Business
Millionaires value their personal trainers and therapists more than their wealth advisors
Cg Tan | E+ | Getty Images
Millionaires are increasingly dissatisfied with their wealth managers and accountants, but they prize their personal trainers and therapists, according to a new survey.
Only a third of millionaires use a wealth advisor for their financial planning and 1 in 5 plan to fire their advisor due to high costs and poor service, according to a new survey from Long Angle, the professional network for startup founders and CEOs. Among those who do use an advisor, 26% are considering switching and 18% may stop using an advisor altogether.
By contrast, millionaires are highly satisfied with their personal trainers, therapists and other professionals who help with their overall wellness and family care, rather than financial issues.
“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.”
The results highlight the growing importance of so-called “soft services” for the wealthy, as wealth managers, private banks and other firms look to attract and retain more high-net-worth clients. Once considered superficial next to financial advice and tax planning, services for health and wellness, family and kids, and travel and self-improvement are becoming core competencies in the business of advising and helping wealthy families.
For the study, Long Angle surveyed 114 people worth at least $2 million, with a majority having net worths of between $5 million and $25 million. It asked them to rank their satisfaction levels on 14 of the most common professional services used by the wealthy, from investment advice and estate planning to sports coaching and housekeeping.
Personal services, child care and education ranked at the top for satisfaction. Out of a score of 1 to 10, millionaires surveyed gave their personal trainers an average score of 9.3, the highest satisfaction for any category of service. They were also happy with their investment-visa advisors (8.8), followed by their personal sports coach and therapist. They also placed high values on services for their kids, including private school (8.3) and day care (8.2).
Financial, home and property services ranked at the bottom. The results for wealth management are especially notable. The satisfaction levels for wealth advisors was 7.2, with most of the respondents saying they don’t even use an advisor. The use of financial managers increases with wealth. Among those with $5 million or less in wealth, only 22% use an advisor, compared with 44% for those with $25 million or more.
Their chief complaint is cost. The median spending for financial advisors is $10,000 a year, according to the survey. A majority of respondents pay a fee based on a percentage of assets under management. A third of respondents pay a flat annual fee.
Many clients increasingly see asset-based fees as inherently lopsided, since the manager gets paid more simply as a function of asset size rather than performance or service quality. The frustration over costs is one reason more advisors are moving to flat fees.
“Flat fee structures reflect a growing client preference for transparent pricing and reduced conflicts of interest,” the report said.
Beyond cost, wealthy investors are also frustrated with service.
“The general feedback is that advisors are often slow to respond and the advice is not personalized,” Bendtsen said.
Accountants and tax lawyers didn’t fare much better. While 82% of respondents use a CPA or tax professional for their taxes, 42% are considering switching tax advisors. Their main complaints were that CPAs were slow to respond and weren’t proactive or strategic enough.
On estate planning, half of millionaires surveyed don’t use an estate lawyer, although their use is highly dependent on wealth levels. Among those with $25 million or more, 69% use an estate lawyer. When it comes to satisfaction levels, estate attorneys ranked below pool services.
The poor grades for financial and legal providers, and high marks for more personal services, go beyond the predictable emotional benefits of feeling and looking better every day. Athletic trainers, sports coaches, teachers and even housecleaners seem to be better at providing the kind of highly customized, goals-driven help that the wealthy are looking for, rather than cookie-cutter solutions commonly provided by wealth managers and lawyers.
“What we heard is that the wealth managers, estate lawyers and CPAs feel more transactional,” Bendtsen said. “They don’t feel personalized.”
Services for children also get high marks and a high share of the wealthy’s spending. The respondents spend an average of $53,558 a year on their nanny, $30,000 a year on private school and $20,000 a year on day care. Private school and day care both scored above an eight on satisfaction despite the price.
Therapy is becoming increasingly important to the wealthy, especially the younger rich. Millionaires gave their therapists an average high score of 8.3. Their median spending on therapy is $5,000 a year.
Nearly half (43%) of millionaires under the age of 40 use a therapist, compared to only 13% for millionaires over 50. Among those who use a therapist, the main benefits cited were quality of care and impact, as well as kindness and having a personal connection.
“I think people under 40 are more proactive about their mental health and emotional well being,” Bendtsen said.
A Southwest Airlines Boeing 737 airplane arrives at Los Angeles International Airport from San Francisco on March 28, 2025 in Los Angeles, California.
Kevin Carter | Getty Images News | Getty Images
Southwest Airlines‘ profit fell 42% in the first nine months of the year compared with the same period in 2024. But its stock has been on a tear.
Shares of Southwest are up nearly 24% so far in 2025, more than any other U.S. passenger carrier. Industry profit leaders Delta Air Lines and United Airlines have risen about 17% each this year.
Southwest stock this week hit a 2½ year high. Analysts and investors have high hopes for the carrier next year, when it completes its planned transformation from a one-size-all-fits airline to one that looks more like its larger rivals.
“What’s helping Southwest’s stock is clearly the initiatives, not the [demand] environment, because if it was you’d see it in all the other stocks as well,” said Savanthi Syth, airline analyst at Raymond James.
Southwest Airlines stock compared with the NYSE Arca Airline index
Starting Jan. 27, Southwest is ditching open seating and moving to assigned seats on its all-Boeing 737 fleet. The first rows of seats have extra legroom — for a fee. Seat prices vary, but, for example, a Baltimore to Las Vegas flight in early February showed the seats going for about $80 each way.
Southwest in October forecast that assigned seating and extra legroom seats could drive $1 billion in pretax earnings next year and $1.5 billion in pretax earnings in 2027.
“Because the assigned seating, the extra legroom, kicks in and there’s a lot of value in that, of course, [results are] going to be better year over year,” Southwest CEO Bob Jordan told CNBC on Dec. 10. “The bookings that we’re seeing reflect the business case for assigned seating and extra legroom.”
Barclays upgraded Southwest’s stock earlier this month, with transportation analyst Brandon Oglenski forecasting Southwest’s adjusted earnings will be above $4 per share next year and surpass $6 per share in 2027.
The end of the cattle call boarding lineup comes months after the Dallas carrier got rid of another decades-old policy: two free checked bags for customers. It also started selling its first-ever no-frills basic economy fares.
Southwest, like other airlines, cut its profit forecast for 2025 after demand dipped early this year as President Donald Trump‘s tariffs and cost cutting in Washington weighed on bookings. More recently, the government shutdown that ended last month hurt demand prompting Southwest to again lower its earnings outlook for the year.
Southwest typically provides its yearly outlook alongside the previous year’s earnings in late January.
Business
Deal approvals: CCI clears Blackstone’s Federal Bank entry; Tata Steel gets nod for BlueScope buyout – The Times of India
The Competition Commission of India on Tuesday approved US-based private equity firm Blackstone’s proposal to acquire up to 9.99 per cent stake in Federal Bank through warrants, clearing the way for the global investor’s entry into the private sector lender.In a release, the fair trade regulator said the proposed transaction involves Asia II Topco XIII Pte Ltd, an arm of Blackstone, acquiring warrants that carry the right to subscribe to equity shares of Federal Bank, PTI reported.“The proposed combination envisages acquisition of certain warrants by Asia II Topco XIII Pte Ltd (acquirer), each carrying a right to subscribe to one fully paid-up equity share of Federal Bank Ltd (target),” the regulator said.Upon full exercise of the warrants, the acquirer will hold 9.99 per cent of the paid-up share capital of Federal Bank on a fully diluted basis, according to the CCI. Blackstone will also have the right to nominate a director on the bank’s board as long as it holds at least a 5 per cent stake.Federal Bank is a private sector commercial lender offering a range of banking products and services, including deposits, loans and payment solutions.In a separate approval, the CCI also cleared Tata Steel Ltd’s proposal to acquire sole control of Tata BlueScope Steel by purchasing the remaining 50 per cent equity stake held by BlueScope Steel Asia Holdings Pty Ltd.“Commission approves Tata Steel Limited’s proposed acquisition of sole control in Tata BlueScope Steel Pvt. Ltd. by purchasing the remaining 50 per cent equity shareholding currently held by BlueScope Steel Asia Holdings Pty Ltd,” the watchdog said in a post on X.Tata BlueScope Steel is currently a 50:50 joint venture between BlueScope Steel Ltd of Australia and Tata Steel Downstream Products Ltd. Tata Steel is engaged in iron ore mining and steel production, while Tata Steel Downstream Products operates in the coated steel segment, offering surface-coated steel products and related solutions.Transactions crossing specified thresholds require clearance from the competition regulator, which is mandated to prevent unfair business practices and ensure fair competition in the market.
The FTSE 100 was in festive mood on Tuesday, closing higher after a report showed improved UK business confidence and the US economy grew more than forecast in the third quarter.
The FTSE 100 index closed up 23.25 points, 0.2%, at 9,889.22. The FTSE 250 ended up just 6.83 points at 22,349.55, while the AIM All-Share closed down 1.67 points, 0.2%, at 758.81.
UK business confidence increased to 47% in December, rising five points from last month and standing 10 points higher than the start of 2025, according to the latest Lloyds Business Barometer.
In addition, optimism towards the wider economy reached a four-month high, up 11 points to 42%. The renewed economic optimism offset a slight dip in firms’ expectations for their own trading prospects, which decreased by one point to 52%.
“It is great to see business confidence ending the year on a higher note,” said Hann-Ju Ho, senior economist at Lloyds Commercial Banking.
Construction saw the sharpest improvement, up 22 points to 61%, its highest level seen this year.
Manufacturing also was up five points to 49%, while retail firms edged higher to 47%, likely reflecting seasonal demand.
In European equities, the CAC 40 in Paris closed down 0.2%, while the DAX 40 ended up 0.2%.
In Copenhagen, Novo Nordisk jumped 9.2% after the US Food and Drug Administration approved its once‑daily Wegovy pill, the first oral glucagon‑like peptide‑1 therapy cleared for weight management.
“As the first oral GLP-1 treatment for people living with overweight or obesity, the Wegovy pill provides patients with a new, convenient treatment option that can help patients start or continue their weight loss journey,” said Novo chief executive Mike Doustdar in a statement late on Monday.
The company expects to launch the Wegovy pill in the US in early January 2026.
Stocks in New York were higher at the time of the London equity market close. The Dow Jones Industrial Average was up 0.2%, while the S&P 500 and the Nasdaq Composite were both 0.3% higher.
The yield on the US 10-year Treasury was quoted at 4.18%, widened from 4.17%. The yield on the US 30-year Treasury was quoted at 4.84%, stretched from 4.83%.
Figures showed US economic growth accelerated in the third quarter of the year, markedly outperforming expectations.
According to Bureau of Economic Analysis data, US gross domestic product expanded 4.3% on an annualised basis quarter-on-quarter in the three months to September 30, easily beating the 3.3% growth predicted by consensus cited by FXStreet, and accelerating from a 3.8% expansion in the second quarter.
ING said the figure was “eye-popping”, primarily due to a strong performance from net trade with exports rising 8.8% and imports falling 4.7%, while consumer spending grew a robust 3.5% versus the 2.7% rate expected.
But while it was a “fantastic outcome”, ING noted fourth-quarter GDP is likely to record growth that is considerably slower, thanks in part to the effects of the month-long government shutdown.
“We also can’t see the net trade component continuing to make such a strong contribution while consumer spending is also set to slow,” ING added.
Other US data was mixed, with industrial production beating expectations, but consumer confidence and durable goods orders falling short of hopes.
The pound was quoted at 1.3481 US dollars at the time of the London equities close on Tuesday, up from 1.3452 on Monday.
The euro stood at 1.1777 dollars, higher against 1.1759 dollars. Against the yen, the dollar was trading lower at 156.37 yen compared to 156.95.
Back in London, Metlen Energy & Metals was the best FTSE 100 performer, rising 6.8%.
It said it has completed the sale of a portfolio of solar farms and co-located battery energy storage systems in Chile to a subsidiary of Glenfarne Group at enhanced terms.
Metlen is an Athens-based aluminium producer and electricity generator. Glenfarne is a New York and Houston-based developer, owner, operator, and industrial manager of energy and infrastructure assets.
In April, Metlen had said Glenfarne unit GAC RS Chile II Spa would pay 815 million dollars (£606 million) for the assets.
On Tuesday, Metlen said the final price to be paid is 865 million dollars (£643 million), reflecting the “value creation opportunities emerging in the Chilean market”.
Videndum plunged 56% as the provider of broadcasting hardware and software said a planned refinancing will, if successful, see current shareholdings “very significantly diluted”, while completion is also not guaranteed.
The firm said the main components of a refinancing proposal have now been agreed in principle with the revolving credit facility lenders and its two largest shareholders.
But the firm warned any share issue would be “very significantly below” their current nominal value of 20p per share.
Gut Gulf Marine Services fared better, climbing 11% after reporting a new contract award that covers two of its large-class vessels in Europe.
Neither the name of the client nor the financial terms of the contract were disclosed, but Gulf Marine Services said the award increases its contracted backlog to 540 million dollars.
Brent oil was quoted at 62.09 dollars a barrel at the time of the London equities close on Tuesday, up from 61.87 dollars late on Monday.
Gold traded at 4,462.05 dollars an ounce, up from 4,440.54 on Monday.
The biggest risers on the FTSE 100 were Metlen Energy & Metals, up 2.80 euro cents at 44.00 euro, Anglo American, up 88.00 pence at 2,993.00p, Antofagasta, up 67.00p at 3,235.00p, BT, up 2.80p at 185.05p and Airtel Africa, up 4.80p at 337.80p.
The biggest fallers on the FTSE 100 were Diageo, down 29.00p at 1,588.00p, Ashtead Group, down 78.00p at 5,192.00p, Convatec, down 3.20p at 238.60p, Burberry, down 16.00p at 1,261.50p and easyJet, down 6.29p at 506.80p.
Wednesday’s economic calendar includes US weekly jobless claims data.
There are no significant events scheduled in Wednesday’s UK corporate calendar.
– Contributed by Alliance News
NFL upholds suspension for Steelers star DK Metcalf
US tells UN it will deprive Venezuela’s Maduro, drug cartel of resources
Russell Brand to appear in court over new allegations
-
Business1 week agoStudying Abroad Is Costly, But Not Impossible: Experts On Smarter Financial Planning
-
Fashion6 days agoIndonesia’s thrift surge fuels waste and textile industry woes
-
Business1 week agoKSE-100 index gains 876 points amid cut in policy rate | The Express Tribune
-
Sports1 week agoJets defensive lineman rips NFL officials after ejection vs Jaguars
-
Business6 days agoBP names new boss as current CEO leaves after less than two years
-
Tech6 days agoT-Mobile Business Internet and Phone Deals
-
Entertainment1 week agoPrince Harry, Meghan Markle’s 2025 Christmas card: A shift in strategy
-
Sports6 days agoPKF summons meeting after Pakistani player represents India in kabaddi tournament