Millennials are about to benefit from 'one of the largest intergenerational wealth transfers in history'

That's the thesis of a white paper out by UBS. According to the Swiss bank, Wall Street is at the precipice of a massive transfer of wealth, the likes of which has never been seen.

Older millennials are approaching "peak income" age and Baby Boomers, the generation born following WWII, are set to pass on trillions of dollars of wealth in the coming years to younger generations.

In just three years global millennial wealth could stand at $24 trillion, according to UBS, up $7 trillion from 2015.

Millennials are about to benefit from "one of the largest intergenerational wealth transfers in history," according to Tom Naratil, president of UBS Americas, and Jürg Zeltner, president of UBS Wealth Management.

As such, the bank believes "it is critical" that Wall Street firms pay attention to millennial-specific tastes when it comes to wealth management.

Following are the three preferences the banks think Wall Street firms should consider when shaping their offerings to attract people in the millennial generation.