A generational shift is redefining what wealth means for high-net-worth clients under 45. Millennials and Gen Z are increasingly directing discretionary income toward experiences such as luxury travel and fine dining rather than traditional markers like real estate, fine art, or collectibles. For financial advisors, this trend is creating a new planning challenge: how to honor the way this generation wants to live today while protecting the financial foundation they will need for decades ahead.
The trend is backed by data. A March 2026 report by the CFA Institute, based on a survey of more than 2,400 mass-affluent, high-net-worth, and very-high-net-worth investors across the U.S. and five other countries, found that younger investors are fundamentally reshaping expectations around financial advice, products, and client relationships. Separately, Bank of America's 2026 Study of Wealthy Americans projects that Millennials and Generation X will inherit nearly $18 trillion over the next decade, accelerating younger clients' entry into high-net-worth investing.
Social media and the experience economy
Nick Conforti, associate financial advisor at Bogart Wealth, a McLean, Virginia-based RIA, says social media and technology are among the biggest drivers of the shift away from illiquid traditional investments. "Hearing that a foreign country is amazing is a lot different than seeing pictures and videos of people exploring the far reaches of it and trying food you have never heard of," Conforti said. "In many cases, these investors have grown up in families that travel extensively and may have become accustomed to that lifestyle."
Spending on experiences now rather than waiting for slower-appreciating assets to mature has become the preference for this generation, Conforti says. The opportunity cost of owning a vacation home or art collection feels higher to younger clients who can redirect that capital toward immediate, memorable returns. His approach starts with behavioral finance—understanding what a client values and how much weight each financial goal holds. "Younger HNW clients may require a greater focus on investments and tax as opposed to creating cash flow and estate planning," Conforti said. "Understanding the client is the key when determining what areas to focus on." For the practical side, he relies on a bucket-based budgeting model, starting with four broad categories—discretionary, non-discretionary, short-term savings, and long-term savings—and filling in the detail over time.
Redefining wealth, not abandoning it
Ann Marie Etergino, managing director and financial advisor at RBC Wealth Management, where she leads the Etergino Group in Chevy Chase, Maryland, sees the experience preference less as a rejection of wealth-building and more as a redefinition of what wealth is for. "Experiences offer something different—immediacy, flexibility and real connection," Etergino said. "And in a highly networked world, they've become a more socially acceptable way to express success than a luxury car, a big home, or an art collection."
She draws a line between assets that depreciate and those that compound. A luxury car loses value; a home, a business, or a well-structured investment portfolio can appreciate, generate income, and ultimately fund retirement. The advisor's role is to help clients see that distinction clearly and build plans that allow meaningful experiences today without sacrificing long-term financial independence. "The real challenge is helping younger clients enjoy meaningful experiences today without missing out on what asset ownership can do for their long-term financial security," she said. She is candid about the limits: a single expensive trip may be affordable, but a permanently elevated travel and entertainment budget requires a very large capital base to sustain without drawing down wealth. "Experiences should be part of a rich life, not a substitute for building wealth," Etergino said. "A good financial plan gives clients permission to enjoy their wealth while preserving future choices."
Guardrails, not restrictions
Kelly Regan, vice president and financial planner at Girard, a Univest Wealth Division in Broomall, Pennsylvania, says younger investors are not looking for advisors to tell them what they cannot do. They want a trusted professional who can tell them with confidence what they can afford—and be honest when the math does not work. "Younger clients are often looking for a collaborative relationship where they can discuss both financial opportunities and tradeoffs without feeling dismissed or ignorant," Regan said. "We observe that the younger HNW generation want to work with professionals who provide clear decisive solutions, ongoing education, and objective advice so that the client achieves the life they want to live."
Regan's planning model is built around showing clients how competing goals interact. When travel, dining, second homes, philanthropy, retirement, and legacy goals are all mapped within a single financial plan, clients can make lifestyle decisions with clarity rather than anxiety. "Rather than telling clients to spend less, advisors can help establish sustainable spending targets, savings goals, and guardrails that allow them to enjoy experiences today without jeopardizing long-term objectives," she said. This approach aligns with broader trends in the industry, as seen in delayed life milestones among younger generations and the evolving investment vehicles that cater to new client preferences.
