KNOW: While Baby Boomers proclaim their intention to spend less and pay down debt, they are deeper in hock than two years ago. According to a Securian survey, 22% owe more than $50,000 in non-mortgage debt, up from 12% two years ago.

DO: When dealing with potential clients, recognize the line from the Book of Common Prayer that “the spirit is willing but the flesh is weak.” You may be better off referring heavily indebted prospects to a credit counselor than trying to sell them financial products.

KNOW: Despite the financial upheavals of the past year, according to a February MetLife study, two out of five older Boomers say they have achieved their retirement savings goals or they are on track to do so. One quarter say they had “no concerns” about retirement.

DO: Not all older Boomers are fixated on their retirement finances. When dealing with an older Boomer client or prospect, a good question to ask is, “How far along are you in achieving your retirement goals?” If they’re satisfied, start probing their life goals. Providing security for loved ones? Giving money to a worthy cause? Help them set new goals — and then update their financial plans to achieve them.

KNOW: Advisors who are self-described “experts” at financial planning tell us they get Boomer clients to plan if they start with a plan, not a product sale. They also focus less on the end goal of retirement and more on the immediate goal of putting a plan in place.

DO: Don’t sell a product first and hope that leads to developing a plan for a Boomer client. Top advisors more often start with the plan and product sales follow.

KNOW: Clients born around the years when one cohort ends and another begins, like 1964-5, the demarkation between Boomers and Gen Xers, tend to self-select their generation. One way to identify their selection is by learning about their views of the work/life balance. In general, Boomers define success in life through work, while Gen Xers see work as simply a part of who they are.

DO: Find out if your 40-something client is more like a Boomer or Gen X member by saying: “Tell me about yourself.” If the majority of the answer is about their job or professional accomplishments, then they are Boomer-like. If the answer is more about their family and interests, and less about their job, then they are Gen X-like.

KNOW: America is evolving from a nation of autonomous, nuclear families to interdependent, multigenerational families. People aren’t just saving for their own retirement lifestyles. They feel financial obligations to support their children, parents, even their siblings!

DO: Talk with your clients not only about their own personal financial plans and needs, but their thoughts about the plans and needs of others in their family. They may be assuming the need to help others but haven’t thought through the financial aspects of providing such help.

Know: Advisors who say they are very good at planning don’t work alone. They involve other professionals on the team to help their clients with financial plans. In the national study we conducted for the Million Dollar Round Table’s PREP Partnership, 64% of advisors who are experts at financial planning told us they involve accountants, estate lawyers and others when it comes time to create a financial plan for a Boomer client.

Do: Park your “Type A” personality on the curb when it’s time to help clients with financial plans and consult others who can bring particular expertise to the table. Your Boomer clients will appreciate your honesty and professionalism for pulling in help where needed.

KNOW: In case you missed it, news from the 2009 Social Security Trustees report issued this week is bleak: the recession and market performance means the trust fund will be depleted by 2037, four years earlier than previous estimates. Worse, Medicare will be out of money by 2017, two years earlier than previously thought. The time for solving this unfunded liabilities is here.

DO: Financial advisors have a responsibility to make sure their clients are prepared for a future where the government isn’t able to meet its obligations. Spread this news as a further incentive for your Boomer, Gen X and even Millennial clients to put in place their own financial plan for their “retirement years.” If not you, who?

KNOW: After peaking around 68%, home ownership in the United States will decline by eight percentage points, says a National Apartment Association study. The shift will be led by Millennials, who prefer urban lifestyles, and seniors, for whom the burdens of home ownership may no longer be suitable.

DO: Trusted advisors do not assume that home ownership should be the bedrock of every family’s financial plan. For those who place a premium on mobility or seek to simplify their lives, it may make more sense to funnel savings into financial instruments.

KNOW: Three out of 10 workers entering the workplace today will be disabled before reaching retirement, and unexpected accidents and illnesses account for a majority of bankruptcies and mortgage foreclosures. But only a tiny percent of Baby Boomers and Millennials consider disability insurance a priority.

DO: In the current climate of economic stress Americans — members of the Millennial Generation especially — are putting a big premium on financial security. Ask your clients if they have disability coverage at work. If not, put on your hat as trusted advisor. Ask them about their personal obligations to family members, and explore their financial options if something went wrong.

KNOW: Fifty-six percent of all Americans say the best thing about having money is “feeling secure,” according to the new Age Wave study, “Retirement at the Tipping Point.” But “security” means different things to different generations. Baby Boomers and the Silent Generation feel threatened by runaway health care costs, while Gen Xers and Millennials worry about the demise of Social Security.

DO: Americans are desperately seeking security right now, and financial advisors need to provide them products that provide peace of mind. But clients worry about very different things. Take the time to understand those anxieties and provide products that match.