Poll: Large Majority of Financial Advisors Back Romney

Poll: Large Majority of Financial Advisors Back Romney

Republican presidential candidate Mitt Romney greets supporters.

 Seventy-four percent of financial advisers back Mitt Romney for president, according to a poll conducted at a financial advising conference.

The survey of 125 financial advisers, conducted at the SEI National Strategic Advisor Conference this month, reiterates Romney's strong support from the finance industry, which backed President Barack Obama in the 2008 election.

"(The respondents) are feeling that Romney is more business-friendly, more fiscally conscious, more tax conscious," said Steve Onofrio, managing director of the SEI Advisor Network, which oversaw the conference. "I think those are the reasons they voted the way they did."

[Read: 10 Things You Didn't Know About Bush Tax Cuts]

The group consisted of higher-level advisors from across the country, mostly between the ages of 45 and 60, who manage around $150 million in assets on average, Onofrio said. But he thinks their views are representative of all financial professionals.

The respondents cited "log jams in Congress," changes to entitlements, and tax increases in 2013 as the areas of most concern for them right now, over topics such as gas prices, interest rates, and unemployment numbers.

"People who are doing comprehensive financial planning really pay attention to taxes and fiscal issues," Onofrio said. "They have to plan for both candidates, (the election) makes a big difference."

If financial contributions are any indicator, fiscal voters like finance professionals strongly prefer Romney. Thus far in the 2012 presidential race, support from finance has buoyed Romney's campaign. The finance sector has given him $19 million, more than any other sector, according to the Center for Responsive Politics. His Super PAC, Priorities USA, has received $1 million or more from employees at eight different finance companies.

President Obama has raised only one-sixth of the $42 million he raised from the finance sector in 2008, when he was by far its biggest beneficiary. That cycle, five banks were among his top 20 sources of cash. According to the Center for Responsive Politics, Obama has raised less than half as much from finance as Romney, and has no banks among his top donors.

• Read: Conservatives Donors Slow to Back Romney's Campaign
• Obama Campaign: Romney Dishonest About Finances
• Read: Should Romney Distance Himself from Donald Trump?

 

Seth Cline is a reporter for US News and World Report. You can contact him at scline@usnews.com or follow him on Twitter.