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Wealth advisor confidence survey findings for slide share-compressed

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Rick Telberg (CPA Trendlines) and Hank Berkowitz (HB Publishing & Marketing) present findings of 3rd annual Wealth Advisor Confidence Survey at Terrapin Media Accounting & Finance Show NYC July 2019

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Wealth advisor confidence survey findings for slide share-compressed

  1. 1. Rick Telberg | CPA Trendlines Hank Berkowitz | HB Publishing & Marketing Co. Valentino Sabuco | The Financial Awareness Foundation CPA/Wealth Advisor Confidence Survey™ 2019 (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 1
  2. 2. For a COMPLETE COPY of this presentation contact: hberkowitz@HBPubDev.com | (203) 852-9200 (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 2
  3. 3. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 3 Advisors increasingly pessimistic over the past 12 months 2019 2018 Expect at least one more market correction within 12 mos. 88% 82% Say recession is “somewhat” or “very” likely within 12 months 47% 33% %Chg +6% +14%
  4. 4. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 4 What’s keeping the affluent up at night? Advisors say… 2019 2018 % Chg Turbulence in DC 75% 64% +11% Trump tariffs and retaliation 64% NA NA Long overdue for stock market correction 54% 46% +8% Continued interest rate hikes 44% 32% +12% Flat or inverted yield curve 31% 12% +19% Long overdue for recession 25% 16% +9%
  5. 5. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 5 Advisors say the affluent are less concerned about… 2019 2018 % Chg Doubts about Trump tax plan 19% 45% -26% Republican healthcare plan 10% 20% -10% Budget deficit 10% 16% -6%
  6. 6. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 6 Advisors say Millennials increasingly pessimistic about their financial futures? 2019 2018 % Chg Millennials (age 18-35) 39% 28% +11% Boomers (age 53-70) 29% 34% -5% Gen X (age 36-52) 23% 28% -5% Great Generation (age 71+) 9% 10% -1% 100% 100%
  7. 7. 30% 40% 50% 60% Domestic politics Work-life balance struggle Global instability Insuffient family leave Want more leisure time My own financial instability Can't afford more children Worried about economy Lack time for existing children Childcare too expensive 36% 37% 37% 39% 42% 43% 44% 49% 54% 64% Source: NY Times, Morning Consult Why young parents nervous about having more children 7 of Top 10 reasons financial/ political 7
  8. 8. Most pessimistic cohort by advisor age Advisors in 30s say 40s say 50s say 60s/70s say Millennials (51%) Gen X (49%) Millennials (38%) Gen X (35%) Boomers (27%) Millennials (41%) Boomers (32%) Gen X (25%) Gen Z (2%) Millennials (37%) Boomers (28%) Gen X (23%) (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 8
  9. 9. 5.00% 0% 2% 0% 29.00% 57% 33% 47% 14% 44% 32% 18% 29% 29% 34% CFP/Wealth Adv Attorneys CPAs Insurance/Planned Giving Fallen Behind Same Improved Somewhat Improved Significanly (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 9 To what extent has America’s financial literacy improved over the past 2 years?
  10. 10. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 10 CPAs most skeptical that America’s financial literacy has improved CPAs CFP/Wealth Advisors Insurance/ Planned Giving, Atty Stayed the same or fallen behind L2 years 73% 67% 51%
  11. 11. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 11 Young advisors most optimistic about financial literacy improvement and college’s role Advisors in 30s 40s 50s 60s 70s U.S. financial literacy improved L2 yrs 42% 30% 27% 29% 35% Who needs to step up? K-12 (58%) Colleges (25%) CPAs (8%) K-12 (67%) Colleges (10%) CPAs (10%) K-12 (63%) Colleges (17%) Employers (8%) K-12 (46%) Colleges (13%) CPAs (12%) K-12 (41%) Colleges (21%) CPAs (12%)
  12. 12. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 12 “Half or more clients faced these issues when first came to see me” CFP/Wealth advisors who agree Attorneys who agree CPAs who agree In danger of outliving their money 47% 86% 67% Didn’t know their monthly spending 53% 29% 52% Didn’t know their retirement number 92% 86% 85% Had no estate or gift plan 82% 57% 82%
  13. 13. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 13 Why are so many Americans hesitant to obtain estate and gift plans?
  14. 14. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 14 To what extent would tuition keep rising if home equity could not be tapped?
  15. 15. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 15 CPAs most skeptical about home equity’s role in runaway tuition CPAs CFP/Wealth Advisors Insurance/ Planned Giving, Atty Expect tuition would decline if HELOC disallowed 39% 41% 50%
  16. 16. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 16 Slightly fewer advisors expect their firms to grow in 2019 vs. 2018 2019 2018 %Chg We expect to grow over the next 12 mos. 77% 82% -5%
  17. 17. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 17 Growth expectations tempered for 2019 2019 2018 %Chg Grow 10% or more 28% 49% -21% Grow 1% to 9% 49% 34% +15% Flat or declining growth 23% 18% +5%
  18. 18. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 18 Wealth advisors most optimistic (attorneys the least) CPAs CFP/Wealth Advisors Attorneys Insurance/ Planned Giving Grow 10% or more 21% 47% 0% 15% Grow 1% to 9% 51% 50% 57% 62% Flat or declining growth 28% 3% 43% 23%
  19. 19. 30% 40% 50% 60% 70% Very Likely (CPAs) Very Likely (all resp.) 68% 37% (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 19 CPAs twice as likely to expect 10% market correction near-term
  20. 20. 25% 30% 35% 40% 45% Somewhat/Very Likely (CPAs) Somewhat/Very Likely (all resp.) 41% 34% (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 20 CPAs more likely to expect recession within 12 months
  21. 21. CPAs/ Tax Advisors CFPs/ Wealth Advisors/ Finl Advisors Insurance/ Planned Giving/ Other 1. DC Turbulence 2. Trump Tariffs 3. Market Correction 1. Market Correction 2. DC Turbulence 3. Trump Tariffs 1. Trump Tariffs 2. DC Turbulence 3. Interest Rates (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 21 Top concerns by advisor type
  22. 22. Snapshot of worry by advisor type CPAs/ Tax Advisors CFPs/CFAs Wealth Advisors Insurance/ Planned Giving/ Other Market Correction Somewhat/Very Likely 86% 90% 96% Recession Somewhat/Very Likely 51% 36% 84% Flat or Declining Revenue Expected 28% 3% 30% Most Pessimistic Clients Millennials (39%) Boomers (33%) Millennials (36%) Boomers (33%) Millennials (52%) Gen Y (20%) Pessimistic Gender Women > Men (18% vs. 13%) Men > Women (28% vs. 23%) Women > Men (16% vs. 12%) (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 22
  23. 23. Top client concerns by advisor age Advisors in 30s say 40s say 50s say 60s say 70s say Trump Tariffs DC Turbulence Market Correction DC Turbulence Trump Tariffs Market Correction DC Turbulence Trump Tariffs Market Correction DC Turbulence Trump Tariffs Market Correction DC Turbulence Trump Tariffs Interest Rates (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 23
  24. 24. What’s Keeping Advisors Up at Night? Advisors in 30s say 40s say 50s say 60s say 70s say Market Correction Likely 74% 90% 88% 84% 91% Recession Likely 67% 57% 51% 52% 46% Single Digit Rev. Growth 49% 37% 52% 79% 45% Rev. Flat or Negative 17% 20% 16% 12% 46% (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 24
  25. 25. Top Thought Leadership Tactics* 0% 10% 20% 30% 40% 50% 60% 60% 47% 45% 42% 39% 38% 27% 21% 19% 12% 7% 4% * Consider Very/ Extremely Effective (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 25
  26. 26. Top Thought Leadership tactics: by firm growth expectation Tactic (Very or extremely valuable) Expect Double Digit Growth Expect Single Digit Growth Expect Flat or Negative Growth Public speaking 66% 60% 54% Publish articles 51% 48% 44% Quoted in press 47% 48% 40% Book/eBook 46% 39% 33% Webinars 42% 38% 33% Client Events 41% 35% 35% Video 34% 29% 17% Blogging/ LinkedIn Publish 24% 20% 13% (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 26
  27. 27. CPAs less likely to use high impact thought leadership Tactic (Very, extremely valuable) CPAs All Respondents Var. Public speaking 48% 60% -12% Publish articles 40% 47% -7% Quoted in press 42% 45% -3% Webinars 37% 38% -1% Client events 35% 42% -7% Writing book/Ebook 27% 39% -12% Producing Videos 19% 27% -8% Blogging/ LinkedIn Publish 19% 21% -2% (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 27
  28. 28. CPAs just as likely to use low impact Thought Leadership (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 28 CPAs All Respondents Var. Facebook 11% 12% -1% Twitter 7% 7% 0% Instagram, Snapchat 4% 4% 0%
  29. 29. “Blogging is one of the best ways to get your name out there and generate referrals.” “One of the best things I ever did was hire an editor to do our blog. I don’t even have to write--he just uses audio files from my smart phone.” Jody Padar, CPA | Founder New Vision CPA Group Author of “The Radical CPA” 500,000 followers (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 29
  30. 30. Conclusions • Recession fears have doubled for advisors L-12 mos. • Trump Tariffs, DC Turbulence, Market Correction fears keeping advisors up at night. • CPAs, attorneys more pessimistic than other advisors. • High growth advisors more likely than others to value public speaking, media coverage and being published. • Most advisors don’t think America’s financial literacy is improving—K-12 biggest root cause. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 30
  31. 31. Conclusions, (cont’d) • Low-growth firms more likely to rely on social media. • Most advisors think Millennials and their own peers are most pessimistic about their financial futures. • Over two in five advisors (41%) think college tuition would decline if tapping home equity disallowed— CPAs least likely to agree. • CPAs least likely to think U.S. financial literacy has improved. (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 31
  32. 32. High-growth advisors place greatest value on… • Public speaking • Articles for publication • Writing books, eBooks • Press mentions • Blogging and videos (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 32
  33. 33. “Failure is not fatal…. But, failure to change just might be.” -- John Wooden 10-time national champion college basketball coach (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 33 “If the rate of change outside your organization is faster than the rate of change inside your organization, then soon you will die.” --Jack Welch Management icon Former CEO, General Electric
  34. 34. Hank Berkowitz, MBA, MA Accounting & Finance Show-NYC July 12, 2019 For a COMPLETE COPY of this presentation: hberkowitz@HBPubDev.com | (203) 852-9200 (c) 2019. HB Publishing & Marketing Company, LLC | CPA Trendlines Inc. | The Financial Awareness Foundation 34

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