Increased life expectancy also is influencing investor needs.

"While elder years can certainly be fulfilling and enjoyable, they also present a cascade of challenges that may not be clearly in focus when retirement income goals are first set," the report said. "Some may continue working out of need or preference; often, there are one or more changes in living arrangements, and both life care and health care are ever-present concerns. In other words, life in retirement doesn't always go as planned."

These challenges can involve logistics, safety and emotions as well as money.

"Your staff and referral network may already offer assistance with traditional retirement income, investment, income-tax and estate planning," according to the report. "But what if you were also more closely tuned to the lifestyle dynamics that often drive seniors' financial realities — the need for transportation, caregiving, appropriate housing, navigating government benefit programs, and ongoing employment?

"You'd be even better equipped to help your clients and their family members connect the financial dots and help make their money last. And that could be a legacy-changing transition for your firm, as well as for your customers."

Understanding and acting on these trends can be beneficial to financial advisors well as their clients.

"Lean into the changes under way and throw some ideas around with your trusted partners and clients," the report concluded. "Your advice can be more valuable than ever with an updated value proposition, solid partnerships and a little creative packaging."