Jeff Gonzales, a managing director at TIAA-CREF in Austin, Texas, recalls a story from his early days as an advisor: "An older client with a lot of money told me, 'I have socks older than you!'"

In time, Gonzales earned the client's trust. But it's not an uncommon scene, particularly for young advisors. Unfortunately, the problems associated with age differences don't necessarily go away as advisors gain maturity. Even those with a few gray hairs and a proven track record may find that the next generation of clients-younger clients-meet them with a similar kind of distrust.

"One must handle grandparents differently from the kids and/or grandkids," says Larry Rosenthal, a financial advisor with ING Financial Partners in Manassas, Va. "Grandparents remember the Great Depression, world wars, gas lines, Bob Hope and when the world moved slower. Baby boomers tend to wonder if they'll have enough to make it through retirement, [and] the youngest clients want to arrive financially faster than their ages allow. All three situations require different types of investments, risks, products and strategies."

What can an advisor do? How can you juggle your approach while keeping your integrity?

Building A Relationship From The Start
To be sure, age shouldn't matter. But whether the client is older or younger, doubts can creep in. Cues may be missed, communication misunderstood. "Though each client is unique, certain trends emerge among generations," says Brittain Prigge, director of relationship management at Balentine, an Atlanta-based independent investment advisory firm.

For example, she says, the octogenarian patriarch who created the family's wealth in the first place might prefer face-to-face meetings, while his 30-something heir who has taken over the family business and always known wealth would rather communicate by text message. "Establishing and understanding who your client is today will pave the way for the future," says Prigge.

Most advisors give new clients an assessment, asking about individual goals, needs, etc. You never want to assume what those things are because of their age. Dennis Cambal, registered representative at JHS Capital Advisors in Osterville, Mass., says, "In essence, a comfort level of trust should be built for a long-term relationship"-one that minimizes the age difference. "It's important to determine the role that clients, young or old, want me as advisor to fulfill, and to share our expectations for each other. If an attitude persists by either a younger or older client, I'll highlight my professional status, like a coach in any sport."

That said, some clients may nevertheless have misgivings about an advisor they perceive to be either too young or too old, no matter how the advisor tries to alleviate those misunderstandings. "If there's an age difference between you and a new client, the client may always be watching you," says Diane McCurdy of McCurdy Financial Planning in Vancouver, British Columbia. "You absolutely have to employ a variety of techniques when working with various generations."

Handling Younger Clients
Never is this more true than when advisors serve multiple-generation families. "Just because you helped the parents or grandparents doesn't automatically mean the next generation will come to you," adds McCurdy. "You always have to earn the business."

Younger clients especially might need to be encouraged to participate and ask questions, veteran advisors say. At the same time, it's equally crucial to listen. McCurdy says you need to "research trends and learn what is important" to each generation, and don't take anything for granted.

That's partly because younger clients tend to expect different qualities in an advisor. "Generation X and Y investors tend to rate the firms they work with significantly lower than baby boomers on nearly every aspect of firm performance," says Kim Dellarocca, director of segment marketing and practice management at Pershing, a BNY Mellon subsidiary in Boston.

Younger clients, she says, tend to be less interested in an advisor's credentials and experience; instead, they want to know exactly what the advisor can do for them and how it's done. They "tend to be more focused on the best use of their time ... whereas boomers are more focused on relationship building," says Dellarocca.

And forget the fancy office decor. That, she says, doesn't impress younger clients as much as "a dynamic Web site with easy access to personalized information. [For them,] a Web site should be all about them and what they can do-not about the advisor."

Only 65% of 25- to 34-year-olds rate their financial advisors as good or excellent at quickly addressing their concerns, she says, while the satisfaction rate is 80% for those over 65.

Longevity Issues
These findings speak directly to advisors' longevity in the business: Most of them want to serve younger clients, if for no other reason than to lay a foundation for the future. Sometimes it happens naturally as children and grandchildren grow up and take an interest in family finances. But often the advisor has to adapt.

"The same principles of trust, respect and integrity apply, but the communication methods have to be adapted" for younger clients, says Kevin Tiber, a senior vice president at Farmers and Merchants Trust Co. in Long Beach, Calif.

Specifically, advisors must use e-mail, cell phones and text messaging, says Tiber. "If you can gain [the younger generation's] respect and trust, you avoid being viewed as a proxy for mom and dad, and your advice is respected as independent and never parental."

Beyond technology, younger clients may also have a different attitude toward money. "You may have to work with them on financial-literacy skills, financial responsibility, confidentiality, the value of philanthropy, etc.," says Justin Fulton, a principal and strategist at Signature, a wealth-management firm in Norfolk, Va. "You may need to explain the disadvantages of wealth, too ... the risk that other people may try to take advantage."

Of course, you don't want to overdo it either. "Carry yourself with confidence, not cockiness," recommends Kenneth Robinson, a senior advisor at Bernhardt Wealth Management in McLean, Va. "Avoid coming across as too parental-i.e., overbearing and condescending. ... Simply act like a professional."

Tag Teaming
Firms like Signature often assign teams of professionals to serve each client, so the clients get the benefit of both younger and more experienced personnel. This allows clients to "see how we'll serve them through their lives and their children's lives," says Fulton.

Generally speaking, seasoned advisors tend to be more comfortable tailoring their skills to different clients. Younger advisors, says Fulton, "should emphasize their energy and knowledge of the newest planning techniques and tax law changes."

Working with different generations has other advantages, too. Says Tiber, "The grandfather appreciates that, at 47, I'll be around to add continuity to his plans. His son views me more as a contemporary with whom to collaborate and strategize. And the granddaughter respects my experience and knowledge."

The Advantages of Experience
There's no question that experience gives advisors a degree of self-confidence that should rub off on their clients. But be sure not to rest on your laurels. "The older professional is more revered-as long as the advisor has kept up with current trends and products," stresses Kevin Kautzmann, a CFP licensee at New York-based EBNY Financial.

Still, having more years under your belt is usually an advantage.

"Young people don't want to invest like their grandparents, and grandparents are leery of the risks taken by younger people," says Bill DeShurko, a Covestor model manager and president of 401 Advisor in Centerville, Ohio. "Both need to know that I understand and can accommodate both [approaches]."

To be sure, being a professional means more than possessing knowledge. "The planner's job is to understand the client to the greatest extent possible and then co-create strategies that support the client's success," says Michael Kay, an advisor at the Livingston, N.J.-based Financial Focus. "The role is to help clients achieve their goals, not by being authoritarian or playing parent but by listening, offering guidance and ideas and a cogent road map." In this way, he says, advisors build lasting relationships with clients of all ages.

After all, it's the professional relationship that matters-and professional relationships come in all types. "Relationships need to be personally designed to fit the client's values, temperament and learning style," says Ted McLyman, CEO of Apexx, a financial advisory firm in Augusta, Ga. If a younger client seems to be searching for a parental figure, the advisor might need to address the client's passivity, says McLyman. Conversely, a condescending older client might need tactful reminders and monitoring to prevent financial recklessness. "First, you have to manage behavior and then-and only then-can you manage the client's money," says McLyman. "This applies to all generational mismatches."

Beyond Age
In truth, there are deeper issues than age. "After 46 years in the business, it's clear to me that the client-advisor relationship is built on competence and trust, not age," says Bob Binn, president of Private Portfolios, a Securities America-affiliated firm in San Mateo, Calif.

Binn, 69, is partnered with his 37-year-old son, Dan, but he insists their age difference isn't important. "His clients look exactly like mine-pre-retirees, mature retirees, professionals and business owners. Each client feels comfortable speaking with either of us if the other is unavailable [because] each client is treated with respect and dignity."

Indeed, those all-important qualities apply no matter how old or young a client may be. "Clients judge us on all fronts," says Rosenthal, the ING Financial Partners advisor. "The age thing goes out the window if what you are presenting proves to be in the client's best interest."