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Millionaires value their personal trainers and therapists more than their wealth advisors

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Millionaires value their personal trainers and therapists more than their wealth advisors


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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.

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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.



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Crunch talks between resident doctors and ministers set to continue

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Crunch talks between resident doctors and ministers set to continue



Crunch talks between resident doctors and the Government are set to continue in a bid to avert strike action.

Sir Keir Starmer has given the resident doctors committee of the British Medical Association (BMA) a deadline to reconsider a deal on pay and jobs which includes an offer of thousands of extra NHS training posts.

It is understood the proposal will be removed from the deal if resident doctors in England press ahead with a six-day strike from April 7 in a row over jobs and pay.

Dr Jack Fletcher, chairman of the resident doctors committee of the union, said: “It is wrong for Government to withhold desperately-needed jobs as part of negotiating tactics.

“Anyone who works in the NHS knows that patients need these 4,000 jobs created as soon as possible.

“We made that very clear to Government in our meetings today.

“We are not interested in arbitrary deadlines – we will be looking to get this dispute ended right up to the last minute.

“We believe there is a deal there to be done if Government is willing to withdraw the changes it made at the last minute that reduced the funding for pay rises. Talks continue.”

It comes as senior medics announced they were escalating their disputes with the Government.

Consultants and other senior doctors are to be balloted on industrial action after ministers announced they would be getting a 3.5% pay award.

Simultaneous ballots of consultants and specialist, associate specialist and specialty (SAS) doctors will run from May 11 until July 6.

Addressing resident doctors, Prime Minister Sir Keir Starmer wrote in The Times: “The truth is this: no-one benefits from rejecting this deal.

“Resident doctors will be worse off. Instead of improved pay, progression and support, they will receive the standard pay award this year, with none of the reforms that would have strengthened their working lives.”

The deal sets out a minimum of 4,000 new additional specialty posts to be delivered over the next three years.

NHS England boss Sir Jim Mackey confirmed the offer to expand training places will “come off the table” if an agreement is not reached.

The walkout, which is due to run from 7am on April 7 until 6.59am on April 13, will be the 15th round of strikes by resident doctors in England since 2023.

In a letter to health leaders, Mike Prentice, national director for emergency planning at NHS England, wrote: “We expect this round to be challenging as there is a shorter notice period, bank holidays within the notice period and the action itself falling during the Easter holidays.

“This will represent a significant strain on staffing resources to provide safe cover.”



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Iran oil returns: India set to receive first cargo in 5 years, tanker heads to Gujarat – The Times of India

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Iran oil returns: India set to receive first cargo in 5 years, tanker heads to Gujarat – The Times of India


India is set to receive its first shipment of Iranian crude oil since 2019, with a tanker carrying 600,000 barrels of oil en route to Gujarat following a temporary sanctions waiver by the US, according to PTI.Ship-tracking data indicates that the vessel Ping Shun is headed towards Vadinar port, marking a potential revival of Indo-Iran oil trade after nearly five years.“The Indo-Iranian oil trade has flickered back to life. Following the US administration’s decision to grant a 30-day window for Iranian oil “on the water” due to regional conflict, the vessel Ping Shun is now en route to Vadinar (in Gujarat) with 600,000 barrels of crude. This is the first such delivery since May 2019 and comes at a critical time for Indian refiners facing tightening inventories,” said Sumit Ritolia, Lead Research Analyst, Refining and Modelling at Kpler.The development follows Washington’s decision earlier this month to allow a 30-day window for the purchase of Iranian oil already at sea, aimed at easing global oil prices amid the ongoing US-Israel conflict with Iran. The window is set to expire on April 19.While the buyer of the cargo remains unidentified, Vadinar houses a 20 million tonnes per annum refinery operated by Rosneft-backed Nayara Energy and also serves as a landing point for crude supplies to inland refineries such as BPCL’s Bina unit.India’s oil ministry has so far maintained that any decision to resume imports from Iran will depend on techno-commercial viability.Before sanctions were tightened in 2018, India was among the largest buyers of Iranian crude, importing both Iran Light and Iran Heavy grades due to refinery compatibility and favourable pricing terms.Imports ceased in May 2019 after US sanctions were reimposed, with India shifting to alternative suppliers including the Middle East and the US. At its peak, Iranian crude accounted for 11.5 per cent of India’s total imports.India had imported about 518,000 barrels per day (bpd) of Iranian oil in 2018, which declined to 268,000 bpd between January and May 2019 during a sanctions waiver period before dropping to zero thereafter.“The Aframax Ping Shun (IMO 9231901) loaded with Iranian crude oil from Kharg Island in early March has emerged as the first vessel observed signalling a destination of Vadinar, India since May 2019, following sanction reimposition on Iranian oil by the first Trump administration,” Ritolia said.The tanker is estimated to have loaded around 600,000 barrels from Kharg Island around March 4 and is expected to reach Vadinar on April 4.An estimated 95 million barrels of Iranian oil are currently stored on vessels at sea, of which around 51 million barrels could be supplied to India, while the rest may be directed to China and Southeast Asian markets.However, payment mechanisms remain uncertain as Iran continues to be excluded from the SWIFT global banking system, complicating international transactions.Earlier, payments were routed in euros through Turkish banks, but that channel is no longer available following renewed sanctions restrictions.Iran was first disconnected from SWIFT in 2012 due to EU sanctions over its nuclear programme, with further disruptions in 2018 after the US reimposed sanctions, limiting its ability to receive payments and access foreign currency reserves.



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Pottery firm Denby appoints administrators in ‘necessary step’

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Pottery firm Denby appoints administrators in ‘necessary step’



The 217-year-old firm says it appointed FRP Advisory as administrators on Tuesday.



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