In a show of confidence for President-elect Trump, the nation’s 160,000 financial advisors believe that the economy and stocks will be strong in 2017, driving many to consider expanding their operations.
In a new survey from the Financial Services Institute, which represents independent advisors, 58 percent predicted a strong economy, and 56 percent said stocks will profit from the better economy.
Just 6 percent of the 1,357 polled see the 2017 economy as “weak.”
What’s more, 49 percent said that Congress should cut spending as part of tax reform.
And 34 percent said that they plan to expand their business, up from 29 percent in July 2014.
The results validated who the “Main Street” advisors the group represents voted for in the presidential election. Some 71 percent chose Trump and 19 percent Democrat Hillary Clinton.
In the survey, the advisors also supported repeal of the so-called “fiduciary rule,” a 1,000-page regulation that takes effect in April and covers the ethics of financial advisors. Republicans in Congress and Trump are expected to kill it.
“Main Street financial advisors serving retirement savers have their finger on the pulse of the lives of their hard-working clients and it’s important that we tap into their perspective,” said FSI President Dale Brown. “Our members have a unique vantage point on these issues, as they work closely with investors of all sizes and means, to help them save for retirement, fund their children’s education and care for aging parents. Our members, who are Main Street not Wall Street, contributed $48 billion to the U.S. GDP in 2015. Their call to repeal the DOL fiduciary rule as soon as possible is driven by their clients’ need to access their help in securing a dignified retirement. Last year, the clients of our members sent over 100,000 letters to the Department of Labor, pleading for relief from the rule. It’s time we allow these professionals to serve their clients in a way that they want and deserve to be served.”
Paul Bedard, the Washington Examiner’s “Washington Secrets” columnist, can be contacted at [email protected]
