Baby boomers are the most prosperous generation in history. Here are 10 stocks millennials can buy to get in on the action, according to Bank of America.

REUTERS/Mike Blake

• Bank of America published an updated list of thematic stock picks. One of the themes is companies with high exposure to baby boomers.
• The report breaks down companies by their exposure to young consumers through sub-sectors ranging from residential aged care to wealth management.
• Here are the top stocks per sector that Bank of America recommends for exposure to older consumers.
• Read more on Business Insider.

For investors looking to cash in on the "silver wave," Bank of America Merrill Lynch has a comprehensive list of stocks with high exposure to baby boomers.

The bank recently published an updated list of picks for companies exposed to boomers, as a part of a quarterly update to BAML's "Primer Picks" list, which saw it add 63 companies in total.

Baby boomers are currently the largest living adult generation in the US, with millennials closely behind, according to Pew Research. And, even if millennials do edge out boomers in size, they're unlikely to edge them out in spending power - Boomers' wealth is 12 times greater than millennials.

That's a compelling reason to get behind companies with high exposure to boomers, and the report breaks down companies by their exposure level in different sub-sectors. The sub-sectors range from wealth and asset management to senior living and healthcare.

The goal is to illuminate "a diverse range of verticals for investors wishing to access the theme," Haim Israel, an equity strategist at BAML, wrote of the list.

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In order to be highly exposed to the boomer theme, the company must have boomer-related products, technologies, services, and solutions that are core to the business model, strategy, and research and development of the company, according to the report. In addition, the products must move material sales, drive growth, or be a pure play.

There are also a number of stocks that are "Primer Picks." To be included as a Bank of America Primer Pick, the stock must have a high or medium exposure to the relevant theme. It must also be covered by a Bank of America Global Research fundamental analysts and have a "buy" rating when the quarterly update is published.

Here are the top boomer-exposed stocks in each of the 10 sub-sectors tracked by BAML: