NEWS RELEASE from WealthCounsel, LLC - Today, WealthCounsel, LLC and Trusts & Estates magazine released a report of the key findings from the Fifth Annual Industry Trends Survey. The survey is conducted annually and has earned a reputation as the primary resource for insight on the state of the industry and emerging trends. Of the 1,085 respondents, 87 percent were estate planning attorneys, while the remaining professionals were comprised of certified public accountants, certified financial planners, registered representatives and insurance professionals.
“This year’s survey has a broader focus, inviting participation from all professionals involved in estate planning and wealth management,” said Matthew T. McClintock, J.D., Chief Executive Officer of The WealthCounsel Companies. “It is clear from the growing number of participants that the survey has become a valuable business resource for professional advisors engaged in trust and estate planning.”
In addition to questions regarding the impact of the Tax Relief, Unemployment Insurance Reauthorization and the Job Creation Act of 2010, this year’s survey solicited feedback on the economy’s impact on business-owner clients, partisan gridlock in Washington, the unemployment crisis and the connection between financial illiteracy and the subprime mortgage crisis. Key findings include:
57 percent stated that clients are proceeding with planning for non-tax reasons
32 percent believe the 2010 Tax Act has all but eliminated “estate tax avoidance” as motivation to plan
80 percent believe the nation’s economy will continue to suffer due to partisan gridlock in Washington
71 percent believe business incentives are needed to return jobs to the U.S. that have been sent overseas
73 percent believe that the lack of financial literacy contributed to the purchase of adjustable rate mortgages involved in the subprime mortgage crisis
“Despite the challenges over the past year, it is encouraging to see that 89 percent of those surveyed expect to see their practices grow over the next five years,” said Rich Santos, Group Publisher, Trusts & Estates.
A report summarizing the findings appears in the January 2012 issue of Trusts & Estates magazine. Complimentary copies are also available this week at the WealthCounsel and Trusts & Estates exhibit booths located in the exhibit hall at the 46th Annual Heckerling Institute on Estate Planning in Orlando, FL.
Download the 5th Annual Industry Trends Survey