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Wealthy millennial investors have the lowest allocation to stocks compared to other generations. High net worth and ultra-high net worth members of the millennial generation — those who were born between 1981 and 1997 — also have the highest exposure to alternative investments, according to a new survey from U.S. Trust. But wealthy millennials have ramped up their stock allocations in the past year to 46 percent from 25 percent, according to the survey. They also cut their cash as a percentage of their total portfolio to 21 percent from 47 percent.

The online poll surveyed 892 high net worth and ultra-high net worth investors ages 21 and up who have $3 million or more in investable assets excluding their homes. Chris Hyzy, chief investment officer for Bank of America Global Wealth & Investment Management (Merrill Lynch and U.S. Trust), attributes those changes to several factors. “The market did outstandingly well in 2017, which gives them this feeling of comfort,” Hyzy said. Members of this generation are also getting older and are likely having more conversations with financial advisors about how to invest, Hyzy said.