Thirty-eight percent of independent advisors believe the economy will recover in 2012, while 55% say it will show no growth, and a large majority of advisors prefer any of the Republican candidates for President to Barack Obama, according to a survey of nearly 3,000 independent advisors by the Financial Services Institute.
While the survey results are interesting, what more striking is that FSI suddenly is a source of information on what independent advisors think. With 35,000 members, FSI is now bigger than the Financial Planning Association, which has about 24,000 members.
In a race between Republican frontrunner Mitt Romney and President Obama, just 19% of advisors polled favor Obama and 81% would vote for Romney, according to the FSI survey.
Advisors would elect Ron Paul over Obama by a 72% versus 28% margin, FSI reported, while advisors favor Rick Santorum by a 75% to 25% margin over Oabama and Newt Gingrich by a 74% to 25% majority.
By a 72% to 28%, FSI said its members are against the Department of Labor redefining the definition of a fiduciary, an area of contention among groups representing different segments of the independent financial advisor business.