IRS headquarters (Photo: Allison Bell/TA)

The Million Dollar Round Table (MDRT) represents many financial professionals who started out selling insurance that can protect clients against illness, death and the risk of outliving their savings.

MDRT analysts report that  many consumers now expect their “financial advisors” to be able to help them with taxes, not just insurance or investments.

(Related: Working With an Advisor Boosts Investor Confidence: Survey)

The Park Ridge, Illinois-based producer group included questions related to consumer views of taxes, and the new Tax Cuts and Jobs Act, earlier this month when they conducted an online consumer survey.  The survey sample included 480 consumers ages 18 and older.

MDRT found that 33% of the survey participants who have financial advisors expect the advisors to help them file their taxes, and 72% who have financial advisors said that it was very or extremely likely that they would work with the advisors to file their taxes.

MDRT also found a high level of consumer confusion about the new tax law.

About 13% of the survey participants said they had not heard of the new law.

Forty-two percent admitted that they were not at all comfortable with the idea of trying to explain the implications of the law to others.

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