WealthCounsel® and Trusts & Estates® Magazine Announce Findings from the Sixth Annual Industry Trends Survey

Jan 14, 2013, 13:10 ET from WealthCounsel LLC

ORLANDO, Fla., Jan. 14, 2013 /PRNewswire/ -- Today, WealthCounsel, LLC and Trusts & Estates magazine released a report of the key findings from the Sixth Annual Industry Trends Survey. 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.

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A report summarizing the findings appears in the January 2013 issue of Trusts & Estates magazine. Complimentary copies are available this week at the WealthCounsel and Trusts & Estates exhibit booths located in the exhibit halls at the 47th Annual Heckerling Institute on Estate Planning in Orlando, FL, and next week at the WealthCounsel exhibit booth at the Society of Trust and Estate Practitioners (STEP) conference in Orange County, California. The survey report may also be downloaded at www.wealthcounsel.com, or at www.estateplanning.com.

"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. Considering the strong connection between business planning and estate planning, professionals who have a balanced practice will be best positioned for growth in the years ahead,"  McClintock added. 

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 

"We're pleased to see the tremendous increase in participation for the annual Industry Trends Survey," said Rich Santos, Group Publisher, Wealthmanagement.com and Trusts & Estates. "We believe the growing interest is attributed to the fact that each year the results provide fresh, valuable insight that is relevant for industry professionals and the clients they serve."

About The WealthCounsel Companies

The WealthCounsel Companies equip professionals to practice with excellence and improve clients' lives through proper planning. Established in 1997, WealthCounsel® is a membership-based organization of thousands of estate and business planning attorneys and wealth professionals located in all 50 states. WealthCounsel shares ownership in ElderCounsel, is the founder of The Advisors Forum, the publisher of EstatePlanning.com, and the creator of the WealthDocx® Trust and Estate Planning Software system, the nation's leading automated drafting system for trust and estate attorneys.  In spring 2013, WealthCounsel will release BusinessDocx™, a robust drafting system for attorneys engaged in business planning.

About Trusts & Estates Magazine (Penton Media, Inc.)

Published since 1904, Trusts & Estates continues a long tradition of editorial excellence and credibility serving wealth management professionals in the high-net-worth arena. Monthly issues focus on new tax legislation, ethics, investment strategies, financial planning, elder law, charitable giving and financial services. For more information, please visit www.trustsandestates.com and www.wealthmanagement.com.

SOURCE WealthCounsel LLC