The report was executed by BNY Mellon's Pershing, which examined the decisions of young high net worth investors.

Financial advisors need to adjust their marketing strategies and business models to attract younger high net worth investors, according to a new Pershing report.

BNY Mellon’s Pershing drafted a report called Gen Why? How to Succeed with Younger, HNW Clients Who Question Everything, which examined the demographic and psychological factors driving decision-making among Generation X, Y and Z clients with $5 million to $25 million in investable assets.

The report suggested several ways that advisors could change their business to adapt to younger clients. Below are the key suggestions:

-    Actively manage time: Time is a limited resource to be spent wisely. Younger investors want to work with advisors who use their time as efficiently as possible—interactions should be polite but productive and to the point.

-    Meet them where they are (online, mobile): Advisors will not find many millennials on the golf course. Younger investors are hyper-connected, relying on their devices to save them time and keep them up to speed, and expect their advisors to do the same. More touchpoints but of shorter durations with email and text are preferred, while video chat is preferable to face-to-face meetings.

-    Align your business to a broader mission: In addition to providing an array of socially responsible investment offerings, advisors should champion a social cause that's of real importance to them, and clearly communicate how this commitment ladders back to the core values of their business.

-    Skip the standard pitch: Younger investors want to feel they have the necessary information to make smart, informed financial decisions. With that in mind, advisors should consider curating podcasts, short videos and objective investment insights to keep clients informed and involved.

"Younger generations are poised to earn and inherit significant wealth in the years to come," said Katie Swain,‎ director of financial solutions at Pershing. "For advisors looking to attract and retain young high net worth clients, rapid response times, authenticity and complete transparency, along with technology and social media savvy have all become absolute requirements."