Gaining new, younger clients is vital to ensuring that a practice will succeed in the long term. The easiest way to do so is to tap your existing client base. As older clients pass away, their assets transfer to their children (Generations X and Y). Getting in front of them now is crucial.

We do this by leveraging our younger advisors, who then meet with clients' children, get to know them and often devise financial plans for them. We want them to get to know us and see the value we bring their parents and now to them in the form of a financial plan. But this cannot be done with older advisors.

Working with younger adults requires common ground and communicating in ways they understand. I'm not saying older advisors aren't hip, but a young couple is more apt to use the Internet, email and other technologies in daily life. Advisors must be able to keep up with technology. Also, it gives younger advisors an opportunity to "cut their teeth" on a client who doesn't have $5 million. You'd rather have your young staff learn with smaller clients and amounts of money than with larger ones. Mistakes on a smaller scale are easily fixed—not so simple with a large client. This way, younger staff can step up and become an integral component of the future of your business.

Brian T. Jones, CFP, is vice president of CJM Wealth Advisors.