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Traditional wealth management firms are at an increasing risk of losing younger clients, particularly as new rules to make investment fees more transparent loom, a new survey shows.

An investor satisfaction study by J.D. Power finds 25% of generation Z respondents and 22% of millennials would consider switching wealth management firms in the next year, citing high costs as their top concern. That compared with 13% of gen X.

Craig Martin, executive managing director at J.D. Power, says younger clients are already asking about the services they get for their money, and upcoming transparency regulations will magnify the focus on fees and other investment costs.

The survey says a little more than half of advised client experiences are purely transactional in nature, which can result in lower loyalty to a particular firm or advisor.

He adds investment firms should be prepared to communicate their value, not just in yields and returns, but also in terms of what an advisor-client relationship can offer.

The study shows National Bank Financial topped J.D. Power’s ranking for overall investor satisfaction, followed by Raymond James and Edward Jones.