Here's a smart idea for all you financial planners out there. Target the children of your Baby Boomer clients.

Australian Private Capital is an example of one financial planning firm that has changed their client model to include a more intergenerational approach. After all, if they want to keep their business prosperous, planners will need to focus on another age group as the Baby Boomer population continues to shrink in numbers.

"We'd like to be more a driver of it rather than a mere recipient of when it happens," APC senior planner Rob Sarafov said, referencing the shift in client base. "The traditional target client of financial advisors is dwindling, the Baby Boomers are moving on and so it's an important strategy to be able to access and cultivate a younger group of clients."

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