Survey Reveals Estate-Planners are Concerned But Optimistic

Wealth Counsel and Trusts & Estates recently conducted a survey to discover how estate-planning professionals view the nation’s economy and the partisan gridlock on Capitol Hill. Respondents included estate-planning attorneys, certified public accountants, certified financial planners, registered reps, and insurance professionals.  The survey revealed that estate-planners are not optimistic about the nation’s economy, but the majority of the estate-planners are still optimistic about the future of their practices and careers. Some of the data revealed in the survey is below:

• One in five respondents reported that many of their clients have gone out of business.
• Forty percent of respondents stated that business clients have postponed the hiring of new employees.
•  Fifteen percent of married clients have an average net worth of $5 million or more, and 23% had an average net worth of less than $500,000.
• Only 29% of baby boomers are adequately prepared for retirement.
• Ninety-one percent of respondents believe the budget deficit will necessitate future tax increases.
• Seventy-one percent of respondents believe outsourced jobs need to return to the U.S.
• Thirty-eight percent of respondents have clients who have expressed concern and panic due to the decrease in their real estate assets.
• Thirty-five percent of respondents had clients who had lost a home or business as a result of foreclosure.
• Seventy-three percent of respondents believe that financial illiteracy of American consumers played a role in the subprime mortgage crises.
• Forty-three percent of respondents have witnessed a revenue decline or no change in revenue, but 89% expect to see their practice grow over the next five years.

See Matthew T. McClintock and Jonathan A. Mintz, Estate-Planning Professionals: Concerned Yet Optimistic, Trusts & Estates, Nov. 23, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.