TD Ameritrade Institutional CEO Tom Nally told RIAs at the custodian's annual conference that while their model is resonating with baby boomers, it is not appealing to the 75 million members of Generations X and Y.

Fully 86 percent of younger investors say they would fire their parents' advisors if given the chance in a life-changing event, Nally told more than 3,000 attendees at the conference in San Diego. Unlike previous generations, tomorrow's information-savvy investors won't fall for a lack of transparency when it comes to investing.

Advisors aren't faring a whole lot better with female clients, as 70 percent of women say they would dump their husbands' advisors in the event of death or divorce. A host of recent studies project that, thanks to longevity, women will end up controlling the majority of the nation's wealth.

These statistics provide a dramatic contrast with  the experience of the current generation of baby boomer clients, who are voting overwhelmingly with their dollars in favor of the RIA model. Nally said that since 2005, assets managed by RIAs have climbed 65 percent, while managed by wirehouses has risen a modest 17 percent.

When it comes to Gen X and Gen Y, advisors "need a solid strategy," Nally said. Some advisors already are bringing children into client meetings. Over the next decade, as Gen X and Y individuals enter their peak earning years and start inheriting money from their parents, their wealth is projected to increase from $2 trillion to $28 trillion, so the opportunity is huge.

Social media will play a major role in RIAs' ability to win clients among the next  generation. "They invented social media," Nally said.

Only 6 percent of today's advisors are under 30 years old, he added. "The issue isn't should you hire them, it's how to hire them," Nally advised.