Wealthy millennials and Gen Zers are increasingly bypassing the traditional stock and bond markets and investing in areas such as real estate, cryptocurrencies and private equity, according to a Bank of America study.

The study, which included 1,007 high-net-worth respondents throughout the U.S., found that 72% of investors ages 21 to 43 believe investing solely in stocks and bonds will not achieve above average returns.

Their investment portfolios consist of 47% stocks and bonds, compared with 74% for those over the age of 44. Alternatives account for 17% of their portfolios, and 93% indicate that they will allocate more in the next few years. Forty-five percent also own physical gold as an asset and another 45% are interested in owning it.

But it is crypto that seems to be piquing their interest the most, with nearly half (49%) owning the digital asset and another 38% indicating their interest in owning it. In fact, the report showed that 28% of young wealthy investors ranked cryptocurrency among the top opportunity areas for growth, second only to the 31% who ranked real estate as the No. 1 growth opportunity.

Notably, only 4% of investors over age 44 ranked cryptocurrencies as a growth opportunity. They placed U.S. stocks at the top, followed by real estate investments.

Jeff Busconi, head of wealth management strategy at Bank of America, said these generational differences amid the great wealth transfer already in motion are critical for advisors in their preparing and planning. He noted that fewer than half of the wealthy people surveyed have the basic planning elements in place—a will, an advanced healthcare directive and a durable power of attorney for an estate plan.

The BofA study also found that 48% of the respondents had not considered hard assets—including real estate, art and collectibles, and other tangible assets—in their estate plans. It further pointed out that while 56% have established a trust, only 27% indicated that they understand trusts and their benefits very well.

The study also pointed out that 69% of parents have talked with their children about family wealth plans. Those conversations, it said, take place “after their children reached the age of 31, on average.”

“Beyond setting up legal documents, managing family dynamics is a common challenge when transferring wealth,” Busconi said, adding that, “over half of young wealthy individuals are experiencing strain over inheritance, making planning, communication and guidance all that more important,” he said.