Millionaires across the country are rethinking where they spend their hard-earned dollars on professional help. A recent survey reveals that only a third of them rely on wealth advisors for financial planning, while one in five plans to drop their advisor entirely over steep fees and lackluster service. Among those who do hire advisors, 26% eye a switch, and 18% might quit using one at all.
This shift points to a broader trend where the affluent value services that boost personal health and family life more than traditional financial guidance. Personal trainers top the list with an average satisfaction score of 9.3 out of 10, followed closely by investment-visa advisors at 8.8, sports coaches, and therapists at 8.3. Services for kids, like private schools scoring 8.3 and day care at 8.2, also rank high.
“Improving your balance sheet or bank account doesn’t deliver the same emotional value as improving your health and family life,” said Chris Bendtsen, market intelligence lead at Long Angle. “Services for personal well-being or your children score the highest.”
Financial services, on the other hand, lag behind. Wealth advisors average just 7.2 in satisfaction, with many millionaires opting out entirely. Usage varies by net worth: only 22% of those with $5 million or less hire an advisor, compared to 44% for those with $25 million or more. The median annual cost hits $10,000, often as a percentage of assets under management, which a majority pay—though a third prefer flat fees.
“Flat fee structures reflect a growing client preference for transparent pricing and reduced conflicts of interest,” the report said.
Beyond fees, service quality frustrates many. “The general feedback is that advisors are often slow to respond and the advice is not personalized,” Bendtsen said.
Tax pros fare better in usage—82% of millionaires employ a CPA—but 42% consider switching due to delays and a lack of strategic input. Estate planning shows similar gaps: half skip an estate lawyer, though 69% of those worth $25 million or more do use one. Satisfaction with estate attorneys falls below even pool maintenance.
“What we heard is that the wealth managers, estate lawyers and CPAs feel more transactional,” Bendtsen said. “They don’t feel personalized.”
Family-focused spending tells a different story. Millionaires shell out an average of $53,558 yearly on nannies, $30,000 on private schools, and $20,000 on day care—yet these services earn satisfaction scores above eight. Therapy, with a median spend of $5,000 annually, scores 8.3 overall. Younger millionaires lead the way: 43% under 40 use therapists, versus just 13% over 50, citing benefits like quality care, impact, kindness, and personal bonds.
“I think people under 40 are more proactive about their mental health and emotional well being,” Bendtsen said.
These preferences reflect core American ideals: investing in self-improvement, family strength, and transparent dealings that reward real value. As the wealthy demand more customized support, financial firms might need to adapt or risk losing clients to the gym and therapy couch. The survey, from Long Angle, polled 114 individuals worth at least $2 million, mostly between $5 million and $25 million, ranking 14 common services.
