2025 Tax Changes Could Upend Retirement and Legacy Plans, CFP Board Survey Finds

Business Wire

Nearly 9 in 10 CFP^® Professionals Say Clients’ Financial Goals Are at Risk as TCJA Expiration Looms

WASHINGTON--(BUSINESS WIRE)--
With key Tax Cuts and Jobs Act (TCJA) provisions set to expire on December 31, 2025, the vast majority of CERTIFIED FINANCIAL PLANNER^® professionals warn of major risks to their clients’ financial goals, according to CFP Board’s latest research, the 2025 CFP^® Professionals Taxes Survey.

Nearly 9 in 10 CFP^® professionals (88%) believe their clients’ financial objectives face substantial risks, with retirement income (57%) and legacy planning (53%) most vulnerable to upcoming tax changes. Other at-risk financial planning goals include charitable giving strategies (18%), business succession (16%) and real estate investment plans (8%).

“We’re at a tipping point that will define the financial future for millions of Americans,” said CFP Board CEO Kevin R. Keller, CAE. “The risks are real, and time is running out.”

Financial Planners Recommend Strategic Solutions for 2025 Tax Changes

CFP^® professionals are recommending specific strategies for 2025, including Roth conversions (64%), increased retirement plan contributions (64%) and tax-loss harvesting (61%). These recommendations address clients’ top concerns: retirement account taxation (61%), current income tax exposure (59%) and the impact of potential tax rate changes (55%).

To improve tax efficiency, financial professionals are implementing comprehensive approaches, with 3 in 4 using strategic timing of capital gains (78%) and employing tax-efficient retirement income strategies (75%). Additionally, 71% of CFP^® professionals are maximizing tax-deferred accounts to help protect client wealth before the TCJA provisions expire.

New Tax Incentives Could Help More Americans Access Financial Guidance

The elimination of tax deductions for financial advice under TCJA has created barriers to professional guidance, with 52% of CFP^® professionals reporting negative impacts on consumer access. Half believe restoring these tax incentives would help more Americans afford professional financial advice.

To expand access to financial planning services, many CFP^® professionals advocate for an above-the-line tax deduction (46%) or the implementation of a tax credit system (39%) — solutions that could help more Americans obtain the professional financial guidance needed to navigate upcoming tax changes.

“As we approach the expiration of TCJA later this year, restoring and expanding tax incentives for financial advice could help ensure that more Americans have access to the professional expertise they need to navigate these significant changes and build the future they envision," said Erin Koeppel, Managing Director of Government Relations and Public Policy Counsel at CFP Board.

With 95% of CFP^® professionals rating tax considerations as critical to financial planning, advisors continue to deliver personalized strategies that help clients protect their financial goals and face the future with confidence.

To find a CFP^® professional who can help you navigate upcoming tax changes, visit LetsMakeAPlan.org.

Download and read the full 2025 CFP^® Professionals Taxes Survey.

METHODOLOGY

On January 16, 2025, CFP Board’s Research team sent a 15-question survey to randomly selected CFP^® professionals nationwide. The survey generated responses from 312 CFP^® professionals when it closed on February 4, 2025. The survey data collected, which serves as the basis of this report, is subject to a sampling error of +/- 5.5% at the 95% confidence interval.

ABOUT CFP BOARD

CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public’s benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER^® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP^® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession’s body of knowledge.