Millionaires are feeling let down by their financial advisors but are thrilled with their personal trainers and therapists, according to a recent survey by Long Angle. The study found that only one-third of wealthy individuals rely on a wealth advisor for financial planning. Many are considering parting ways with their advisors due to high fees and poor service. In fact, 1 in 5 plan to make a change soon.
On the flip side, those same millionaires express high satisfaction with personal wellness services. Chris Bendtsen, an expert from Long Angle, noted that improving one’s health and family life holds more emotional value than just looking at bank balances. As a result, services that focus on wellness are now seen as essential for high-net-worth individuals.
The survey included 114 participants, each with a net worth of at least $2 million. It assessed satisfaction across 14 different services ranging from financial advice to childcare. Personal trainers topped the list with an impressive satisfaction score of 9.3 out of 10. Other well-received services included private schooling and therapy, which scored high marks as well.
Interestingly, financial services lagged behind. Wealth management advice received a satisfaction score of only 7.2. A common complaint among wealthy clients is the cost. Many pay around $10,000 annually for financial advice, often based on asset size rather than performance. This has led some advisors to consider flat fee structures, which can be more transparent and fairer for clients.
The dissatisfaction doesn’t stop with financial advisors. Almost half of those surveyed don’t use estate lawyers, and even those who do aren’t particularly happy with the service. Many wealthy individuals feel that these traditional services are more transactional and less personalized compared to the help they receive from trainers and coaches.
The trend highlights a shift in preferences, particularly among younger millionaires. Nearly half of those under 40 are utilizing therapy services, revealing a growing focus on mental health. The average annual spending on therapy is about $5,000, with younger clients appreciating the quality of care and personal connection they receive.
This transformation reflects broader changes in priorities for the wealthy, showing that personal well-being increasingly takes precedence over mere financial gain.
For more insights on this evolving market, check out the full survey results from Long Angle here.
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