The Personal Finance Society said the advice profession must support clients with both human and tech-enabled services to meet the needs of a changing demographic.
In addition, the industry body will also look to develop its training programmes for members, including those provided by the Chartered Insurance Institute.
Sarah Lord, president of the PFS, said: “Moving forward, it remains important to focus on new generations of clients, building a clear understanding of what they want from their relationship with a financial planner.
“The inter-generational wealth transfer is upon us now so we need to be on the front foot. We must ensure we can offer appropriate client experiences for the next generation of clients so we sustain our client base for the future.”
Lord added: “Only by securing our own financial futures through a clear focus on attracting fresh talent, building resilient business models and focusing on the client relationship, will our profession be well placed to empower more individuals to manage their money and achieve their financial goals.”
The PFS will address these challenges and opportunities at its Festival of Financial Planning conference which will take place in November.
Mark Hutchinson, membership director of the Personal Finance Society, added that this year, as well as the annual event, will see the return of a full regional CPD programme, Fresh of Financial Planning, set to celebrate the value of financial advice.
He added: “Successive Governments have tried to shift the balance of financial responsibility from state to individuals and our sector has a real opportunity to demonstrate to consumers the power of professional financial planning.”
