CFA Institute, a global association of investment professionals, today released new research showing 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.

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 found 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. 

Findings from the research titled “Next-Gen Investors: A Guide for Wealth Managers and Financial Advisers” reveal that in Singapore, around 70% of young investors expect to receive an inheritance. They also report the highest likelihood of holding ETF investments (50%), compared with 29% for Singaporean Gen X and Baby Boomer investors.

Cindy Tan, CFA, CA (Singapore), president, CFA Society Singapore, commented: “It is encouraging that the majority of Singapore’s young investors say they feel confident about investing and reaching their financial goals. Notably, the top three asset classes they plan to own are individual stocks, ETFs and cryptocurrency.”

“Singaporean Gen Z and millennial investors also heavily use mobile and digital communication channels when engaging with advisors, with high use of messaging apps and text messaging relative to investors in other markets.”

“These trends signal growing demand for advisory models that blend professional expertise with sophisticated product offerings, urging wealth managers to rethink how they engage next-gen clients in an evolving wealth landscape,” she added.

Key global insights from the survey include strong demand for financial advice: over 90% of wealthy Gen Z and millennial investors surveyed use 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% of young investors surveyed who engage a paid adviser interact with their adviser at least monthly.

In addition, more than half of young HNW and VHNW investors (55%) 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.

“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 behaviour, professional competence, and digital integrity. They value transparency, credentials, and cybersecurity alongside empathy and cost clarity, the survey found.

Finally, 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%). 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%).

Rhodri Preece, CFA, senior head of research at CFA Institute, said: “Gen Z and millennial high-net-worth investors are reshaping private wealth management in fundamental ways. They expect real-time access to information, frequent digital engagement, more investment options and access, and guidance that integrates life goals, behavioural discipline, and long-term investment strategies.”

Genevieve Hayman, PhD, senior researcher, CFA Institute, and co-author of the research, added: “Our survey data show that wealthy Gen Z and millennial investors are not turning away from professional advice, but they are redefining it.”