How High Net Worth Individuals Spend Their Money ft. Long Angle's 2025 Survey | Navigating Wealth - Navigating Wealth Recap

Podcast: Navigating Wealth

Published: 2025-12-10

Duration: 48 min

Summary

The 2025 Long Angle Professional Services Benchmarking Survey reveals surprising satisfaction levels among high net worth individuals with different service providers, highlighting the nuances in CPA usage, wealth management preferences, and more.

What Happened

The episode explores the findings from Long Angle's 2025 Professional Services Benchmarking Survey, focusing on how high net worth individuals engage with various service providers. One surprising insight is that nearly 20% of respondents do not use a CPA to file their taxes, despite the complexity involved. Additionally, almost half of those using a CPA are considering switching, with dissatisfaction stemming from issues beyond just cost, such as service quality and strategic counsel.

The discussion highlights that while 70% of members prefer to self-manage, about half of those who use wealth managers opt for a non-AUM based pricing model. This model appeals to clients who want to avoid higher fees simply because of their wealth, though the availability of wealth managers offering this model is limited.

The survey also uncovers high satisfaction rates with personal trainers and sports coaches, scoring around 9.3 out of 10, attributed to their optional nature and direct impact on personal well-being. In contrast, personal assistants receive low satisfaction scores of 6.7, possibly due to the challenges of finding reliable remote or virtual assistance.

Trust and estate planning is another area of interest, with 30% of ultra-high-net-worth individuals not working with a trust and estate attorney. This may be due to a perception of non-urgency or the difficulty in finding the right service provider.

The hosts discuss the broader implications of the survey findings, suggesting that there is a growing need for a comprehensive service model akin to a family office, even for those not at the typical family office wealth level. This could offer integrated services and alleviate the burden of managing multiple service providers.

Finally, the episode emphasizes the importance of transparency and consistency in service pricing and offerings, which could enhance client satisfaction and trust. The hosts propose future surveys to explore these services in greater detail and provide more nuanced insights for their community.

Key Insights