From Yahoo Finance.: 2025-04-07 09:17:00

A new survey reveals that individuals with over $1.2 million in household assets report higher happiness levels when working with a financial advisor. Those with advisors experience greater satisfaction outside of their financial relationship, according to the study by Herbers & Company.

Respondents with advisors reported heightened levels of happiness in four core factors compared to those without, with 66% identifying with these principles. The study found that individuals with advisors also reported greater satisfaction in personal relationships and communication with partners.

The survey suggests that wealth doesn’t necessarily equate to happiness, as individuals with $1.2 million in household assets reported the same level of happiness, regardless of advisor status. However, those with advisors above that threshold reported significantly higher levels of happiness.

High-net worth individuals with $6 million or more in assets and a financial advisor reported the highest levels of happiness. Conversely, those without an advisor in the same wealth bracket reported the highest levels of unhappiness in the study.

For those seeking a financial advisor, due diligence in choosing the right one is crucial. Interviewing multiple candidates to understand their account minimums, fee structures, investing philosophies, and certifications such as the CFP designation is recommended.

Having an emergency fund on hand for unexpected expenses is essential. Opt for a liquid account to avoid significant value fluctuations, with high-interest accounts allowing for compound interest. Keep in mind that inflation can erode the value of liquid cash over time.

Read more: Higher Net Worth May Boost Happiness