What every wealth manager should know about wealthy next-gen investors

The “Great Wealth Transfer” may not be a story about asset movement at all. The truth is that much of the inherited wealth will remain invested rather than spent, essentially a transfer of ownership within financial markets.¹

If an estimated 81% of next-gen high-net-worth individuals are planning to switch away quickly from their parents' wealth management firm,² the real question becomes who will manage the assets?

For wealth management firms who intend to grow with the next generation of wealthy clients, the Fidelity 2026 Investor Insights Study reveals this segment’s engagement preferences, distinct attitudes, and expectations for an advisor relationship. Attracting, serving, and retaining these clients may define a firm’s future.

5 key attributes of wealthy next-gen investors

Fidelity defines "wealthy next-gen investors" as Gen Y and Gen Z individuals with $1M+ in assets exclusive of their primary home and retirement assets. These demographics provide context, but findings from Fidelity's 2026 Investor Insights Study underscore the behaviors and attitudes that may prove to be more influential in shaping advisory relationships among this segment.

1. Digital-first, AI-engaged

Wealthy next-gen investors expect digital access across the full client life cycle—from discovery to onboarding to ongoing service, with embedded AI as part of the package.³ Many rely on online and social platforms as primary sources of financial information.⁴

2. Preference for collaboration and transparency

Unlike prior generations that often delegated decisions, wealthy next-gen investors seek to actively participate in planning and investment decisions.⁴ Visibility and access to information are baseline expectations.³

3. Success defined as financial independence

Rather than citing a target retirement age,³ wealthy next-generation investors frequently emphasize financial independence and flexibility as the primary goals for their investments.⁴

4. Openness to innovation and alternative investments

Wealthy next-generation investors are generally more open to new asset classes.⁴ Research shows that most Gen Z investors already participate in financial markets, often beginning with digital assets or individual equities.⁵

5. Influenced by social media and peer networks

Digital content and peer-driven networks increasingly shape financial behavior. A significant portion of wealthy Gen Y and Z investors rely on social platforms to inform investment decisions.⁴

Ideas to better serve wealthy next-gen clients

• Engage early: Connecting before significant asset accumulation is foundational for establishing a long-term relationship.
• Work collaboratively: Advisors who act as educators may resonate more strongly than those with a purely directive approach. Holistic advice—around planning, cash flow, and life events—may help you differentiate your practice and become more relevant to this client segment.
• Plan for changing plans: Advised wealthy next-gen investors value flexibility and options when setting life goals. Planning frameworks may need to expand beyond traditional retirement assumptions.
• Be the expert guide they turn to: Wealth managers may benefit from articulating clear perspectives on both the potential opportunities and risks associated with evolving investment categories.
• Establish a digital footprint: Expanding your presence across digital platforms--where these investors spend their time and access much of their information--can help to build familiarity and trust, and aid early introductions.

The shape of financial advice is changing

While baby boomers defined a retirement-focused model of advice, younger generations bring new expectations formed by technology, emerging investment opportunities, the desire for a faster path to wealth, and a real need for expert guidance.

Those wealth managers who align their engagement models, service offerings, and communication strategies with next-generation needs may be in the best position to manage the assets that follow.