Andrew Connors, a managing director at Hightower Signature Wealth, has spent three decades observing a recurring pattern among high-net-worth clients: they trade time and health to build wealth, then later try to buy back what they lost. Connors believes many financial advisors overlook a critical conversation that could transform client relationships and retirement outcomes.
A recent study by Edward Jones and Gallup, surveying 5,075 U.S. adults from March to April 2024, found that only 16% of Americans have achieved genuine financial fulfillment. The largest share—51%—falls somewhere between fulfillment and financial stress. Crucially, the research indicates that fulfillment predicts life outcomes more reliably than wealth alone, with financially fulfilled adults nearly six times as likely to rate their mental health as very good or excellent compared with those who are financially stressed.
Connors has developed a three-phase life cycle framework to help clients understand their relationship with time, health, and wealth. In the first phase, roughly the first decade of a professional career, clients trade time and health to get started. In the second phase, they accelerate wealth accumulation, often sacrificing health further. The third phase involves trying to reclaim lost time and health, a reckoning Connors says many clients face too late.
“When we have these meetings and conversations around clients' goals, and ultimately the purpose is to have more—that goal line is never going to be satisfied,” Connors said. “So at what point does time and health, while you have your wealth, become what you maximize?” He defines time as how and when you live, health as your capacity to live, and wealth as the financial freedom to choose how you spend both.
The Edward Jones/Gallup study found that when asked what financial fulfillment means, Americans most commonly cited freedom to pursue passions (47%), less stress about money (38%), and more time with family and friends (35%). Connors emphasizes that the answer to “what is your personal benchmark for success” should not be a number but what that number allows one to do.
At Hightower Signature Wealth, every client meeting opens with that benchmark question. Using AI-assisted note-taking from Zocks, which recently became the exclusive AI assistant for Hightower’s network of 650 advisors across 33 states and the District of Columbia, Connors captures responses systematically. The technology allows advisors to set key questions and be more present during meetings. “I can ask a question and not have to focus on writing down the answers,” he said. “I can let the AI do its thing.”
Connors shared two powerful examples of life events forcing clients to confront their priorities. In one case, a business owner’s partner—a triathlete who had competed in multiple Ironman events—died suddenly of a heart attack. The shock prompted the client to sell the business within a year, realizing he had been waiting too long to pursue his true passions. In another case, a 60-year-old senior executive at a large public company, in the top 1% by net worth, decided to retire by the end of 2026, forgoing seven figures in future compensation to spend time with grandchildren. “He has reached a place where he knows how much enough is,” Connors said.
Connors holds the CFP designation and emphasizes that planning capabilities are essential for these conversations. He believes advisors must help clients reframe their thinking, especially high achievers who are wired to keep accumulating. “It’s hard, unless someone is helping you reframe your thinking,” he said.
For advisors looking to deepen client relationships, Connors suggests integrating life planning into financial discussions. The use of AI and dynamic planning tools can help capture client values and goals more effectively. Additionally, trust and execution remain paramount for ultra-high-net-worth clients, who often prioritize these over returns.
