CFP Board Survey: Investors Are Optimistic Despite Looming Election Anxiety

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Mar 19, 2024, 11:00 ET

CFP® Professionals Recommend Prioritizing the Development of a Financial Plan
and Saving for Retirement

WASHINGTON, March 19, 2024 /PRNewswire/ -- A survey of CFP^® professionals found that American investors are overwhelmingly optimistic, with 6 in 7 CFP^® professionals reporting that their clients have a positive outlook for 2024 despite ongoing economic uncertainty.

The 2024 CFP^® Professionals Financial Outlook Survey, the latest edition of the CFP Board Consumer Sentiment Surveys, also found that nearly half of CFP^® professionals (48%) say their clients' outlook is more optimistic than in 2023. Even with the optimism, the upcoming U.S. elections weigh heavily on investors' minds. Eighty-three percent of CFP^® professionals' clients expect the 2024 election cycle to have at least some impact on their financial decisions.

"The value of working with a competent, ethical financial advisor is even higher during times of economic uncertainty," said CFP Board CEO Kevin R. Keller, CAE. "No matter what's ahead, Americans who work with a CFP^® professional can face the future knowing that the financial advice they receive is in their best interest."

Clients Delay Major Financial Decisions But Hold Steady on Investments

Optimism is making Americans bullish on investing this year. Nearly 3 in 5 CFP^® professionals say their clients are more likely to start to invest or increase their level of investment because of their financial outlook.

When meeting with CFP^® professionals, investors want to discuss issues including preparing for retirement (77%), dealing with inflation and rising prices (60%) and understanding the national economy (56%). During their conversations, CFP^® professionals are recommending a range of strategies, including developing or revising a financial plan (62%), prioritizing retirement savings (60%) and investing in the stock market (32%).

Given the high-interest-rate environment, 41% of CFP® professionals are advising clients to move funds into high-yield investment accounts (e.g., market funds and certificates of deposit [CDs]). Twenty-eight percent of CFP® professionals are counseling clients to reduce their exposure to high-interest debt.

Clients' positive sentiment makes them more likely to take a vacation (as reported by 43% of CFP^® professionals), retire (35%) and get medical care (21%). However, many are delaying major life events or purchases. Of the CFP^® professionals surveyed, 44% say their clients are less likely to purchase a home, 20% say their clients are less likely to start a family and 12% say their clients are less likely to get married.

"CFP^® professionals are a port in the storm for anxious investors," said Kevin Roth, Ph.D., Managing Director of Research at CFP Board. "Whether a client is contemplating a major life change or a relaxing vacation, the trusted advice of a CFP^® professional is more important than ever."

Americans are increasingly seeking out CFP^® professionals. Seven in 10 CFP^® professionals expect to expand their client bases again in 2024 in response to increasing demand for competent and ethical financial advice.

To find a CFP^® professional who can help you achieve your financial goals, visit LetsMakeAPlan.org.

Read the CFP^® Professionals Financial Outlook Survey.

METHODOLOGY
On February 1, 2024, CFP Board's Research team sent a 12-question survey to randomly selected CFP^® professionals nationwide. The survey had generated responses from 675 CFP^® professionals when it closed on February 20, 2024. The data collected from the survey, which serves as the basis of this report, is subject to a sampling error of +/- 3.8% at the 95% confidence interval.

ABOUT CFP BOARD
CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER^™ certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP^® certification is held by nearly 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.

SOURCE CFP Board