CNBC Television
How the wealthy manage money: Here's what to know
11/6/2025, 12:03:00 PM
Economic Summary
- Only about one-third of millionaires surveyed use a wealth advisor; advisor usage rises with wealth (22% for < $5M, nearly 50% for > $25M), indicating advisor penetration is concentrated among the very wealthy and room for growth or consolidation.
- One quarter of advisor clients are considering switching, mostly over cost, lack of personalized service, and slow responses, implying pressure on advisory pricing models and a need to improve client experience.
- The survey ranked 14 professional services: personal trainers scored highest (9.3/10) while accountants and estate attorneys scored poorly, suggesting strong demand and customer satisfaction in wellness/personal-service sectors and weakness in some professional services.
- Younger millionaires under 40 are three times more likely to use therapy than those over 50, reflecting a generational shift toward spending on emotional health and opening opportunities for mental-health providers.
- New York business leaders reacted negatively to Lina Kahn joining the transition team, worrying it nationalizes city policy and could depress local merger/business activity, posing potential downside for NYC finance and deal flow.
Bullish
- High satisfaction and spending on personal trainers and wellness services.
- Growing therapy use among wealthy under 40 supports mental-health service demand.
- Strong willingness of the wealthy to pay for premium private services (schools, trainers).
Bearish
- Bankers in New York fear Lina Khan's transition role could slow merger activity and hurt finance business.
- Wealth advisors face high churn: 25% of clients considering switching over cost and poor service.
- Accountants and estate attorneys score low on satisfaction, signaling client dissatisfaction and business risk.
People mentioned
Robert FrankAndrewLena KahnBill De BlasioJoe Biden