A year makes a big difference.
The third-quarter Brinker Barometer, released Monday, found that 49% of financial advisors felt good about the economy and their clients’ financial future, compared with 26% who felt that way in the same period a year ago.
Sixty-nine percent of advisors said their clients were financially better off than they were a year ago, and 51% said clients had more purchasing power.
“What’s particularly remarkable about this rise in confidence is that advisors were able to see beyond the then-looming government shutdown, and the country’s tarnished reputation on the international stage, to focus on the longer-term prospects for America’s economic future,” Brinker Capital vice chairman John Coyne said in a statement.
Respondents weren’t rid of all concerns, however. Sixty-eight percent felt financial regulation would have a negative effect on the investment management industry over the coming decade.
Another 64% believed the country’s reputation around the world had suffered over the past year.
And 61% fretted about ineffective federal governance by the White House and Congress.
When asked what changes they expected to make in their clients’ investment strategy over the next 10 years, 69% of advisors said they would focus more on “desired personal or purpose-driven investing outcomes.”