Fidelity Investments released the results of its ninth millionaire outlook study, which shows that the face of wealth is changing and is beginning to “tip” to Generation X and millennials.

Other studies have shown Gen X and millennials will surpass baby boomers in terms of holding the most wealth in the country.

The Fidelity study finds that the share of millionaires who are Gen Xers and millennials is growing fast – from 8% in 2012 to 18% now.

While the number of younger millionaires is growing, the number of these millionaires that use financial advisors is actually falling.

The Fidelity study finds that 58% of Gen X and millennial millionaires are currently working with a financial advisor. This is down from 72% five years ago. According to Fidelity, this group represents both an opportunity and a risk for the wealth management industry.

“With the percentage of Gen X/Y millionaires using an advisor on the decline, the industry needs to take a step back and ask: What can we be doing to ‘tip’ these investors toward valuing advice?” said David Canter, head of the registered investment advisor segment at Fidelity Clearing & Custody Solutions. “Gen X and Millennials don’t manage their finances in the same way that their parents did – they want an advisor who will be their own personal CFO and organize and simplify their financial lives.”

Gen X and millennial millionaires look much different than older generations of millionaires do. The study finds that these younger millionaires are more diverse (17% are non-Caucasian compared with 5% of boomers) and more likely to be women (44% compared with 32% of boomers).

And the differences don’t end there. The Fidelity Millionaire Outlook study found that Gen X and millennial millionaires take a much different approach to money than boomers.

The younger millionaires have more aggressive portfolios – 14% hold derivatives, compared with 6% of boomers; 19% hold venture capital investments, compared with 6% of boomers; and 16% hold foreign currency, compared with 5% of boomers.

This younger cohort also has higher expectations when it comes to their advisors’ management of their portfolios. Gen X and millennial millionaires expect investment returns to be 16% on average. By comparison, boomers expect investment returns to be 7%.