When it comes to making above-average returns, young wealthy Americans are moving past U.S. stocks.

What Happened:A total of $84 trillion could transition from seniors and Baby Boomers to the younger generations through 2045, according to The Bank of America Study of Wealthy Americans. The younger crowd also believes in investing in real estate like their parents. However, they're also turning to ideas like alternative assets and the growing cryptocurrency sector.

Perhaps the biggest takeaway from the survey is that 72% of wealthy Americans aged 21 to 43 — with $3 million or more in investable assets — say it is no longer possible...