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Financial Services Institute

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New FSI Poll: Financial Advisors Weigh
in on Midterm Elections, Industry Issues

July 9, 2014

WASHINGTON,
D.C. –

The Financial Services Institute (FSI) today released the results of the latest
poll of 2,300 independent financial advisors that focuses on the upcoming midterm
elections and critical industry issues facing independent financial advisors.

According
to poll results, independent financial advisors believe the Republican Party
will gain control of the Senate after the elections in November (66%). Less than
half of advisors (43%) said equities will have a strong show the rest of 2014.
And opposition to the Department of Labor’s pending rule to redefine the term “fiduciary”
continues to hold strong at 90%. Only 41% of financial advisors responded that
they have a succession plan finalized and in place to pass along their practice
once they retire. And only 15% of advisors said they plan to retire or sell
their practice in the next 1-5 years.

“Independent
financial advisors have their finger on the pulse of politics and policy as
Washington and state capitals play an ever-increasing role in their business,”
said FSI President & CEO Dale Brown.
“Our independent financial advisor members have a unique vantage point on these
issues as they work closely with Main Street American investors on a daily
basis. Financial advisor opposition to the Department of Labor’s fiduciary
definition proposal has also held strong over the past year. We see no sign of
complacency creeping in as the rule is postponed yet again.”

Survey Results:

Question
1
:
Do you believe 2014 will end as a strong, neutral or weak year for equities
performance?     

Strong          
43%
Neutral         49%
Weak               8%

 

Question
2
:
Do you believe Republicans will gain control of the Senate in the midterm
elections this November?                                        

Yes                 66%
No                   34%
 

Question
3
:
Do you believe the Department of Labor (DOL) should redefine the definition of
“fiduciary” for financial advisors effectively banning the earning of
commissions on IRA advice?        

Yes                  10%
No                   90%
 

Question
4
:
Do you plan to buy/acquire another practice or book of business in the next 1-5
years?

Yes                  29%
No                   71%
 

Question
5
:
Do you plan to buy/acquire another practice or book of business in the next
6-10 years?

Yes                  24%
No                   76%
 

Question
6
:
Do you plan to retire or sell your practice in the next 1-5 years?   

Yes                  15%
No                   85%
 

Question
7
:
Do you plan to retire or sell your practice in the next 6-10 years?

Yes                  29%
No                   71%

Question
8
:
Do you have a business succession plan finalized and in place?    

Yes                  41%
No                  59%

The survey was conducted in-house by
FSI. All 37,000 FSI financial advisor members were emailed a link to the survey
through a secure database and completed the questionnaire online. 2,331 financial
advisors completed the poll which was conducted June 9-13.

About the Financial Services Institute
(FSI):
The Financial Services Institute (FSI) is the only
organization advocating solely on behalf of independent financial advisors and
independent financial services firms. Since 2004, through advocacy, education
and public awareness, FSI has successfully promoted a more responsible
regulatory environment for more than 37,000 independent financial advisors, and
more than 100 independent financial services firms who represent upwards of 160,000
affiliated financial advisors. We effect change through involvement in FINRA
governance as well as constructive engagement in the regulatory and legislative
processes, working to create a healthier regulatory environment for our members
so they can provide affordable, objective advice to hard-working Main Street
Americans. For more information, please visit financialservices.org.

 

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