Advisers agree with President Obama's decision to nominate Federal Reserve chairman Ben Bernanke for a second term.
In an InvestmentNews survey conducted online after Mr. Obama announced his decision last week, 84.7% of the 787 advisers who responded said they supported the decision to reappoint Mr. Bernanke, while 14.4% said they did not. To voice your opinion on Mr. Bernanke's reappointment, click here.
â€śGiven the environment that we've been through in the last year, and what we have ahead of us, it's not a good time to change the Fed chair,â€ť said Stephen Gorman, president of Gorman Financial Management of Hingham, Mass., which has $125 million in assets under advisement.
â€śI don't think bringing in someone new with different policies would make much sense. We are too far down the road to reverse the course, at least at the Federal Reserve level,â€ť he said.
â€śI think it's a good move,â€ť said Bob Glovsky, president of Mintz Levin Financial Advisors LLC of Boston, which manages $800 million in assets.
â€śI think [Mr. Bernanke] has done a very credible job to date.â€ť
However, the Fed chief will face new challenges going forward, Mr. Glovsky said.
â€śHis challenge is going to be to keep the economy from heating up and avoid leading us into inflation,â€ť he said.
â€śI think he is as capable of doing that as anyone else.â€ť
A minority of those surveyed thought Mr. Bernanke was not the right man for the job, and put forth their own picks.
The frontrunner was former Federal Reserve Chairman Paul Volcker.