CPA/Wealth Advisor Confidence Survey 2021

The Financial Awareness Foundation has teamed up with CPA Trendlines, the Investments & Wealth Institute and HB Publishing & Marketing Company, LLC to gauge the sentiment of independent tax, financial planning and wealth advisory firms nationwide. 

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.

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* 1. To what extent do you believe there will be a stock market correction (at least 10% decline) within the next 12 months?

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

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* 3. In addition to the pandemic, what else is contributing to the declining confidence of affluent Americans? (list all that apply)

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

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

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

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* 7. What proportion of your NEW clients/prospects struggle with the following challenges when you first start working with them? (Please select one answer from each row) 

  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 they would need to maintain their lifestyle in retirement
Don't have a clearly defined investment policy statement and asset allocation plan
Don't have an up-to-date  estate and gift plan in place
Have significant gaps in their insurance
Have more than $30,000 in student debt
Are in danger of outliving their money in retirement

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* 8. If families were no longer permitted to tap their home equity to pay for higher education,  how would that impact the cost of higher education? (Select only one)

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* 9. During uncertain times, to what extent can the following advisor actions help clients feel more confident about reaching their financial goals?

  Strongly agree Somewhat agree Somewhat disagree Strongly disagree N/A
Focus on long-term goals
Deliver on core expectations
Provide meaningful advice
Enhance reviews
Go beyond investments

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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)
Peer pressure (keeping up with the Jones)
Unplanned financial setback (job loss, major medical, home damage)
Bad terms on student loans
Lack of family financial assistance
Overpriced cost of education
Not understanding Expected Family Contribution (EFC)
Unrealistic expectations about merit aid/athletic scholarships
Not understanding FAFSA/CSS financial aid process

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* 11. Why are so many Americans reluctant to obtain (and keep current) a financial, estate and gift plan? (select all that apply)

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* 12. Please describe the extent to which you expect your firm to grow (or  decline) over the next 12 months

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* 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:

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* 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
Writing articles for publication
Producing videos
Tweeting (i.e. Twitter)
Writing books/eBooks
Public speaking/presentations
Blogging
Podcasting
Hosting client events
Being quoted in the press
Hosting webinars
Posting on Instagram, Pinterest or Snapchat
Posting articles/updates on LinkedIn
Posting on Facebook

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* 15. On average, how often would you say you contact your clients every month? (select single best answer)

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* 16. Which of the following best describes the size of your firm, practice or business? (select single best answer)

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* 17. Which of the following best describes your business or profession? (select single best answer)

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* 18. Which of the following do you consider core offerings for your firm or practice? (select up to 6 of your top services)

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* 19. Which of the following services, if not already being offered, are you planning to offer eventually?
(please select best answer for each row)

  Immediately Within 12 months Within 5 years N/A
Trust services
Estate and gift planning
Tax planning
Retirement income counseling
Asset protection (insurance, etc.)
Charitable giving 
Business exit planning or succession services
Executive compensation planning

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* 20. Which of the following best reflects your view about continuing education and training for financial advisors (select single best answer)

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

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

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* 23. List up to three (3) things that you and your peers could do to make your profession even better for the youngest professionals coming up the ranks

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* 24. Where should we send your free report?

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

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