Millionaires are becoming increasingly dissatisfied with their wealth advisors and accountants, according to a recent survey from Long Angle. The survey shed light on the fact that millionaires are finding wealth advisors to be an unnecessary expense. They are expensive and come with high cost and poor service, read the survey.
One in five millionaires is planning to fire their wealth advisors for the very same reason – expensive and poor service. Another 26% are considering switching to a new financial advisor, and 18% may completely stop using an advisor altogether. Millionaires come with their own gut about money and rarely agree with financial planners.
Even ace investor and billionaire Warren Buffett once called financial advisors “monkeys”. He also went ahead saying that he would bet on a monkey to generate better investment returns than pay fees to a consultant. He instead urged traders to simply invest in low-cost index funds and see their portfolio grow over the long term. The millionaires are also sharing the same mindset, finding no use in having wealth advisors by their side.
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Millionaires Trust Their Personal Gym Trainer and Therapists More Than Wealth Advisors
Global millionaires now trust their personal gym trainers and therapists more than their wealth advisors, according to the survey. They are giving prominence to personal well-being, and it scores above their bank balance sheet. “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,” he said.
The survey from Long Angle included high net worth (HNI) individuals who have $2 million to $25 million. The millionaires were asked to rank their satisfaction levels, and their angst and disappointment against wealth advisors grew in the survey. Their personal sports coach, trainer, and therapists ranked much higher than financial advisors.