| News > Survey Shows Just 22% believe Budget Friends First Broker Survey Shows Just 22% believe Budget will kick-start economy Stronger, More Transparent Financial Markets Critical for Future GrowthThe Irish public are slightly more optimistic than the business community that the Emergency Budget will help to kick-start the economy, with 37 percent believing it will give the economy a boost compared to just 22 percent of Brokers. This is according to the Friends First/Lansdowne Broker Sentiment Survey results which were unveiled today at the Friends First Independent Broker and Financial Advisors Conference ‘Today’s World for Financial Advisors’ The survey shows that Brokers and the general public share similar views on the Government’s handling of the economic situation with 73% of the general public and 79% of brokers surveyed rating the Government’s performance as poor. Factors driving this sentiment include perceptions on how effective the recent budget may be and also continuing concern and uncertainty over further taxes in the next budget. However, brokers and the public differ as to how long they see the recession lasting. 43% of brokers surveyed believe that the recession will be over in one to two years, while 55% of the public think it will last for three years or more. This optimistic viewpoint of Brokers is also borne out in relation to their own business. 84 % expect to maintain current staffing levels within the next three months, which is an increase of 4% compared to when they were surveyed in January in the first wave of the research. Also, 48% surveyed think that business volume will improve over the next 12 months, compared to 39% who believed this in January 2009. This years annual conference, hosted by Friends First focused on the challenges and opportunities presented to Independent Financial Advisors by the current turmoil in Financial markets. Speakers included Dr. Michael Smurfit, Commissioner Charlie McCreevy and David Carson of Deloitte. Charlie McCreevy, European Commissioner for Internal Markets and Services commented; "Stronger, more transparent financial markets are critical for future growth. It is also important to stress that regulating entails finding a balance between protecting consumers and facilitating competition and that underpins all our work. We need the right supervisory architecture, so as to provide for effective supervision of financial institutions, particularly those operating on a cross-border basis. We also need a sound regulatory framework for all financial sectors. In light of this, the Commission has been leading the way by developing a Directive on the taking up and pursuit of the business of Insurance and Reinsurance, known as the Solvency II Directive." Addressing the Conference, Adrian Hegarty, Group Chief Executive, Friends First, said, "Friends First will stand shoulder-to-shoulder alongside brokers as we chart our way through the current difficult situation. Against the current turmoil in financial markets, it is crucial for us to remind ourselves of the wide range of services that brokers can offer to those seeking financial advice in this time of unprecedented uncertainty. The research we have commissioned Lansdowne to carry out is a critical component of our efforts to ensure that independent financial advisors have the relevant insights that are needed to meet current challenges. It is by working closely on business initiatives that we will counter the gloom. I believe that many opportunities exist to build business through the provision of the quality advice that independent financial advisors can offer. In uncertain times, quality advice is even more important and valued." David Carson, Partner, Reorganisation Services, Deloitte also addressed the conference, "In today’s challenging business environment a proactive approach which addresses the long term business plan is an imperative for business leaders. Organisations that best evolve their approach, their business model and their competitive position will make the most of the recovery and its opportunities. Our experience has shown that those companies that heed the warning signs and take action by implementing restructuring programmes will survive and prosper as trading conditions improve." In response to a series of specific questions to Brokers about the impact of various factors on the Irish economy:
Key issues of concern to Brokers’ clients are:
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