According to a study conducted for the financial firm by Wirthlin Worldwide, "Financial Planning Among America's Wealthy," two of affluent consumers' most important financial concerns are preserving their wealth for their spouse and heirs, and reducing their estate tax liability.

"Affluent boomers are on the cusp of shifting their emphasis from wealth accumulation to preservation. And that moment is precisely when savvy financial planners have a golden opportunity," according to John Gotta, president and chief executive officer for The Lincoln National Life Insurance Company (Lincoln Life).

However, financial planners must "start now to shift their thinking" in order to tap this opportunity, the firm said.

"Traditionally, financial planners have focused most of their efforts on helping clients accumulate wealth," said Wes Thompson, president and chief executive officer for Lincoln Financial Distributors, the wholesaling distribution organization of Lincoln Financial Group.  "While that will always be an important role, planners who only think about wealth accumulation will miss their piece of this $40 trillion pie today and in the future."

What should producers do to "think wealth transfer" and take advantage of this emerging demographic? Gary Parker, chief product officer for Lincoln Life, offered these tips:

• Understand the tax laws involved in wealth transfer.  "Planners need to educate themselves on matters such as gift taxes, not just estate," he said.
  
  
• Set up relationships with third-party advisors. Attorneys, trust officers and CPAs are heavily involved in the issues surrounding wealth transfer. "Consider these people as more than sources for leads. Focus on them as part of your 'knowledge team' as you refocus clients on the need to plan for wealth transfer," he suggested.
  
  
• Take another look at current clients. "Your network of clients may be the best place to gain access to those in need of wealth transfer planning," said Parker. "Often, broaching the subject of wealth transfer may come through a client relationship with a boomer client whose parents are aging and shifting their focus to wealth transfer. So, while a boomer client may still be in the wealth accumulation stage, he or she may have an affluent parent who needs assistance with wealth transfer issues."
  
  
• Look at the whole picture. There is more to wealth than stocks, bonds, mutual funds, annuities, insurance, and other financial products. "We know that more than half of the nation's personal wealth is held in non-financial assets, such as houses, land, farms, and personally-owned businesses," said Parker.  "Based on past experience, the value of this wealth will grow over the next half century, and at the same time most of it will change hands. The majority of this huge transfer of wealth will go to spouses, children and charitable causes. A significant portion also will go to state and local estate taxes." 

Baby Boomers' financial focus shift "presents an opportunity for planners," said Gotta. "Those who don't pay attention to this issue may well lose clients to another financial planner who does.  So, the planners who don't think about wealth transfer today will be leaving a lot of money on the table."