Advisors might be better off thinking of the recent volatility as both a challenge and an opportunity. Cathy McBreen, president of Spectrem’s Millionaire Corner, said. That puts pressure on advisors serving the mass affluent to show value to their clients by guiding them through troubled waters, she said.

“When people swtich advisors, it often comes down to two things: being proactive and being responsive,” McBreen said. “We hear that advisors aren’t reaching out to them frequently enough. Responsiveness is also critical."

This partly due to the 2008 financial crisis, which still lingers in the minds of investors, she said.

"Things have changed over the last seven or eight years for two reasons: the financial crisis and mobile technology," McBreen said. "When a client wants to talk to their advisor, they want to talk to their advisor right now.”

Advisors are going to have to make themselves available to clients on evenings and weekends, and the industry will have to solve compliance issues surrounding text and social media communication, McBreen said.

As they pivot to serve younger generations of investors, advisors are likely to find different demands for response and communication, Walper said. “Client satisfaction increases with client age," he said. "I suppose that’s a good thing, but right now the satisfaction of younger investors is nowhere near that of older investors.”

Clients of all ages are still finding advisors through referrals from friends, family and professional centers of influence, but younger prospects are more likely to vet an advisor before scheduling an introductory meeting, he said.

The vetting process is taking place on the Internet, Walper said, where it’s important that advisors are represented by a professional, up-to-date website. Social media presences are also an important source of information for prospective clients.

“Younger millionaires are increasingly turning to social media for financial purposes,” Walper said. “ Younger investors are likely to see how you’re using social media. If you want to attract younger investors, you have to have a social media presence. Today, it’s become one of the things they think about.”

This is the case not just with millennials, he added. Spectrem’s research showed that older investors, even those over 65, are using social media, especially Facebook, in large numbers and with greater proficiency than younger generations.