A survey of 125 advisors shows that many advisors are still courting Baby Boomers as their primary target client base.

Amid all the hype about Millennials and their perceived affirmation for all things digital, Baby Boomers are still the client base of choice for well over half of advisors, a survey suggests.

Fifty-nine per cent of the 125 advisors polled by D A Davidson are more focused on targeting wealthy individuals between the ages of 52 and 70 than any other generation because of the advice needed based on their current life stage, according to the findings.

However, the firm warned not to overlook the “tremendous opportunity” in the industry to advise Gen Xers (those between the ages of 34 and 52) and Millennials (those aged 18-33) - “for decades to come.” Despite their growing role in the future of the financial advisory industry, only 2 per cent of the advisors surveyed said they are primarily focused on the latter cohort of investors, many of whom are entering their prime wealth-creation years and have the potential to become high-value clients. By contrast, 37 per cent said of those polled said they are, however, concentrating their prospecting efforts on Gen Xers.

In other interesting findings, roughly half (52 per cent) of the advisors looking to attract Gen Xers as future clients cited the same reason for doing so as those targeting primarily Baby Boomers: that clients in this generation are most attractive because of their future earnings potential. A third (35 per cent), meanwhile, said it is the type of advice needed based on their life-stage that makes them appealing.

The findings serve a reminder of the wealth management expertise and skills required to succeed today in catering to shifting investor demographics. This is particularly relevant as life expectancy continues to increase and the "greater transfer" of US wealth gets well under way. An estimated $59 trillion will be transferred from 93.6million American estates from 2007 to 2061, according to a 2014 report by the Center on Wealth and Philanthropy and Boston College. Recent insights point to a stronger shift towards family wealth planning involving all family members, with today’s “modern family” having more financial inter-dependencies, from supporting adult children for longer periods of time to taking care of an aging parent.