WASHINGTON — More than 5,000 certified financial planners revealed that the majority of their clients are sticking with their existing financial plans during this time of market turbulence.
According to a Certified Financial Planner Board of Standards Inc. survey, 78% of clients are standing firm with their financial plans as 57% review asset allocation. Forty-eight percent are reviewing financial goals, 45% said they are moving assets to lower-risk positions, 40% are taking advantage of investment opportunities and 37% are rebalancing their portfolios, the data showed.
Two-thirds of financial planners have seen an increase in potential clients over the past several weeks, with 27% reporting a “significant” increase and 39% a “moderate” increase.
Only 11% said that the financial system rescue bill will “definitely” improve the economy. About four out of 10 financial planners (42%) think the plan will be “moderately successful” in reviving the economy, compared to a third who say the bill is “not the right approach to reviving the economy.”
About half of financial planners (46%) think that about two years will pass before consumers see a positive impact on their financial situation as a result of the actions taken by the government.