did.

Now before going to the doctor, many patients already have self-diagnosed themselves as a result of information they've read on the Internet. "MIT tells us ... these people trust the experiences of others taking the same prescription medication that they are more than they'll trust the advice of the medical doctor who prescribed that medication in the first place," Diehl noted.

But the most prominent demographic change that advisors must consider is the emerging dominance of the female consumer, he said, and it's not  because women more often outlive men.

"MIT says we have to look at the other end of the spectrum. Look at educational trends in the United States today. There's approximately three women for every two men graduating from college, 58% of all master's degrees go to women and almost half of all PhDs," he said. He added women are responsible for 90% of all home health decisions, 85% of all home improvement decisions and even 80% of the purchases of NFL merchandise.

One of the biggest struggles women 47 to 57 will face over the next 10 years, especially if they are the eldest daughter, will be caring for their parents - and possibly their husband's parents, Diehl noted.

These women might leave the workforce for seven to 10 years, but will likely rejoin it later in a different fashion. "This nonetheless calls into question income replacement issues," he said.

Technology is also bringing major changes in ways that advisors may not realize. For example, technology use is increasing dramatically among people over 60. "Anyone want to guess why? Because if you don't adapt to technology you probably won't be able to talk to your grandchildren," Diehl said.

He added the biggest users of the Internet are not teenage girls but women 35 to 50 who are investigating health care, financial services and auto purchases.

One difference he pointed out in how men and women use technology when it comes to financial services: MIT says women take longer to make financial decisions because they spend more time on research. "Men will research to prove the decision they've already made," Diehl said. "MIT tells us women are more concerned how their decision will impact those around them."