Clients of CFPs staying the course

Most certified financial planners say their clients are staying the course, but a significant number say clients are shifting strategies and reviewing their financial goals in the midst of this financial crisis, according to a study released today.

The study from the Washington-based Certified Financial Planner Board of Standards Inc. asked planners how their clients are responding to the down market.

In a question where planners could answer multiple ways, 78% of planners said their clients were staying with their existing planning strategies.

Meanwhile, in response to the same question, 45% of planners said they had clients who had taken steps to move their assets to lower-risk investments.

Forty percent had taken advantage of the lower stock prices and 47% were reviewing financial goals.

Two-thirds of respondents said they had seen an increase in potential clients as the turbulence with the economy has increased over the past several weeks, with 27% reporting a significant increase and 39% a moderate increase.

The online survey polled 5,261 CFPs in recent weeks.

Related Topics: Certified Financial Planner Board Of Standards Inc. (CFP Board)