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.