The Covid pandemic has made adults of all generations more receptive than ever to advice about their financial futures, according to a panel of planning specialists.

For advisors, they said, that also means there is no better time to reach out to the younger generations.

"Health and mortality have been put on the center stage," Phil Pellegrino, executive director and head of insured solutions at UBS Financial Services, said today in the virtual Next Chapter—ReThinking Retirement conference hosted by Financial Advisor.

"Beyond that, when you look at things from an economic and political standpoint, that just puts an exclamation point on everything," he continued. "There has never been more to discuss."

Angie O'Leary, head of wealth planning and insured solutions at RBC Wealth Management, agreed, saying that advisors have to realize that, as the world recovers from the pandemic, clients are going to want to focus on protecting their families.

"There has never been a better time to put planning first," she said.

O'Leary stressed that advisors should use this time to make "generational connections" with all members of their clients' families. "They're all looking for peace of mind, so be comprehensive," she said. "Look at the next generation. ... Look at those grandkids."

Adding to the urgent need among clients for financial planning is the fact that, in reaction to the pandemic, many people are retiring earlier, said Jack Sharry, executive vice president and chief marketing officer at financial software firm LifeYield LLC.

"They have less saved, potentially, as they go from saving to spending," he said.

The issue of how advisors can serve their clients' grandchildren and children has been an age-old question in the financial advice industry. It's an issue that has only grown in importance in recent years as the advisory industry has become more competitive, and as financial technology has deepened the generational divide among young and old.

O'Leary also noted that the ongoing transfer of wealth from baby boomers to their millennial children is forcing advisors to evaluate their multigenerational strategies.

About 70% of the nation's wealth is in the hands of baby boomers, she noted, adding that millennials are about five to seven years behind the wealth-building of their parents. Adding to the financial stress of millennials is that they are carrying an unprecedented level of student debt, they are marrying later than their parents did, and they're owning homes later.

Baby boomers, meanwhile, are dealing with aging parents and have to plan retirements that could continue into their 90s.

"There is just so much to talk about," O'Leary said.

The speakers said that all these issues provide opportunities for advisors to bring children into the planning conversation. The moderator of the discussion, John Moninger, managing director of retail sales at Eaton Vance, said one technique he uses is to lay out a time line for clients that includes their goals and when they want to make certain decisions, including when to bring children into planning discussions.

"It's a way to engage them in a soft and thoughtful way," he said.

With clients of any generation, it's also important for advisors to remember that the key to serving clients is to listen to what they're saying, Sharry said.

"It's all about listening and finding out what matters to the person with whom you’re speaking," he said. "What is it that’s important to them? The better you listen, the better everyone wins."