IN Exclusive: 85% of advisers support Big Ben's nomination

Not a time for a change, said a large majority of InvestmentNews survey respondents

Aug 26, 2009 @ 10:55 am

By Sue Asci

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.

“Given 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,” said Stephen Gorman, president of Gorman Financial Management of Hingham, Mass., which has $125 million in assets under advisement.

“I 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,” he said.

Others agreed.

“I think it's a good move,” said Bob Glovsky, president of Mintz Levin Financial Advisors LLC of Boston, which manages $800 million in assets.

“I think [Mr. Bernanke] has done a very credible job to date.”

However, the Fed chief will face new challenges going forward, Mr. Glovsky said.

“His challenge is going to be to keep the economy from heating up and avoid leading us into inflation,” he said.

“I think he is as capable of doing that as anyone else.”

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.


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