Financial advisors were hoping for a change in the White House, according to a recent Brinker Capital survey that focused on the Nov. 6 election.
“With the election now over, those who had hoped for a change in administration are going to want to see lawmakers on both sides of the aisle quickly set aside partisan differences and work together to resolve key tax, spending and other regulatory issues,” said John Coyne, vice chairman of Brinker Capital.
The Brinker Barometer, a quarterly survey that gauges the confidence and sentiment of financial advisors regarding the economy, investing and market performance, also found that 53 percent of advisors believe the tax cuts put in place by George W. Bush were right on target, compared to 14 percent who believe they are too low and 33 percent who feel they are too high.
Eighty-eight percent of advisors said that Governor Romney was the candidate most likely to continue the Bush-era tax cuts. Both presidential candidates proposed cutting corporate income taxes, a move favored by about 70 percent of the 455 advisors surveyed.
When asked if their clients were better or worse off financially than October of last year, 48 percent said they were about the same and 34 percent said they were better off.
When asked the same question about the economy, 36 percent of advisors said it was “worse off” and 26 percent said it is in a better place. Compared to this time four years ago, respondents are almost evenly split, with 44 percent saying the economy is worse off and 41 percent saying it is about the same.
The Brinker Barometer was conducted online by Brinker Capital in October 2012. Results are based on responses from 455 advisors affiliated with insurance companies, independent broker-dealers and in sole practice.
Brinker Capital, Inc. is an investment management firm that provides managed account investment programs to individual and institutional investors through financial advisors.