Tags: Financial | Advisers | Wall | Street | Protests

Report: 40% of Financial Advisers Support Wall Street Protests

Monday, 24 Oct 2011 07:56 AM

A poll finds 38.8 percent of financial advisers agree with the views of the Occupy Wall Street protesters while 58.2 percent say they don't, InvestmentNews reports.

The InvestmentNews survey also finds that 46.3 percent of the advisers said they favor reforms calling for higher taxes on the wealthy, while 43.6 percent said otherwise, the publication adds.

Furthermore, another 41.6 percent of the advisers favored tougher government regulation of banks and Wall Street firms, while 45.9 percent were against it.
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"That split is really surprising," says Louis Harvey, chief executive of financial services market research firm Dalbar, tells InvestmentNews.

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Wall Street protesters
(Getty Images photo)
"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."

A larger polls show a large number of Americans either support the movement or are just plain angry over the direction of the country is headed.

About 37 percent of Americans back the protestors, Democrats mainly, while a full 58 percent say they are upset over U.S. politics in general, an Associated Press-GfK poll finds.

Blame Washington, but don't blame bankers, some say.

"They've got reasons to be upset, they've got reasons to protest, but they're protesting against the wrong people," Jan Jarrell, 54, a retired school custodian, says of the New York demonstrators, the Associated Press reports.

"They need to go to Washington, to Congress and the White House. They're the ones coming up with all the rules."

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