When asked whether their wealth management firm has delivered on key outcomes, younger high net worth individuals raised some concerns about their needs being met.

Almost a third of the UK's high net worth individuals under the age of 40 believe their wealth manager's recommendations do not match their risk tolerance, according to new research by NPG Wealth Management, Scorpio Partnership and SEI.

The finding is notably above the global average of 17 per cent, suggesting that scepticism among millenials is particularly stark in the UK, where 26 per cent are not satisfied with how their investment strategy has been explained to them, according to the research.

In Europe, 20 per cent said their financial provider had under-delivered in this area, compared to a more disconcerting 29 per cent in Asia-Pacific. Under 40s from the Americas came out as the most satisfied with their provider although 23 per cent of them do not fully understand how investment performance has been generated.

A universal concern for next generation clients was the impact of regulation on wealth management guidance. Over a third of those under 40 fear that guidance will become less personal as regulators take further charge. This compared to 26 per cent of respondents over the age of 60.

“Wealth management firms need to be mindful that younger clients are not as satisfied about the service delivery as their predecessors,” said NPG Wealth Management's chief executive, Marc Stevens.

“The implication is that institutions will need to work harder to understand the dynamics of this client group to ensure that the quality of outcomes does not slip. In particular, younger clients are much more information-hungry than their predecessors and require both education and mentoring.”

When it comes to trust in their wealth management firm, younger clients place greater importance on the robustness of security processes, with 30 per cent of European under 40s highlighting this as a key influencer, compared to 20 per cent of all respondents. This compares to 24 per cent of UK under 40s and 19 per cent of all UK respondents.

The "Generation sceptic: Meeting the millenial standard" report takes into account the views of 3,113 investors worldwide with an average net worth of $2.7 million.