High-net-worth (HNW) millennials are more likely to turn to social media and finfluencers for investment guidance when they inherit (27%), than to financial advisers (18%).

Despite this, two thirds (65%), of Gen X and millennial inheritors said they had regrets about how they used their inheritance money, with nearly two in five wishing they had invested more of their windfalls.

The figures have been published in a new study of inheritance use and succession planning.

Almost half, 47%, of the wealth holders surveyed inherited directly from their grandparents. That suggests that HNW families are accelerating the transfer of wealth to their heirs, according to investment manager Capital Group, the firm behind the study. It surveyed 600 HNW individuals across Europe, Asia Pacific and the US.

Guy Henriques, president, Europe and Asia client group at Capital Group, said: “Trillions of dollars are estimated to be transferred from Baby Boomers across the US, Europe and developed Asia to younger generations in coming decades.

“Millennials and Generation Z are receiving larger inheritances at a younger age and could benefit from a financial adviser’s market insights and long-term investment perspective.”

The research revealed that three quarters of wealth holders reported challenges in communicating succession planning.

Three-fifths, 61%, said they relied on lawyers and 49% on accountants to handle succession matters, while only about 15% used financial advisers.

Financial advice is more prevalent in the UK: with more than a third, 36%, (vs 25% globally) of inheritors consulting advisers, compared to 25% globally.

When it came to succession planning advice more than double the global average of UK inheritors sought succession planning advice at 32% compared to 15% globally.

In the UK, 78% of those who sought advice reported feeling better informed about managing their wealth compared to just 52% globally.

• The Capital Group study was conducted by Financial Times Longitude in February and March. The study surveyed 600 high-net-worth individuals to explore their approach to inheritance use and their own succession-planning.