Jake Halladay is a private wealth adviser for Bel Air Investment Advisors, which manages $8 billion in assets.

Halladay works primarily with millennial entrepreneurs; his clients have an average net worth of $25 million.

Halladay's millennial clients often think they can replicate their success and tend to gravitate toward exciting or trendy investments.

The pace at which wealth is being created is unprecedented.

It has never been easier to start a business. Combining the power of social-media marketing and very little money, someone can create a highly profitable business almost overnight. I've seen an apparel brand generate revenue over $5 million in less than nine months and another apparel brand grow to over $1 billion in revenue in five years. Companies can grow and scale much more quickly than in the past.

Robert Frank of CNBC reported that millionaire households in the US grew by more than 700,000 last year to over 11 million. The number of households worth $5 million to $25 million grew by 84,000, to 1.35 million. The number of households worth more than $25 million jumped by 10%, increasing by 16,000 to a total of 172,000.

Creating relationships with this new generation of wealthy millennials as a financial adviser is thrilling. I am inspired as they use their newfound wealth to shape the world for the better. Needs and desires are different than they were in the past and it's important to be flexible and open to the changing environment that encompasses the investment world. As we grow in this age of technology and innovation, I look forward to what these inspired entrepreneurs will bring to the table.

Through my management of assets for wealthy millennial entrepreneurs, I have noticed a few things about how they manage their money.