Advisors are also finding ways to provide services outside the traditional brick-and-mortar operation.
Becker's practice, Mom and Dad Money, is conducted entirely online. His goal for his clients, mainly new parents, is to get them on the right financial track, and he works with them virtually via Skype or Google Hangout video. He reaches potential clients through his blog, which features relevant topics, and the e-books he writes and sells. His compensation is based only on hourly fees or retainer arrangements.
In 2012, Solid Ground Financial's Schreiber discontinued all her client relationships.
Read MoreYoung investors fear retirement unknowns
After conducting workplace financial planning seminars for four years, she realized that seeing individual clients was no longer the optimal way to practice. Instead, she transitioned her clients to other advisors and converted her practice to an in-house employer-based model.
"The most consistent and meaningful way to reach clients is at work," she said.