CFA Institute survey of investors across global markets shows strong digital engagement, demand for personalization, and evolving definitions of trust
NEW YORK--(BUSINESS WIRE)--CFA Institute, the global association of investment professionals, today released new research demonstrating how Gen Z and millennial mass-affluent, high-net-worth (HNW) and very-high-net-worth (VHNW) investors are redefining the future of private wealth management.
As trillions of dollars pass to younger generations in the Great Wealth Transfer, the research titled, Next-Gen Investors: A Guide for Wealth Managers and Financial Advisers, explores how behaviors and expectations of Gen Z and millennial investors differ from Gen X and Baby Boomer investors -- and what this means for the future of financial advice and wealth management.
Drawing on a survey of more than 2,400 mass affluent, HNW, and VHNW investors in Canada, India, Singapore, the United Arab Emirates, the United Kingdom, and the United States, the research finds strong demand for advice among young investors, and offers data-supported insights for advisers and wealth managers to succeed with the next generation of wealth management clients.
Rhodri Preece, CFA, Senior Head of Research at CFA Institute, comments:
“Gen Z and millennial high-net-worth investors are reshaping private wealth management in fundamental ways. Their 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. 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.”
Genevieve Hayman, PhD, Senior Researcher, CFA Institute adds:
“Our survey data show that wealthy Gen Z and millennial investors are not turning away from professional advice, but they are redefining it. They expect active participation in financial planning and want collaborative, hybrid advice models that combine 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. Technology, including AI, will be essential to delivering that experience.”
Key Global Insights from the Survey:
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Strong Demand for Financial Advice:
Over 90 percent of wealthy Gen Z and millennial investors surveyed report using some form of paid financial advice, including traditional advisers, robo-advisers, accountants, or lawyers. Gen Z investors are more likely to receive financial advice through workplace plans or robo-advisers. Millennials are most likely to use traditional advisers. Nearly 70 percent of young investors surveyed who engage a paid adviser interact with their adviser at least monthly.
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Innovation, Market Trends, and FOMO
More than half of young HNW and VHNW investors (55 percent) report making investment decisions driven by “fear of missing out” (FOMO), particularly in emerging asset classes such as cryptocurrency. They seek advisers who can contextualize new developments and be a strategic, forward-looking partner, balancing innovation with prudent advice.
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Trust is Enhanced Through Performance Measures and Data Security
“Trustworthy” and “ethical” remain the most important qualities when selecting an adviser, but what defines trust differs across generations. Young investors define trust through measurable behavior, professional competence, and digital integrity. They value transparency, credentials, and cybersecurity alongside empathy and cost clarity.
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Use of Digital Resources is Strong, but Advisers Remain the Most Trusted Source
Young investors learn from a wide range of online sources and about one-third have used generative AI for financial education. Yet human advisers remain the single-most-trusted source of investment guidance. Millennials are the most likely to access a paid professional adviser through an investment firm, wealth manager, or family office (58 percent). Millennials also show strong appetite for advisory services across both human and robo-advisory formats. Gen Z are most likely to access robo-investment advice only (43 percent).
About CFA Institute
As the global association of investment professionals, CFA Institute sets the standard for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across 160 markets, CFA Institute has 9 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn.
Contacts
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