Baby boomers have been the main target market for financial services firms and advisors in recent years, as that massive generation accumulates assets and prepares to retire. But as the boomers begin to settle into retirement, financial advisors will need to shift their focus to younger generations, who will have a growing pool of assets and an increasing need for financial advice.

Here’s your guide to the generations that should be on your radar, and some of the ways you can meet their needs.

Baby Boomers. Born between 1946 and 1964, baby boomers are the largest of the generations, representing almost one-third of the Canadian population, according to Statistics Canada. This generation has already begun to retire — its oldest members turn 65 next year.

Retirement planning and estate planning are top of mind among the boomers. Added challenges include supporting aging parents and their children, who may still live in the “nest.”

Generation X. Douglas Coupland’s 1991 novel of the same name told of alienated young adults born in the late 1950s and early ’60s.

Demographers now refer to this “bust” generation, born between 1965 and 1979, as Generation X. Currently in their 30s and early 40s, Gen Xers are at the point in life when they’re juggling responsibilities, including building their careers and starting families.

Buying a home, managing debt and raising children are the most immediate financial demands facing Gen Xers. They are aware of the need to begin building a retirement nest egg, but many need motivation and regular reminders to save rather than spend.

Millennials. Born between 1980 and 2000, this generation is only slightly smaller than the baby-boom generation. Older members of this tech-savvy group are finishing post-secondary school and entering the workforce.

Paying down student debt and loans for major purchases such as a first home and a car are priorities for this group, which is taking longer to become financially self-sufficient than previous generations. Millennials also have an eye on the future, and are inclined to begin saving for retirement earlier in life than previous generations.

— MEGAN HARMAN