However, younger clients bring very different expectations. Millennials, in particular, are more inclined toward private assets, cryptocurrencies, sustainable investing, and active ETFs, requiring advisors to expand beyond traditional portfolio strategies.
They are also more engaged in the investment process, with 68% preferring either a collaborative relationship with their advisor or full control over decisions.
While nearly half of US millennials say they are more likely to use automated advice as AI advances, and 41% say they trust algorithms in investment decision-making, human advisors remain central. Across generations, investors continue to place their highest trust in their own financial advisor over digital tools or external sources.
Adapting to retain assets
The findings suggest that advisors who fail to evolve risk losing relevance and assets.
Firms that succeed will be those that extend relationships beyond the primary client, engage heirs earlier, and tailor services to reflect generational and gender-based differences in risk tolerance and financial priorities.