Among the Financial Services Institute's (FSI) key initiatives this year has been our effort to provide ongoing insight into the mindset of our independent financial advisor members, both for the benefit of the FSI community and the broader financial services industry. As we know, independent financial advisors, who work closely with Main Street clients every day, have a unique viewpoint on the intersection of politics and the economy.
This week we released a poll of our members surveying their thoughts on the crucial issues currently affecting their practices and clients. This poll expanded on the one we conducted last February, with nearly 2,400 financial advisors completing the survey.
Not surprisingly, the latest poll found that financial advisors have strong opinions on the direction of the country. The results showed that the economy and taxes are weighing heavily on the minds of advisors, who are bracing themselves and their clients for a stagnant economy and an increase in capital gains taxes.
On the election, respondents overwhelmingly cited former Governor Mitt Romney as their preferred choice for president (by a margin of 81% to 15% over President Obama, with 4% voting "Other"). The results, however, were closer on the question of which candidate would actually win in November (47% of advisors believed that Obama will have a second term, while 53% suspect Romney will win).
On other political and policy issues influencing our industry, a majority of advisors predicted that Republicans will take control of the Senate this year; a majority also expressed their belief that the Department of Labor should not revise the definition of "fiduciary." Most respondents expected both equities and the economy to hold steady for the remainder of 2012.
Financial advisors are uniquely positioned to comment on the pocketbook issues impacting their clients and the broader economy. FSI is and will always be a non-partisan organization. We work with members of both parties who share our goal of creating a healthier, more business-friendly regulatory environment for our members. As we approach November, FSI believes that members of both political parties would be well-served to consider our members' views.
Survey Results:
Question 1: Who do you believe will win the race for the White House this fall, Barack Obama or Mitt Romney (not who do you want to win, but who will end up winning)?
| Barack Obama | 1,104 | 47% |
| √ Mitt Romney | 1,244 | 53% |
Question 2: If the election was held today, would you vote for Barack Obama or Mitt Romney?
| August 2012 | February 2012 | |||
| Barack Obama | 365 | 15% | 536 | 19 |
| √ Mitt Romney | 1,907 | 81% | 2,356 | 81 |
| Other | 88 | 4% | NA | NA |
Question 3: What is the top issue affecting your vote for president this year?
| √ Economy/Jobs | 1,501 | 63% |
| Foreign Affairs | 17 | 1% |
| Healthcare | 177 | 7% |
| National Defense | 15 | 1% |
| National Debt | 492 | 21% |
| Other | 171 | 7% |
