Millionaires Value Personal Trainers and Therapists Over Wealth Advisors, Survey Reveals

The Shifting Priorities of High-Net-Worth Individuals

In a surprising reflection of modern priorities, High-Net-Worth Individuals (HNWIs)—those with $1 million or more in investable assets—are finding greater satisfaction and value in professionals focused on their personal well-being than in those managing their finances. A recent industry survey, highlighted by CNBC, revealed a significant disconnect between the services millionaires pay for and the perceived value they receive from traditional financial professionals.

The findings underscore a fundamental shift in how the wealthy define and pursue success. While portfolio returns remain crucial, the ability to enjoy wealth—longevity, health, and mental clarity—is increasingly seen as the ultimate measure of success. This has led to a startling statistic: only about one-third (33%) of millionaires reported being satisfied with the services provided by their wealth managers and accountants.

The Rise of Holistic Wealth Management

For HNWIs, the services that directly impact their physical and mental health are now commanding premium satisfaction levels. Professionals who deliver highly personalized, high-touch services focused on “human capital” are outperforming those focused purely on financial capital.

Where Satisfaction Soars

The survey indicated that millionaires place the highest value on services that contribute directly to their quality of life, often citing these professionals as indispensable:

• Personal Trainers and Fitness Coaches: These professionals are valued for their role in ensuring physical health and longevity, seen as essential for enjoying wealth over a longer lifespan.
• Therapists and Mental Health Professionals: As the pressures of managing significant wealth and complex lives increase, mental well-being support is viewed as critical for effective decision-making and personal happiness.
• Life Coaches and Strategic Advisors: These individuals help HNWIs navigate career transitions, family dynamics, and philanthropic goals, offering guidance that transcends simple financial metrics.
• Doctors and Dentists: High-quality, personalized medical care remains a top priority, reflecting the intrinsic link between health and wealth preservation.

The Commoditization of Financial Advice

Conversely, the low satisfaction rates for wealth advisors and accountants suggest that many HNWIs feel these services have become commoditized. With the proliferation of accessible market data, sophisticated financial software, and the rise of low-cost robo-advisors, the basic function of portfolio management is no longer a unique selling point.

Traditional financial professionals, including lawyers, often operate on a transactional or purely technical basis, which may fail to address the deeper, more complex emotional and psychological aspects of wealth.

Why Traditional Advisors Are Falling Short

This shift is not necessarily a reflection of poor performance in investment returns, but rather a failure to evolve the client relationship. Financial professionals are often judged on factors beyond simple returns, including:

1. Lack of Emotional Intelligence

Managing wealth is inherently emotional. HNWIs face unique anxieties related to intergenerational wealth transfer, philanthropic legacy, and the fear of losing their status. Personal trainers and therapists are experts in behavioral change and emotional support, skills often lacking in purely quantitative financial roles. Millionaires are seeking advisors who can act as behavioral coaches rather than just spreadsheet managers.

2. Failure to Integrate Life Goals

Many financial plans remain siloed, focusing only on assets and liabilities. The most successful professionals in the wellness space, however, integrate their services directly into the client’s overall life goals. An effective personal trainer doesn’t just manage workouts; they manage energy levels, sleep patterns, and nutrition—all of which directly impact the client’s professional performance and happiness.

3. Perceived High Cost vs. Tangible Value

While wealth managers charge significant fees based on assets under management (AUM), the value proposition can feel abstract, especially during market downturns. The value delivered by a personal trainer or therapist, however, is immediate, tangible, and directly experienced—better sleep, reduced stress, improved physical capability. This direct, measurable impact justifies the cost in the eyes of the client.

Implications for the Financial Services Industry

This trend presents a critical challenge and opportunity for the financial services sector in 2025 and beyond. To remain relevant and increase client satisfaction, wealth management firms must pivot toward a holistic advisory model that addresses the client’s entire life ecosystem.

Advisors must:

1. Expand the Definition of Wealth: Recognize that wealth includes human capital (health, skills, relationships) and social capital (community involvement, legacy) alongside financial capital.
2. Integrate Wellness Services: Firms may need to partner with or employ in-house experts in wellness, behavioral finance, and family dynamics to offer comprehensive life planning.
3. Focus on Behavioral Coaching: Shift the relationship from transaction-based management to long-term, goal-oriented coaching, helping clients make better decisions under pressure.
4. Demonstrate Proactive Value: Move beyond quarterly performance reviews to actively address non-financial risks, such as burnout, family conflict, and health challenges that could jeopardize long-term financial stability.

The message is clear: the modern millionaire expects their advisors to contribute not just to their net worth, but to their self-worth. Advisors who fail to address the client’s well-being are increasingly seen as providing a replaceable commodity.

Key Takeaways for HNWIs and Professionals

This survey serves as a powerful indicator of the evolving needs of the affluent client base. For those managing wealth, understanding this shift is crucial for future success.

• The New Value Metric: Satisfaction is now driven by services that enhance personal longevity, mental health, and quality of life, rather than solely by investment performance.
• Low Satisfaction: Only 33% of millionaires are satisfied with their wealth managers and accountants, signaling a crisis in the traditional advisory model.
• High Demand for Coaching: Professionals acting as behavioral coaches (trainers, therapists, life coaches) are highly valued for their tangible, immediate impact on daily life.
• Advisory Evolution: Financial advisors must adopt a holistic approach, integrating health, family, and legacy planning into their core services to justify their fees and build trust.

Conclusion: The Future of Wealth Management

The prioritization of personal trainers and therapists over wealth managers is more than a preference; it is a market signal. It indicates that the most valuable asset for a millionaire is not their portfolio balance, but their ability to sustain and enjoy their life. As wealth management continues to evolve in 2025, firms that successfully bridge the gap between financial planning and personal well-being will be best positioned to capture and retain the highly discerning High-Net-Worth client base. The future of the industry lies in treating the client’s health and happiness as critical components of their overall wealth strategy.

What’s Next

Industry observers anticipate that leading financial institutions will accelerate the integration of wellness and behavioral science into their offerings. Expect to see more partnerships between major wealth management firms and specialized executive coaching networks or longevity clinics as they attempt to provide the holistic value HNWIs are clearly demanding. This shift will redefine the skill set required for a successful financial advisor, emphasizing soft skills and comprehensive life planning alongside traditional financial acumen.