With key Tax Cuts and Jobs Act provisions set to expire at the end of this year, most Certified Financial Planner professionals say clients’ retirement and financial plans could be at risk, according to new research by CFP Board, the professional body for personal financial planners in the U.S.
Nearly nine 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, according to the 2025 CFP Professionals Taxes Survey. 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,” CFP Board CEO Kevin Keller said in a statement. “The risks are real, and time is running out.”
During his first stint in office, President Donald Trump massively overhauled the tax code by passing the TCJA in 2017. Now, many of those tax provisions are set to expire on Dec. 31, 2025, leaving an opportunity for the president to extend, and potentially expand, his tax policy agenda during his second term as president.
In the meantime, CFP professionals say they’re recommending specific strategies for 2025, including Roth conversions (64%), increased retirement plan contributions (64%), and tax-loss harvesting (61%), according to the survey. These recommendations address clients’ top concerns which are 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 three in four using strategic timing of capital gains (78%) and employing tax-efficient retirement income strategies (75%). In addition, 71% of CFP professionals indicate they’re maximizing tax-deferred accounts to help protect client wealth before the TCJA provisions expire.
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 are advocating 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, they say.
“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.
The survey included responses from 312 CFP professionals, randomly selected, nationwide from Jan. 16 until Feb. 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, according to CFP Board.
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