You are basically making a body butter with only 61% water. That is going to be a thick, heavy product. The relatively low water content, perhaps coupled with a high % of butters (I'm guessing here), and using stearic acid as the thickener -- makes sense the result is somewhat heavy and waxy.
I'd reduce your oils and butter % so you have 65 to 70% water to lighten the texture. That will increase the glidy-ness right off the bat.
If you are using a lot of butters in the recipe, try changing the proportions of oils & butters so you have less butter and more oil.
Also look at the types of oils and butters in your recipe. Cocoa butter, for example, will add to the thickness of the product and increase the draggy skin feel. Babassu will make the texture glidy-er by comparison. Olive oil or castor is heavy and somewhat sticky; meadowfoam or jojoba will be lighter and smoother.
Stearic acid as a thickener tends to make a lotion feel more waxy -- more like cream cheese. Cetyl alcohol would give a lighter texture, more like sour cream. I wouldn't go out and buy cetyl if you don't have it; I suspect you can change the water content and tweak the oils and butters to get a nicer skin feel and still use the stearic.
Somewhat unrelated, but something to keep in mind -- My rule of thumb is to make the emulsifier about 25% of the oil phase ingredients as a first try, so this recipe could use more like 8% e-wax, not 4.6%. That said, sometimes a lower % of emulsifier works okay. If the product breaks emulsion, you'll have your answer.
