KNOW: One out of three Americans over 45 years old say they plan to maintain their living standard during retirement by leaving a smaller legacy.

DO: A good area to explore with clients is what trade-offs they’re willing to make between maintaining their retirement lifestyle or leaving a big inheritance or other gifts. The process of thinking through the question could spark a review of the client’s financial plan and portfolio mix.

KNOW: Boomers, and older consumers, place less blame on financial advisors for the impact of the economic crisis than they blame regulators and financial institutions, according to a recent McKinsey study. It also says those advisors who have proactively reached out to their clients are twice as likely to get referrals and recommendations from those clients.

DO: You probably have some Boomer clients who haven’t heard from you, or haven’t called in. Reach out and touch them now; it will help you with referrals and make you more money.

KNOW: The new rule removing the income restriction for Roth IRA conversions kick in January 1, 2010. Your Boomer clients who have been hardest hit by the market collapse and are most worried about rising taxes are your lowest hanging fruit.

DO: Get all the current facts on the new Roth conversion rules and schedule meetings this fall with your Boomer clients. Having a conversation now, before they hear about the new rules from a golfing buddy or coworker, is an easy way to build trust, even if you are recommending against taking action.