What Gen Z, Millennials Investors Expect From Advisers

Young investors, primarily those who are considered Generation Z and Millennials, are poised to inherit $61 billion of wealth in the coming decades. These rising mass-affluent, high-net-worth and very-high-net-worth clients are already showing a differing attitude toward financial advice than older generations, according to a report by the CFA Institute, “Next-Gen Investors: A Guide for Wealth Managers and Financial Advisers.”

Surveying more than 2,400 mass-affluent, high-net-worth and very-high-net-worth investors across Canada, India, Singapore, the United Arab Emirates, the U.K. and the U.S., the CFA Institute found strong demand among younger investors for financial advice. The survey included a subtotal of 149 Gen Z respondents and 151 Millennial respondents from the U.S.

While most older investors reported using some form of financial advice or planning service, including 76% of Generation X and 80% of Baby Boomers, usage rates were even higher among younger investors. Across all surveyed investors, 92% of Gen Z and 89% of Millennial respondents reported using some form of financial guidance. Among those same respondents, 41% were already using financial advice to plan their retirement income, and 44% reported they plan to use guidance in the future.

Despite strong interest in financial help, the report found that Gen Z and Millennial investors expect to receive advice in very different ways than older generations. Younger investors expressed a preference for active participation and collaborative, hybrid advice models that blend human expertise with technology-enabled personalization.

“To serve this next generation of clients, wealth management and advisory services must evolve from an interpersonal-driven model to one that can scale personalization while preserving trust,” said Genevieve Hayman, a senior researcher at the CFA Institute, in the report. “Technology, including [artificial intelligence], will be essential to delivering that experience.”

The call for adaptation to younger investors was echoed in a separate study by Reach3 Insights, which found that 58% of Gen Z and younger Millennial respondents said financial brand language does not reflect how they realistically talk about money.

Additionally, 42% of respondents said the language used by financial companies felt out of touch with real life, while one-third said it appeared to be aimed at older generations.

According to the Reach3 report, younger investors expect an advice model that combines technology-enabled personalization with human judgment; integrates holistic, life-centered financial planning; prioritizes collaboration over delegation; and includes behavioral guidance to help manage emotional decisionmaking.

Gen Z and Millennial respondents, from the CFA Institute study reported using a range of financial advice and planning services, including paid financial advisers through investment firms, wealth managers and family offices; advisers through employer-sponsored retirement plans; digital advice platforms such as robo-advisers; and alternative service providers, including accountants and lawyers.

“Gen Z and Millennial high-net-worth investors’ … desire for holistic advice, product preferences, and expectations regarding the frequency and modes of communication differ meaningfully from their older peers and the models that shaped today’s industry,” said Rhodri Preece, the CFA Institute’s senior head of research, in a statement. “They expect real-time access to information, frequent digital engagement, more investment options and access, and guidance that integrates life goals, behavioral discipline and long-term investment strategies.”

The CFA Institute conducted its survey from June through July 2025, in partnership with Zeldis Research Associates. Reach3 Insights surveyed 450 U.S. adults aged 18 through 34 in February 2026.