Business owners are not planning to hire and most advisors are not expecting the economy to recover next year.
According to financial advisors surveyed at PEAK's Excell national conference, 77.4% report that their business owner clients are not inclined to hire new employees in the next six months; 69.7% of advisors report that their business owner clients are not optimistic that the economy will turn around at any point next year; and 78.2% of advisors feel that extending unemployment benefits has kept unemployment higher than if they had not been extended.
PEAK, the financial advisor consulting and coaching firm that is owned by LPL's Carson Wealth Management, surveyed 234 members at its bi-annual meeting. PEAK said advisors have a "decidedly negative outlook on the prospects for an economic recovery."
PEAK, which is based in Omaha, provides financial professionals with specific solutions to manage and market their businesses, and strategic tools to ensure implementation.