Prime Highlights:
- Millionaires show greater satisfaction with personal trainers and therapists than with financial advisors.
- Personalized, wellness-focused services are emerging as key priorities among the wealthy.
Key Facts:
- Only 33% of millionaires use a wealth advisor; 20% plan to fire theirs due to high costs.
- Personal trainers scored 9.3/10 in satisfaction, while wealth advisors scored just 7.2.
Background:
A new survey by Long Angle found that many millionaires value their personal trainers and therapists more than their financial advisors. The study shows that the rich are now focusing more on their health, family, and overall well-being rather than just financial advice.
The survey revealed that only one in three millionaires uses a wealth advisor for financial planning. One in five plan to stop working with their advisors because of high fees and poor service. Among those who do have advisors, 26% are thinking about changing them, and 18% may stop using financial advisors completely. In contrast, satisfaction levels with personal trainers, therapists, and childcare providers are significantly higher.
Chris Bendtsen, Market Intelligence Lead at Long Angle, noted, “Improving your balance sheet doesn’t deliver the same emotional value as improving your health and family life. Services that enhance personal well-being or support children score the highest among the wealthy.”
The survey, which polled 114 individuals with net worths above $2 million, found personal trainers ranked highest in satisfaction with a score of 9.3 out of 10. They were followed by investment visa advisors (8.8) and therapists (8.3). Financial services, including wealth management and estate planning, ranked much lower, wealth advisors averaged a satisfaction score of just 7.2.
The biggest complaint about wealth managers is cost. The median annual spending on financial advisors is $10,000, with many clients frustrated by asset-based fees that increase with portfolio size rather than service quality. Many millionaires were also unhappy with their accountants and tax experts, with 42% planning to switch because of slow service and unhelpful advice.
Even so, the survey shows that wealthy people’s priorities are changing. They now prefer personal and caring services that make their lives better, showing a new idea of what “value” really means to them.