In part 1 of this post, I discussed the basics of financial planning for the younger client. And while it's important to address the fundamentals of spending and saving, what other financial needs should you discuss with your millennial clients?

According to the 2014 Wells Fargo Millennial Study, only 16 percent of millennials aged 22–33 report working with a paid financial advisor. But the time is now to embrace this new generation of clients. They're driven to success and ripe for financial guidance—and you're in an ideal position to help. Although this underserved group may have different priorities from those of your older clients, they need help in many of the same areas. These include, for example, budgeting, saving for retirement, asset protection, and tax planning.

Although your financial planning clients tend to focus on tax strategies as the year comes to a close, you know tax planning should be a yearlong process. The New Year is a good time for financial advisors to review the prior year's tax results and consider new strategies for minimizing clients' tax exposure.

High-net-worth clients often have a team of professionals they consult with to further their financial goals, among them attorneys and tax advisors. As we head into tax season, you may find yourself looking to build stronger relationships with tax advisors so you can provide your client base with a more comprehensive financial planning experience.

Creating a plan for managing and distributing wealth during disability or after death is a complicated process. Your clients are faced with myriad documents, concerns, and decisions that require careful consideration.