One way to think about serving the baby boom generation is to recognize how different its members are from their parents. Ken Dychtwald, who has studied boomers for 30 years, says that their parents are more likely to trust financial advisers and turn over control more easily. They see life as a straight path, and they view financial advisers as agents who provide services to keep them on that path.

In contrast, boomers are much less trustful of the financial services industry and their later-life aspirations are more diverse than their parents', as are their expectations of advisers. "Several years ago we asked 65- and 55-year olds what they wanted from a financial adviser," says Dychtwald, a researcher who wrote the book Age Power: How the 21st Century Will Be Ruled by the New Old. "The number-one response from the 65-year olds: 'I want an adviser who works for a company I trust.' In other words, they want a big, solid, financial services brand name." The 55-year-olds had different priorities, Dychtwald says. Their top response was: "I'm trying to envision the life I want and I want someone who can help me visualize that future and fund the dream."

Helen Dennis is a specialist on aging and retirement and a lecturer at the University of Southern California's Andrus Gerontology Center. In her work with boomers planning their retirements, she has found that they have much higher expectations for the quality of their retirement than their parents. Some boomers measure that quality in terms of wealth, but others focus primarily on activities, personal relationships, and general quality-of-life issues.

That diversity of attitudes means that a broad assumption about the services and advice boomers will need risks being off target with many prospects. "It's insufficient to think that every 50-year-old client is only planning for retirement," says Robin Raff, president of Boomer Business & Beyond, a marketing-consulting firm in Walnut Creek, Calif. "You need to dig deeper. For example, there might be a late marriage with young children in the home. These clients could be trying to save for their children's college, planning their own retirement, and paying for their elderly parents' care at the same time."

Managing retirement cash flow will become a major issue as boomers scale back their careers and leave the workplace. "The conversation will focus heavily on distribution strategies, not accumulation strategies," says Lewis Walker, a CFP and president of Walker Capital Management Corp. in Norcross, Ga. "For the past 20 years, with interest rates falling and markets booming, it was all about building wealth. In 10 years, we'll be talking more about preserving and distributing wealth."

The Fidelity Advisor Retirement Income Services program, which combines planning, investing, income management, and monitoring resources, is evidence that leading firms share Walker's assessment. Fidelity launched the program last June, and more than 14,500 advisers have attended presentations on the program, says Fidelity Vice President Marcia Mantell.

Many boomers will request more than the traditional financial planning and investment management services. "Fifteen years ago, I didn't find many clients who recognized the likelihood of being weak, physically or mentally, for an extended period," says Dan Moisand, a principal with wealth management firm Spraker, Fitzgerald, Tamayo & Moisand in Melbourne, Fla. "Now they see that their parents are living longer, but not necessarily having full, vibrant lives. At least half the boomers I talk to can envision that happening to them and they are looking to us for help."

Moisand's clients--about half are boomers--have started requesting ancillary services, such as evaluations of assisted-living facilities and nursing homes. The firm's partners recognize their lack of expertise in these areas, and are working to establish relationships with health- and eldercare experts to complement their financial expertise.

Lou Stanasolovich, a CFP and president of Legend Financial Advisors in Pittsburgh, agrees that clients will require more handholding and nontraditional services. "We already help clients evaluate retirement communities by reviewing the contracts for them," Stanasolovich says. "We also have helped some of our older clients purchase computers, and our technician installs them and teaches the clients how to use them. Can a check-writing service be far behind? Maybe not. Anything the client needs--that's what it comes down to."

Will boomers' characteristics and demand for new services require advisers to develop new skills? Absolutely. Mitch Anthony, founder of the Institute for Financial Life Planning in Rochester, Minn., says that boomers want a conversation about what they expect out of life. The focus then moves to managing their money to realize that vision. "It's a subtle but profound switch in the way we advise boomers," Anthony says. "Advisers must become fluent in the language of life, not just the language of being a financial technician."

Walker agrees that life planning will be a required service for boomers. His clients increasingly want to talk about personal issues that have little to do with money management. As a result, Walker has worked to improve his counseling skills. "I've endeavored to be a better listener and more Oprah-like' in my approach to people," he says. "Now I see myself as part financial strategist, part philosopher, and part coach."

Walker's reference illustrates another trend that advisers--particularly males, who comprise 76% of the CFP licensees--should monitor: an increase in the number of women seeking financial advice. Some will have earned their wealth during their careers; others will be widows managing family assets. The upshot: Male advisers accustomed to dealing with clients from an older generation will have to prepare for boomer women who will ask more questions and may challenge their adviser's recommendations. "These women will be financially savvier than their mothers," Dennis says. "Financial advisers will need to adapt their approach and communication styles to attract them and retain them as clients."

Advisers who wait to implement the changes needed to serve boomers might miss the market. Legend Financial's Stanasolovich believes that offering today the services that boomers will want in 2015 will help him attract new clients because other advisers will lack his firm's experience and credibility. "Many advisers want to focus just on investment management," he says. "We think that is a huge mistake. Prospective boomer clients will eventually hear that we take care of older people. In a black-and-white perspective, the question is: Who will help manage your finances when you're not able to?" FP

Ed McCarthy is a CFP and freelance writer based in Warwick, R.I. He covers industry trends and practice management, and often writes about the impact technology has had on financial advisers.