There go many of those assets you built up over decades and decades: Your practice could blow up as American wealth changes hands.

These were among the warnings from George Walper, president of the Spectrem Group on Monday as he spoke at a session on wealth transfer at the Investments and Wealth Institute conference on in New York.

How could your practice get bushwhacked?

Some advisers are in danger of losing high net worth clients. They are not correctly identifying the services they want and they are too late in paying attention to the next generation of wealthy investors. If, by age 25 or earlier, you haven’t met a high-net worth client’s son or daughter, you are in danger of losing the client.

“You can do all the research with the older generation about the services they need. That’s good. But you also need to ensure that you are going to be able to hold on to the next generation of assets,” Walper said. “The key factor is meeting the next generation between the ages of 18 to 25. You better know the kids at that point in their lives.”

He noted that the great wealth generational transfer, in which trillions of dollars will move from one generation to the next, has already begun. He said the great wealth transfer started some three years ago.

“Wealthy investors feel their advisors should meet their children by at least the age of 21,” Walper said.

He added that, while the number of wealthy households has reached an “all-time” high at some 31 million, who is generating the wealth is changing.

Walper, in referencing several Spectrem Group studies, said great wealth, is not largely controlled by the elderly unlike common stereotypes. In fact, he said that the greatest wealth is now being created by young people.

“The $25 million plus wealth segment is the youngest segment of investors with an average age of 47 compared to an average age of 62 for millionaires,” according to Spectrem Group research.

“That’s a significant change from 20 years ago,” Walper says.

The research, which is updated on a monthly basis, also showed disconnect between what advisors offer and what investors inheriting money want: “Financial planning and wealth transfer advice are the components expected most frequently by investors but not focused on by advisors.”

Who are these wealthy people?

Walper said it is important to focus on their occupations and what they want.

Of the super rich about 40 percent are managers or business owners, and more than half of them are concerned about their health and the health of their spouse, according to Spectrem Group research. Their three top concerns in using their wealth are to maintain their wealth, helping others and the financial situation of their children

What do they want from an advisor?

Some 64 percent of them use an advisor and almost all of them expect their advisor to be a fiduciary. The fiduciary issue “is a huge factor for the client,” Walper notes.

Where do they find help?

The most common way is a referral from a friend or family member, Spectrem Group Research said.

And even though there is a considerable danger of advisors losing clients in the great wealth transfer there is also opportunity for new business.

Inheritance is also a big factor in obtaining wealth.

Spectrem Group research finds that “Millennials and Generation X investors are the most likely to use an advisor when receiving an inheritance.”

A key issue for obtaining or retaining this kind of business or for preventing that loss of wealthy clients, Walper notes, is understanding they want much more than investment advice.

The full range of planning services are usually needed, he adds. These include banking services, financial and estate planning as well as wealth transfer and tax advice. The newly rich can also require other services that can include anything from real estate to long term health care to trust help.