Investment Advisers Don’t Support Occupy Wall Street

October 27th, 2011
in econ_news

ows-we-are-tbtf Econintersect:  This news, reported by Investment News, should be no surprise since Investment Advisers have a preponderance of clientele from the top of the wealth spectrum.  However, last week an online survey of 350 advisers found a predictable result:  58.2% said they disagree with the views expressed by Occupy Wall Street protesters.  More than 1/3 (38.8%) said they agreed and 3% said they were not familiar with Occupy Wall Street.  The respondents were 39% Republicans, 37% Independents and just under 10% Democrats.  Nothing was said about the other 14%.

Follow up:

Some of the other results from the survey:

  • 46.3% support tax reform that would increase taxes on the wealthy;
  • 43.6% do not support higher taxes for the wealthy;
  • 41.6% support tougher bank regulation
  • 45.9% do not support tougher bank regulation;
  • 44% do not believe political parties will not be affected;
  • 34.6% think Democrats will be move more to the left; ; and
  • 12.8% believe Republicans will be moved more to the center.

From Investment News:

The results show that financial advisers are largely divided on their views about the protests, which are gaining momentum across the globe.

“That split is really surprising,” said Louis Harvey, chief executive of financial services market research firm Dalbar Inc. “Increased regulation on banks would drive the cost of banking at the retail level. Raising taxes on the most mobile segment of society is a little crazy, too: A lot of advisers I speak with worry that clients will move assets offshore.”

The article quotes a poll result for the general population:

Fully 59% of some 1,007 adults participating in a United Technologies/National Journal Congressional Connection poll said that they agreed with the protesters, while 31% said they disagreed.

The Investment News article also said:

Though Occupy Wall Street hasn't furnished an official list of demands, sympathizers have called for bringing back the Glass-Steagall Act of 1933, plus an enactment of the so-called Buffett Rule, a new tax to be assessed on individuals making more than $1 million a year.

Another GEI News article posted today contains an interview with William K. Black in which he suggests a manifesto of demands for the Fed that he recommends be adopted by the Occupy Wall Street movement.

Source: Investment News

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