The Financial Services Institute (FSI) on Nov. 29 released the results of its latest poll of more than 1,300 financial advisors, which focused on presidential elections and critical industry issues facing independent financial advisors.
FSI members are Main Street financial advisors and independent financial services firms.
According the FSI’s poll, 86 percent of independent financial advisors said President-elect Donald Trump should repeal the Department of Labor’s (DOL) fiduciary rule. Approximately half of respondents said the economy and equities performance will be strong in the coming year. Additionally, only 21 percent of advisors plan to sell their practice or retire within the next five years. More than half of respondents now have a succession plan in place, which represents a 10 percent increase from the previous year.
“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 and CEO 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.”
Brown said FSI’s members contributed approximately $48 billion to overall U.S. GDP in 2015 and that FSI members’ call to repeal the DOL’s fiduciary rule was driven by their clients’ need to access their help in securing a dignified retirement.