Survey Finds Millionaires Happier With Trainers and Therapists Than With Wealth Advisors

Personal well-being services are outshining traditional financial advice among high-net-worth individuals, according to a new study by Long Angle, a professional network for startup founders and chief executives. The survey, released this month, shows that millionaires rate the work of personal trainers, therapists and child-care providers far more favorably than the assistance they receive from wealth managers, accountants and estate attorneys.

Long Angle polled 114 respondents whose net worth is at least $2 million; most participants fall between $5 million and $25 million in assets. Asked to score satisfaction with 14 common professional services on a scale of 1 to 10, the group gave personal trainers an average rating of 9.3—the highest mark in the study. Investment-visa consultants received an 8.8, while sports coaches and therapists also landed near the top of the rankings.

Financial specialists did not fare as well. Wealth advisors earned a 7.2 satisfaction rating, and only one in three respondents uses an advisor for financial planning at all. Among those who do, 26 percent are thinking about switching firms and 18 percent may halt advisory relationships entirely, citing high fees and limited customization. The median annual payment to a financial advisor is $10,000, most often calculated as a percentage of assets under management.

Price sensitivity is prompting some affluent investors to seek fee structures that are easier to understand. A third of the survey’s participants already pay a flat yearly amount rather than asset-based percentages. The report notes that flat fees reduce potential conflicts of interest, echoing guidance from regulators such as the U.S. Securities and Exchange Commission, which urges investors to scrutinize how advisers are compensated.

Services Focused on Health and Family Lead the Pack

Beyond fitness coaching, millionaires expressed strong approval for offerings that support children’s education and care. Private schools scored 8.3, day-care services 8.2 and nannies account for an average annual outlay of $53,558—more than any other single service captured in the study. Respondents spend about $30,000 each year on private school tuition and $20,000 on day care.

Mental-health support is another area of rising importance, especially among younger wealthy individuals. Therapy received an average rating of 8.3, and median spending is $5,000 per year. Forty-three percent of participants under 40 work with a therapist, compared with 13 percent of those over 50. Users highlighted quality of care, tangible results and the personal connection with therapists as the main drivers of satisfaction.

Traditional Advisory Roles Under Pressure

The survey indicates that accountants and tax lawyers are only marginally ahead of financial advisors in client perception. Eighty-two percent of respondents hire a certified public accountant or other tax professional, yet 42 percent are considering a change. Slow response times and a perceived lack of proactive guidance are the most common complaints. Estate planning shows a similar split: half of all participants do not use an estate attorney, but among households worth $25 million or more, usage climbs to 69 percent. Even so, estate lawyers scored lower than pool-maintenance providers in overall satisfaction.

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Chris Bendtsen, market intelligence lead at Long Angle, said survey participants believe services such as wealth management, tax preparation and legal advice feel transactional and detached. By contrast, professionals who address health, fitness and family needs tend to offer highly customized, goal-driven support that clients see as directly improving daily life.

Usage data reinforces the gap between monetary and personal services. Only 22 percent of individuals with $5 million or less rely on a wealth advisor, while 44 percent of those with assets exceeding $25 million do so. Although reliance on financial advisors increases with net worth, satisfaction does not show the same upward trend.

The findings come as private banks and investment firms attempt to broaden their value propositions beyond portfolio management. Many are adding wellness, travel planning and family office services in an effort to capture a greater share of client loyalty. The Long Angle study suggests these “soft” offerings may now be essential rather than supplementary in retaining affluent households.

Overall, the survey underscores a shift in priorities among the wealthy toward services that provide immediate, tangible benefits to personal and family life. As expectations evolve, financial professionals face mounting pressure to deliver transparent pricing and more personalized guidance or risk losing ground to providers focused on health, wellness and education.

Crédito da imagem: Cg Tan | E+ | Getty Images