Two-thirds of certified financial planners have seen an increase in potential clients as economic turbulence has increased in the past several weeks, according to a new survey.
Twenty-seven percent of CFPs surveyed by the CFP Board of Standards reported a significant increase in potential clients, while 39 percent reported a moderate increase. When asked what actions their clients are taking with their financial plans, 78 percent of respondents said their clients are standing firm with existing strategies, 57 percent said clients are reviewing asset allocation, 48 percent said clients are reviewing financial goals, 45 percent said clients are moving assets to lower-risk positions, 40 percent said clients are taking advantage of investment opportunities, and 37 percent said clients are rebalancing their portfolios.
Only 11 percent of the 5,261 CFP professionals polled say that the financial system rescue bill will definitely improve the economy. About 42 percent think the financial rescue bill will be moderately successful in reviving the economy, compared to about 33 percent who say the bill is not the right approach to reviving the economy.
About 46 percent of financial planners think that about two years will pass before consumers see a positive impact on their financial situation as a result of the actions taken by the government. Meanwhile, 32 percent expect the lag to last between two to five years, 4 percent predicted five to seven years, 2 percent said more than seven years and 16 percent said they were not sure.
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