WealthCounsel® and Trusts & Estates® Magazine Announce Findings from the Fifth Annual Industry Trends Survey

WealthCounsel® and Trusts & Estates® Magazine
Announce Findings from the Fifth Annual Industry Trends Survey

Orlando, FL – January 9, 2012 – Today, WealthCounsel, LLC and Trusts & Estates magazine released a report of the key findings from the Fifth Annual Industry Trends Survey. The survey is conducted annually and has earned a reputation as the primary resource for insight on the state of the industry and emerging trends. Of the 1,085 respondents, 87 percent were estate planning attorneys, while the remaining professionals were comprised of certified public accountants, certified financial planners, registered representatives and insurance professionals.

“This year’s survey has a broader focus, inviting participation from all professionals involved in estate planning and wealth management,” said Matthew T. McClintock, J.D., Chief Executive Officer of The WealthCounsel Companies. “It is clear from the growing number of participants that the survey has become a valuable business resource for professional advisors engaged in trust and estate planning.”

In addition to questions regarding the impact of the Tax Relief, Unemployment Insurance Reauthorization and the Job Creation Act of 2010, this year’s survey solicited feedback on the economy’s impact on business-owner clients, partisan gridlock in Washington, the unemployment crisis and the connection between financial illiteracy and the subprime mortgage crisis. Key findings include:

  • 57 percent stated that clients are proceeding with planning for non-tax reasons
  • 32 percent believe the 2010 Tax Act has all but eliminated “estate tax avoidance” as motivation to plan
  • 80 percent believe the nation’s economy will continue to suffer due to partisan gridlock in Washington
  • 71 percent believe business incentives are needed to return jobs to the U.S. that have been sent overseas
  • 73 percent believe that the lack of financial literacy contributed to the purchase of adjustable rate mortgages involved in the subprime mortgage crisis

“Despite the challenges over the past year, it is encouraging to see that 89 percent of those surveyed expect to see their practices grow over the next five years,” said Rich Santos, Group Publisher, Trusts & Estates.
A report summarizing the findings appears in the January 2012 issue of Trusts & Estates magazine. Complimentary copies are also available this week at the WealthCounsel and Trusts & Estates exhibit booths located in the exhibit hall at the 46th Annual Heckerling Institute on Estate Planning in Orlando, FL. The survey report may also be downloaded at www.wealthcounsel.com.

About WealthCounsel, LLC
Established in 1997, WealthCounsel is a membership-based organization of more than 2,500 attorneys and is the publisher of WealthDocx® Trust and Estate Planning Software used by attorneys in all 50 states. Other WealthCounsel companies include ElderCounsel, LLC, and The Advisors Forum, LLC.

About Trusts & Estates Magazine (Penton Media, Inc.)
Published since 1904, Trusts & Estates continues a long tradition of editorial excellence and credibility in the high net worth arena. Monthly issues focus on new tax legislation, ethics, investment strategies, financial planning, elder law, charitable giving and financial services. For more information, please visit www.trustsandestates.com.

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Marlene Frith, WealthCounsel (888) 659-4069, Ex. 817
Rich Santos, Trusts & Estates (212) 204-4227

TAGS: Research
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