Financial advisors who focus on creating a financial plan for their clients earn an average of 40% more in revenues and oversee three times as much in assets as their counterparts who don’t have planning expertise, according to a new study by the Partnership for Retirement Education and Planning (PREP).

The group surveyed 600 financial advisors in January this year and asked them to rate their expertise across a range of products and services, including life insurance, mutual funds, bonds or stocks, financial planning and distribution planning.

The survey’s findings were presented Thursday at the PREP conference by Matt Thornhill, the founder of consulting firm The Boomer Project.

The survey found that half of the advisors considered themselves to be experts in planning. Those self-declared planning experts oversaw an average of $70 million in client assets versus $26 million for those who did not consider themselves to be experts in that area and were more focused on product sales. The planners also earned an average of $590,000 in gross yearly revenue versus $420,000 for the other group.

According to PREP, the planners identified a number of key strategies they employ to get baby boomers to plan for their future. One is to use language that resonates with the boomer generation. Instead of talking about retirement, which is a moving target for many baby boomers, the planners talk about their client’s financial future. Planners also say they start by building a strategy based on financial and life goals that gives clients a feeling of control over their future. Only then do those planners turn their attention to the products that will help clients reach their financial goals.