High-Net-Worth Investors Prioritize Personal Wellness Over Financial Advice, Signaling Shift in Service Demand

Imagine if you paid a lot of money for a fancy smartphone, but it never worked quite right—while your trusted gym coach or babysitter always made your day better. That’s how many millionaires feel about their financial advisors compared to their personal trainers and therapists, according to a new survey.

Why This Matters for Investors

If people with millions to invest are unhappy with their money managers, it could mean big changes for the whole financial industry. It might also open up new opportunities—or risks—for regular investors, as wealth managers rethink what services matter most.

Millionaires Are Rethinking Their Help

• Only about one-third of millionaires use a financial advisor for planning, and 1 in 5 are thinking about firing their advisor, a survey from Long Angle found.
• By comparison, millionaires are much happier with personal trainers, therapists, and caregivers for their families.
• Personal trainers got a satisfaction score of 9.3 out of 10, the highest of any service. Therapists and sports coaches also scored high.
• Services for kids, like private school and day care, were also highly valued—even though they cost tens of thousands of dollars a year.

Bull Case: Why Some Services Shine

• Personal touch: Trainers, therapists, and teachers give customized help and build real connections.
• Well-being matters: Many millionaires feel improving their health or family life is more rewarding than boosting their bank account.
• Value for money: Even though personal services can be expensive, clients feel they get what they pay for.
• Growing mental health focus: Nearly half (43%) of millionaires under 40 use a therapist, compared to just 13% of those over 50.

Bear Case: Where Financial Advisors Fall Short

• High costs, low satisfaction: The average millionaire pays about $10,000 a year for a financial advisor, but many don’t feel the service matches the price.
• Lack of personalization: Many say advice feels generic and not tailored to their needs.
• Poor communication: Both financial advisors and accountants often respond slowly and aren’t proactive enough.
• Changing fee structures: Some wealth managers are switching to flat fees, but many clients still see charges as unfair.

Data & Context: Is This New?

This isn’t just a one-time thing. A recent CNBC survey found only 35% of investors with $1 million or more felt “very satisfied” with their financial advisors—down from 44% a decade ago. Meanwhile, spending on wellness and personal services has grown every year, with the global wellness market now worth over $4.4 trillion, according to the Global Wellness Institute.

What This Means for Sectors & Markets

• Financial sector: Wealth managers and accountants face pressure to offer more personal, flexible, and transparent services.
• Wellness & education: Sectors like fitness, therapy, and private education could see more growth as wealthy families spend more here.
• Tech & innovation: Apps and services that offer customized advice or coaching could become more popular with all investors, not just the rich.

Investor Takeaway

• Look for companies in the wellness, fitness, and private education sectors—these are areas where wealthy customers are spending more and reporting higher satisfaction.
• If you use a financial advisor, ask for more personalized service and consider if a flat fee model would save you money.
• Watch for new trends in financial services—firms that adapt to offer more personal, proactive help may outperform old-school competitors.
• Consider your own portfolio: Balance investments in traditional finance companies with those in growing personal service industries.
• Remember, even the wealthy want value and connection—not just numbers. Investments that deliver both could have long-term staying power.

For the full original report, see CNBC