Key Findings from the 6th Annual Industry Trends Survey

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Results are in from the 6th Annual Industry Trends Survey which took place from September 5, 2012 to October 19, 2012. The survey drew participation from nearly 1,500 industry professionals comprised of estate and business planning attorneys, certified public accountants, certified financial advisors and planners, registered representatives, insurance advisors, and other wealth management professionals.

“One of the most compelling data points to come out of this year’s survey is that 94 percent of respondents expect the demand for business succession planning to increase as a result of retiring baby boomers,” said WealthCounsel’s CEO Matthew T. McClintock. “Professionals in the planning industry are certainly aware of the opportunities that this generational shift presents. More importantly, attorneys and advisors know how important small businesses are to the owners, their employees and to the economy at large.”

Other key findings from the 2012 survey include:

97 percent expect taxes to increase due to the budget deficit
71 percent experienced growth in their practices in 2012, compared to 59 percent in 2011
57 percent stated their clients engage in planning primarily to avoid chaos and discord among heirs
50 percent of estate planning clients are 50 to 69 years of age
26 percent of respondents reported that clients took advantage of the $5.12 million gift tax exemption

NOTE: Attorneys and professional advisors are encouraged to visit the WealthCounsel website to learn more about our solutions to help you grow a more profitable practice, and other complimentary resources available for downloading.

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