Mitt Romney, Newt Gingrich, Ron Paul and Rick Santorum probably wish that the electorate were limited to independent broker-dealers.
A survey of that slice of the financial market shows that they overwhelmingly would vote for any of the four Republican presidential candidates over President Barack Obama this fall.
The poll indicates that Mr. Romney, the former Massachusetts governor and
Bain Capital LLC executive, would thump Mr. Obama, 81% to 19% among the 2,938 financial advisers who responded. They are members of the Financial Services Institute Inc., which conducted the survey.
Mr. Gingrich, the former House speaker, blasts Mr. Obama, 74% to 26%; Mr. Santorum, a former Pennsylvania senator, would pound Mr. Obama, 75% to 25%; and Mr. Paul, a member of the House, would win by a convincing 72% to 28%.
The respondents also believe, 91% to 9%, that capital gains taxes will increase. The current 15% capital gains rate is set to expire at the end of December unless Congress extends Bush administration tax cuts. If Congress doesn't act, the rate would increase to 20%.
The vast majority of FSI members also back the organization's effort to halt — or at least influence — a Department of Labor rule to extend the definition of “fiduciary” for anyone providing retirement investment advice.
Labor withdrew a proposed rule in September after a firestorm of criticism from industry, which asserted that it would apply a fiduciary standard to IRA products for the first time. The agency is planning to re-propose the rule by this summer.
“Of particular concern to FSI, it is clear that advisors do not believe the Department of Labor should be redefining the term fiduciary, which would price millions of Americans out of advice on their IRAs,” FSI President and chief executive Dale Brown said in a statement. “The Department would do well to listen to these advisors and keep their expert opinions in mind as they move forward in their process.”
The organization, established in 2004, is comprised of 125 independent broker-dealers and 35,000 independent financial advisers.
