Wealth Advisor Confidence Survey 2020
a joint initiative of The Financial Awareness Foundation, CPA Trendlines and HB Publishing & Marketing Company, LLC

Wealth Advisor Confidence Survey 2020

The Financial Awareness Foundation has teamed up with CPA Trendlines, HB Publishing & Marketing Company, LLC and other financial organizations to gauge the sentiment of independent financial planning and wealth advisory firms in the first three years since the 2016 elections took place.

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

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

Not very likely

Somewhat likely

Very likely

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* 3. Which of the following factors do you believe are contributing to the declining confidence of small businesses owners and other affluent Americans? (list all that apply)

Turbulence in Washington, DC

Impeachment hearings and potential fallout

Trump tariffs and retaliation

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

2020 elections / weak candidates

China trade

Other (please specify)

Question Title

* 4. Which demographic group below do you find 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)

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* 5. Do you find any gender differences when it comes to your clients' financial outlook?

Men more pessimistic in general

Women more pessimistic in general

No significant difference between men and women

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

Improved significantly

Improved somewhat

Stayed the same

Fallen behind

Question Title

* 7. Which of the following could make the biggest positive impact on America's financial awareness and 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

* 8. What proportion of your NEW clients/prospects struggle with the following challenges:

	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 or asset allocation plan	Don't have a clearly defined investment policy statement or asset allocation plan Very few	Don't have a clearly defined investment policy statement or asset allocation plan One third or less	Don't have a clearly defined investment policy statement or asset allocation plan Roughly half	Don't have a clearly defined investment policy statement or asset allocation plan Approximately two-thirds	Don't have a clearly defined investment policy statement or asset allocation plan Most if not all
Don't have an up-to-date estate or gift plan in place	Don't have an up-to-date estate or gift plan in place Very few	Don't have an up-to-date estate or gift plan in place One third or less	Don't have an up-to-date estate or gift plan in place Roughly half	Don't have an up-to-date estate or gift plan in place Approximately two-thirds	Don't have an up-to-date estate or 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

* 9. If new laws prohibited families from using home equity to pay for higher education, to what extent would college tuition be impacted? (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

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* 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 know where to turn for advice

Don’t see it as a priority

Don't think they're wealthy enough

Think it's too expensive

Think the government can handle their affairs when they die

Don't think they're old enough

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
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
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
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
Producing videos	Producing videos Extremely effective	Producing videos Very effective	Producing videos Somewhat effective	Producing videos NOT Very effective	Producing videos N/A
Blogging	Blogging Extremely effective	Blogging Very effective	Blogging Somewhat effective	Blogging NOT Very effective	Blogging 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
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
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
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

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

CFP Wealth Advisor/Financial Advisor

CPA/Accountant/Tax Advisor

Insurance Professionals

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)

College Tuition Planning

Estate & Gift Planning

Real Estate Planning/Brokerage

Asset Management

Family Office Planning

Insurance/Risk Management Brokerage

Long-Term Care Planning

Tax Planning

Family Office Planning

Retirement Planning

Pension/Retirement Plan Brokerage

Cost Segregation Studies

Private Equity

Comprehensive Financial Advising/Planning (fee based)

Accounting

Multi-Generational Planning

Charitable Gift/Legacy Planning

Investment Brokerage

Question Title

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

Under 30

30-39

40-49

50-59

60-69

70+

Question Title

* 20. 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

* 21. Where should we send your free report?

Name*

Company

Email Address*

Question Title

* 22. 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 experience a recession (at least 2 consecutive quarters of negative GDP) within the next 12 months?

Question Title

* 3. Which of the following factors do you believe are contributing to the declining confidence of small businesses owners and other affluent Americans? (list all that apply)

Question Title

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

Question Title

* 5. Do you find any gender differences when it comes to your clients' financial outlook?

Question Title

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

Question Title

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

Question Title

* 8. What proportion of your NEW clients/prospects struggle with the following challenges:

Question Title

* 9. If new laws prohibited families from using home equity to pay for higher education, to what extent would college tuition be impacted? (Select only one)

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 best describes your age? (select best answer)

Question Title

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

Question Title

* 21. Where should we send your free report?

Question Title

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

* 7. Which of the following could make the biggest positive impact on America's financial awareness and 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)