Seventy-five percent of financial advisers’ clients are planning to delay retirement up to five years, according to the quarter Brinker Barometer.
“Clearly, 2009 ended on a far more positive note than it began, which meant that financial advisers are generally optimistic about the way the markets and U.S. economy were trending than they had been for quite some time,” said John Coyne, president of Brinker Capital. "Their general level of optimism notwithstanding, the majority of advisers note that their clients still have to delay retirement plans to make up a savings shortfall, and concerns about potential tax increases still abound."
Certainly, advisers are more optimistic. Eighty-eight percent said 2009 ended in a more positive way than they had anticipated. Turning to 2010, 61% of advisers were either “highly confident” or “somewhat confident” about the country’s financial recovery and economic outlook.
Asked about the stock market, 67% are optimistic itwill perform well in 2010, and 93% are either “highly confident” or “somewhat confident” about the future of their practices.
Ninety-one percent were either “very satisfied” or “somewhat satisfied” with the work Federal Reserve Chairman Ben Bernanke did to revive the economy. However, only 52% had the same feelings about Treasury Secretary Tim Geithner.
Advisers and their clients are evidently still cautious about saving enough for retirement, with 77% of advisers now allocating additional assets to guaranteed insurance products, and 56% moving money into cash and other short-term strategies.
Asked about the economic and financial issues that concern them the most, 63% cited tax increases. Sixty-six percent want Congress to let the Bush-era tax cuts be extended.