CPA/Wealth Advisor Confidence Survey 2021
(see below)

A joint initiative of:
CPA Trendlines | Elite Resource Team | Financial Awareness Foundation | Investments & Wealth Institute | HB Publishing & Marketing

CPA/Wealth Advisor Confidence Survey 2021

The Financial Awareness Foundation has teamed up with CPA Trendlines, the Investments & Wealth Institute and HB Publishing & Marketing Company, LLC to gauge the sentiment of independent tax, financial planning and wealth advisory firms nationwide.

We sincerely appreciate your participation in this confidential survey. Your results will arrive within 2 weeks of the survey closing--before results are shared with the media and general public. Rest assured that your responses will be kept in strictest confidence and final results will be published on an anonymous aggregate basis only.

Thanks again for your participation. Findings will be presented at the Accounting & Finance Show-NYC and published in various national financial media outlets.

Question Title

* 1. To what extent do you believe there will be a stock market correction (at least 10% decline) within the next 12 months?

Not very likely

Somewhat likely

Very likely

Question Title

* 2. To what extent do you believe the economy will continue to experience a recession (at least 2 consecutive quarters of negative GDP) within the next 12 months?

Not very likely

Somewhat likely

Very likely

Question Title

* 3. In addition to the pandemic, what else is contributing to the declining confidence of affluent Americans? (list all that apply)

Turbulence in Washington, DC

Changes in tax laws

Changes in U.S. international relations and agreements

Concern about the federal budget deficit

International political tensions

Long overdue for stock market correction

U.S. recession fears

Continued interest rate changes

Global recession fears

Flattening yield curve

Lifestyle changes post-COVID-19

China trade

Other (please specify)

Question Title

* 4. Which demographic group do you believe is most pessimistic about its financial future? (select single best answer)

Great generation (age 70+)

Boomers (age 53-70)

Generation Y (age 36-52)

Millennials (18-35)

Generation Z (under age 18)

Question Title

* 5. Over the past year, to what extent has America's financial awareness and financial literacy changed? (select only one answer)

Improved significantly

Improved somewhat

Stayed the same

Fallen behind

Question Title

* 6. Which of the following could make the biggest positive impact on America's financial awareness and financial literacy over the next decade?
(Select only one response)

K-12 schools

Colleges/universities

Tax preparers/CPAs

Houses of worship

Wealth advisors/financial planners

Real Estate Professional

Other (please specify)

Question Title

* 7. What proportion of your NEW clients/prospects struggle with the following challenges when you first start working with them? (Please select one answer from each row)

	Very few	One third or less	Roughly half	Approximately two-thirds	Most if not all
Don't know how much money they spend every month	Don't know how much money they spend every month Very few	Don't know how much money they spend every month One third or less	Don't know how much money they spend every month Roughly half	Don't know how much money they spend every month Approximately two-thirds	Don't know how much money they spend every month Most if not all
Don't know how much they would need to maintain their lifestyle in retirement	Don't know how much they would need to maintain their lifestyle in retirement Very few	Don't know how much they would need to maintain their lifestyle in retirement One third or less	Don't know how much they would need to maintain their lifestyle in retirement Roughly half	Don't know how much they would need to maintain their lifestyle in retirement Approximately two-thirds	Don't know how much they would need to maintain their lifestyle in retirement Most if not all
Don't have a clearly defined investment policy statement and asset allocation plan	Don't have a clearly defined investment policy statement and asset allocation plan Very few	Don't have a clearly defined investment policy statement and asset allocation plan One third or less	Don't have a clearly defined investment policy statement and asset allocation plan Roughly half	Don't have a clearly defined investment policy statement and asset allocation plan Approximately two-thirds	Don't have a clearly defined investment policy statement and asset allocation plan Most if not all
Don't have an up-to-date estate and gift plan in place	Don't have an up-to-date estate and gift plan in place Very few	Don't have an up-to-date estate and gift plan in place One third or less	Don't have an up-to-date estate and gift plan in place Roughly half	Don't have an up-to-date estate and gift plan in place Approximately two-thirds	Don't have an up-to-date estate and gift plan in place Most if not all
Have significant gaps in their insurance	Have significant gaps in their insurance Very few	Have significant gaps in their insurance One third or less	Have significant gaps in their insurance Roughly half	Have significant gaps in their insurance Approximately two-thirds	Have significant gaps in their insurance Most if not all
Have more than $30,000 in student debt	Have more than $30,000 in student debt Very few	Have more than $30,000 in student debt One third or less	Have more than $30,000 in student debt Roughly half	Have more than $30,000 in student debt Approximately two-thirds	Have more than $30,000 in student debt Most if not all
Are in danger of outliving their money in retirement	Are in danger of outliving their money in retirement Very few	Are in danger of outliving their money in retirement One third or less	Are in danger of outliving their money in retirement Roughly half	Are in danger of outliving their money in retirement Approximately two-thirds	Are in danger of outliving their money in retirement Most if not all

Question Title

* 8. If families were no longer permitted to tap their home equity to pay for higher education, how would that impact the cost of higher education? (Select only one)

It would continue rising faster than inflation

It would maintain pace with inflation

It would slowly start to decline

It would decline rapidly

Question Title

* 9. During uncertain times, to what extent can the following advisor actions help clients feel more confident about reaching their financial goals?

	Strongly agree	Somewhat agree	Somewhat disagree	Strongly disagree	N/A
Focus on long-term goals	Focus on long-term goals Strongly agree	Focus on long-term goals Somewhat agree	Focus on long-term goals Somewhat disagree	Focus on long-term goals Strongly disagree	Focus on long-term goals N/A
Deliver on core expectations	Deliver on core expectations Strongly agree	Deliver on core expectations Somewhat agree	Deliver on core expectations Somewhat disagree	Deliver on core expectations Strongly disagree	Deliver on core expectations N/A
Provide meaningful advice	Provide meaningful advice Strongly agree	Provide meaningful advice Somewhat agree	Provide meaningful advice Somewhat disagree	Provide meaningful advice Strongly disagree	Provide meaningful advice N/A
Enhance reviews	Enhance reviews Strongly agree	Enhance reviews Somewhat agree	Enhance reviews Somewhat disagree	Enhance reviews Strongly disagree	Enhance reviews N/A
Go beyond investments	Go beyond investments Strongly agree	Go beyond investments Somewhat agree	Go beyond investments Somewhat disagree	Go beyond investments Strongly disagree	Go beyond investments N/A

Question Title

* 10. Over 45 million student loan borrowers collectively owe more than $1.5 trillion. To what extent are the following factors contributing to the student loan crisis? (Please select one answer from each row)

	Strongly agree	Somewhat agree	Somewhat disagree	Strongly disagree	N/A
Lack of Planning / insufficient college savings (i.e 529)	Lack of Planning / insufficient college savings (i.e 529) Strongly agree	Lack of Planning / insufficient college savings (i.e 529) Somewhat agree	Lack of Planning / insufficient college savings (i.e 529) Somewhat disagree	Lack of Planning / insufficient college savings (i.e 529) Strongly disagree	Lack of Planning / insufficient college savings (i.e 529) N/A
Peer pressure (keeping up with the Jones)	Peer pressure (keeping up with the Jones) Strongly agree	Peer pressure (keeping up with the Jones) Somewhat agree	Peer pressure (keeping up with the Jones) Somewhat disagree	Peer pressure (keeping up with the Jones) Strongly disagree	Peer pressure (keeping up with the Jones) N/A
Unplanned financial setback (job loss, major medical, home damage)	Unplanned financial setback (job loss, major medical, home damage) Strongly agree	Unplanned financial setback (job loss, major medical, home damage) Somewhat agree	Unplanned financial setback (job loss, major medical, home damage) Somewhat disagree	Unplanned financial setback (job loss, major medical, home damage) Strongly disagree	Unplanned financial setback (job loss, major medical, home damage) N/A
Bad terms on student loans	Bad terms on student loans Strongly agree	Bad terms on student loans Somewhat agree	Bad terms on student loans Somewhat disagree	Bad terms on student loans Strongly disagree	Bad terms on student loans N/A
Lack of family financial assistance	Lack of family financial assistance Strongly agree	Lack of family financial assistance Somewhat agree	Lack of family financial assistance Somewhat disagree	Lack of family financial assistance Strongly disagree	Lack of family financial assistance N/A
Overpriced cost of education	Overpriced cost of education Strongly agree	Overpriced cost of education Somewhat agree	Overpriced cost of education Somewhat disagree	Overpriced cost of education Strongly disagree	Overpriced cost of education N/A
Not understanding Expected Family Contribution (EFC)	Not understanding Expected Family Contribution (EFC) Strongly agree	Not understanding Expected Family Contribution (EFC) Somewhat agree	Not understanding Expected Family Contribution (EFC) Somewhat disagree	Not understanding Expected Family Contribution (EFC) Strongly disagree	Not understanding Expected Family Contribution (EFC) N/A
Unrealistic expectations about merit aid/athletic scholarships	Unrealistic expectations about merit aid/athletic scholarships Strongly agree	Unrealistic expectations about merit aid/athletic scholarships Somewhat agree	Unrealistic expectations about merit aid/athletic scholarships Somewhat disagree	Unrealistic expectations about merit aid/athletic scholarships Strongly disagree	Unrealistic expectations about merit aid/athletic scholarships N/A
Not understanding FAFSA/CSS financial aid process	Not understanding FAFSA/CSS financial aid process Strongly agree	Not understanding FAFSA/CSS financial aid process Somewhat agree	Not understanding FAFSA/CSS financial aid process Somewhat disagree	Not understanding FAFSA/CSS financial aid process Strongly disagree	Not understanding FAFSA/CSS financial aid process N/A

Question Title

* 11. Why are so many Americans reluctant to obtain (and keep current) a financial, estate and gift plan? (select all that apply)

Don't think they're wealthy enough

Think it's too expensive

Don’t see it as a priority

Think the government can handle their affairs when they die

Don't think they're old enough

Don't know where to turn for advice

Other (please specify)

Question Title

* 12. Please describe the extent to which you expect your firm to grow (or decline) over the next 12 months

Grow by more than 10%

Grow by 6% to 10%

Grow by 1% to 5%

Stay the same

Decline by 1% to 5%

Decline by 6% to 10%

Decline by more than 10%

Question Title

* 13. Please describe the extent to which you expect peer firms of comparable size and client makeup to grow (or decline) over the next 12 months:

Grow by over 10%

Grow by 6% to 10%

Grow by 1% to 5%

Stay the same

Decline by 1% to 5%

Decline by 6% to 10%

Decline by more than 10%

Question Title

* 14. To what extent are the following communication channels effective for enhancing your status as a thought leader?
(please select best answer for each row)

	Extremely effective	Very effective	Somewhat effective	NOT Very effective	N/A
Hosting webinars	Hosting webinars Extremely effective	Hosting webinars Very effective	Hosting webinars Somewhat effective	Hosting webinars NOT Very effective	Hosting webinars N/A
Writing articles for publication	Writing articles for publication Extremely effective	Writing articles for publication Very effective	Writing articles for publication Somewhat effective	Writing articles for publication NOT Very effective	Writing articles for publication N/A
Hosting client events	Hosting client events Extremely effective	Hosting client events Very effective	Hosting client events Somewhat effective	Hosting client events NOT Very effective	Hosting client events N/A
Posting articles/updates on LinkedIn	Posting articles/updates on LinkedIn Extremely effective	Posting articles/updates on LinkedIn Very effective	Posting articles/updates on LinkedIn Somewhat effective	Posting articles/updates on LinkedIn NOT Very effective	Posting articles/updates on LinkedIn N/A
Public speaking/presentations	Public speaking/presentations Extremely effective	Public speaking/presentations Very effective	Public speaking/presentations Somewhat effective	Public speaking/presentations NOT Very effective	Public speaking/presentations N/A
Tweeting (i.e. Twitter)	Tweeting (i.e. Twitter) Extremely effective	Tweeting (i.e. Twitter) Very effective	Tweeting (i.e. Twitter) Somewhat effective	Tweeting (i.e. Twitter) NOT Very effective	Tweeting (i.e. Twitter) N/A
Posting on Facebook	Posting on Facebook Extremely effective	Posting on Facebook Very effective	Posting on Facebook Somewhat effective	Posting on Facebook NOT Very effective	Posting on Facebook N/A
Being quoted in the press	Being quoted in the press Extremely effective	Being quoted in the press Very effective	Being quoted in the press Somewhat effective	Being quoted in the press NOT Very effective	Being quoted in the press N/A
Producing videos	Producing videos Extremely effective	Producing videos Very effective	Producing videos Somewhat effective	Producing videos NOT Very effective	Producing videos N/A
Writing books/eBooks	Writing books/eBooks Extremely effective	Writing books/eBooks Very effective	Writing books/eBooks Somewhat effective	Writing books/eBooks NOT Very effective	Writing books/eBooks N/A
Podcasting	Podcasting Extremely effective	Podcasting Very effective	Podcasting Somewhat effective	Podcasting NOT Very effective	Podcasting N/A
Blogging	Blogging Extremely effective	Blogging Very effective	Blogging Somewhat effective	Blogging NOT Very effective	Blogging N/A
Posting on Instagram, Pinterest or Snapchat	Posting on Instagram, Pinterest or Snapchat Extremely effective	Posting on Instagram, Pinterest or Snapchat Very effective	Posting on Instagram, Pinterest or Snapchat Somewhat effective	Posting on Instagram, Pinterest or Snapchat NOT Very effective	Posting on Instagram, Pinterest or Snapchat N/A

Question Title

* 15. On average, how often would you say you contact your clients every month? (select single best answer)

Less than once per month

2-5 times per month

6-10 times per month

Over 10 times per month

Question Title

* 16. Which of the following best describes the size of your firm, practice or business? (select single best answer)

Sole practitioner

2-5 professionals on staff

6-10 professionals on staff

11-25 professionals on staff

26-50 professionals on staff

51-100 professionals on staff

Over 100 professionals on staff

Question Title

* 17. Which of the following best describes your business or profession? (select single best answer)

Planned Giving Officer/Advisor

CPA/Accountant/Tax Advisor

CFP Wealth Advisor/Financial Advisor

Insurance Professional

Attorney

Other (please specify)

Question Title

* 18. Which of the following do you consider core offerings for your firm or practice? (select up to 6 of your top services)

Accounting

Charitable Gift/Legacy Planning

Cost Segregation/R&D Tax Credits/Energy Credits

Retirement Planning

Insurance/Risk Management Brokerage

Pension/Retirement Plan Brokerage

Multi-Generational Planning

1031 Exchange/Opportunity Zone Investing

Investment Brokerage

Business Succession Planning

Tax Planning

College Tuition Planning

Comprehensive Financial Advising/Planning (fee based)

Asset Management

Family Office Planning

Private Equity

Long-Term Care Planning

Estate & Gift Planning

Real Estate Planning/Brokerage

Question Title

* 19. Which of the following services, if not already being offered, are you planning to offer eventually?
(please select best answer for each row)

	Immediately	Within 12 months	Within 5 years	N/A
Trust services	Trust services Immediately	Trust services Within 12 months	Trust services Within 5 years	Trust services N/A
Estate and gift planning	Estate and gift planning Immediately	Estate and gift planning Within 12 months	Estate and gift planning Within 5 years	Estate and gift planning N/A
Tax planning	Tax planning Immediately	Tax planning Within 12 months	Tax planning Within 5 years	Tax planning N/A
Retirement income counseling	Retirement income counseling Immediately	Retirement income counseling Within 12 months	Retirement income counseling Within 5 years	Retirement income counseling N/A
Asset protection (insurance, etc.)	Asset protection (insurance, etc.) Immediately	Asset protection (insurance, etc.) Within 12 months	Asset protection (insurance, etc.) Within 5 years	Asset protection (insurance, etc.) N/A
Charitable giving	Charitable giving Immediately	Charitable giving Within 12 months	Charitable giving Within 5 years	Charitable giving N/A
Business exit planning or succession services	Business exit planning or succession services Immediately	Business exit planning or succession services Within 12 months	Business exit planning or succession services Within 5 years	Business exit planning or succession services N/A
Executive compensation planning	Executive compensation planning Immediately	Executive compensation planning Within 12 months	Executive compensation planning Within 5 years	Executive compensation planning N/A

Other (please specify)

Question Title

* 20. Which of the following best reflects your view about continuing education and training for financial advisors (select single best answer)

Current rules, certifications and licenses should be re-evaluated

Advisors should seek advanced certifications

It should be up to the appropriate regulatory body

Keep as is

Other (please specify)

Question Title

* 21. Which of the following best describes your age? (select best answer)

Under 30

30-39

40-49

50-59

60-69

70+

Question Title

* 22. Which of the following best describes your family's financial status during your childhood? (select single best answer)

Poverty level

Lower income, but above poverty line

Working class (non-professional)

Middle class

Upper middle class

Highly affluent

Question Title

* 23. List up to three (3) things that you and your peers could do to make your profession even better for the youngest professionals coming up the ranks

Question Title

* 24. Where should we send your free report?

Name*

Company

Email Address*

Question Title

* 25. Please contact us if you would like a presentation of the survey findings at your organization, conference or webinar.

Name*

Organization

Email Address*

Question Title

* 1. To what extent do you believe there will be a stock market correction (at least 10% decline) within the next 12 months?

Question Title

* 2. To what extent do you believe the economy will continue to experience a recession (at least 2 consecutive quarters of negative GDP) within the next 12 months?

Question Title

* 3. In addition to the pandemic, what else is contributing to the declining confidence of affluent Americans? (list all that apply)

Question Title

* 4. Which demographic group do you believe is most pessimistic about its financial future? (select single best answer)

Question Title

* 5. Over the past year, to what extent has America's financial awareness and financial literacy changed? (select only one answer)

Question Title

* 6. Which of the following could make the biggest positive impact on America's financial awareness and financial literacy over the next decade? (Select only one response)

Question Title

* 7. What proportion of your NEW clients/prospects struggle with the following challenges when you first start working with them? (Please select one answer from each row)

Question Title

* 8. If families were no longer permitted to tap their home equity to pay for higher education, how would that impact the cost of higher education? (Select only one)

Question Title

* 9. During uncertain times, to what extent can the following advisor actions help clients feel more confident about reaching their financial goals?

Question Title

* 10. Over 45 million student loan borrowers collectively owe more than $1.5 trillion. To what extent are the following factors contributing to the student loan crisis? (Please select one answer from each row)

Question Title

* 11. Why are so many Americans reluctant to obtain (and keep current) a financial, estate and gift plan? (select all that apply)

Question Title

* 12. Please describe the extent to which you expect your firm to grow (or decline) over the next 12 months

Question Title

* 13. Please describe the extent to which you expect peer firms of comparable size and client makeup to grow (or decline) over the next 12 months:

Question Title

* 14. To what extent are the following communication channels effective for enhancing your status as a thought leader? (please select best answer for each row)

Question Title

* 15. On average, how often would you say you contact your clients every month? (select single best answer)

Question Title

* 16. Which of the following best describes the size of your firm, practice or business? (select single best answer)

Question Title

* 17. Which of the following best describes your business or profession? (select single best answer)

Question Title

* 18. Which of the following do you consider core offerings for your firm or practice? (select up to 6 of your top services)

Question Title

* 19. Which of the following services, if not already being offered, are you planning to offer eventually?(please select best answer for each row)

Question Title

* 20. Which of the following best reflects your view about continuing education and training for financial advisors (select single best answer)

Question Title

* 21. Which of the following best describes your age? (select best answer)

Question Title

* 22. Which of the following best describes your family's financial status during your childhood? (select single best answer)

Question Title

* 23. List up to three (3) things that you and your peers could do to make your profession even better for the youngest professionals coming up the ranks

Question Title

* 24. Where should we send your free report?

Question Title

* 25. Please contact us if you would like a presentation of the survey findings at your organization, conference or webinar.

* 6. Which of the following could make the biggest positive impact on America's financial awareness and financial literacy over the next decade?
(Select only one response)

* 14. To what extent are the following communication channels effective for enhancing your status as a thought leader?
(please select best answer for each row)

* 19. Which of the following services, if not already being offered, are you planning to offer eventually?
(please select best answer for each row)