Wide shot of friends and family enjoying dinner and sunset during destination wedding reception at luxury villa in MoroccoThomas Barwick | Digitalvision | Getty ImagesA version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The $100 trillion wealth transfer from older to younger generations is set to reshape the wealth management industry, as younger investors plan to move their money to new advisors, according to a new report.A new survey from Capgemini shows that 81% of “next generation millionaires,” or those set to inherit large wealth from their families, plan to replace their parents’ wealth management firms. Most cited poor digital offerings or a lack of services and products.”We were staggered when our research came back with that number,” said Kartik Ramakrishnan, CEO of financial services at Capgemini. “What that generation looks for is different from what that previous generations have looked for.”Understanding the next generation of inheritors will become increasingly critical to wealth managers as a historic transfer of wealth gets underway. According to Cerulli Associates, more than $100 trillion is expected to flow from baby boomers and older generations to heirs and spouses. A majority of the transfers (over $60 trillion) will come from millionaires and billionaires, representing the top 2% of households by wealth. And most of the flows will be in the U.S.The firms that can best attract, retain and cater to the future of wealth will be best positioned for the future. More than two-thirds of wealth-management executives surveyed by Capgemini said they were focused on engaging the next generations.Yet the gap remains wide. A majority (58%) of executives surveyed admitted it was “challenging” to build relationships with the next gen. Beyond age differences, the new breed of inherited wealth (those born between 1965 and 2012) are dramatically different from boomers when it comes to investing, priorities and lifestyles.Here are five of the top priorities of the next generation and how wealth managers can best adapt:1. Embrace riskYoung investors traditionally take more risk, given their timelines and age. Yet even adjusted for age, millennials and Gen Zers like to live further out on the risk curve, with meme stocks …
