“This has been a roller coaster of a year for sure,” when it comes to portfolio advising, says Liz Weikes, managing director and financial advisor at JPMorgan Securities.
“I have clients that are all over the country. So really the pandemic has affected their portfolios in so many different ways,” Weikes told tells Yahoo Finance’s The First Trade.
“Clients that have had wealth in pockets of the country, whether it be Missouri, Wisconsin, Texas, all over, it really has affected them differently in their overall businesses,” she added.
The markets around this time are susceptible to volatility surrounding the elections and stimulus talks in D.C.
“In terms of preparing the portfolios, we've certainly seen a shift from equities, more into the fixed-income markets, and we are certainly raising cash across all of our client portfolios,” said Weikes.
She says the possibility of a blue wave winning the elections — and what that would mean for taxes — is the discussion that's “happening all day, every day from morning, until night with all clients.”
“It’s something that we have to prepare for,” said Weikes.
“Even if it is a Biden presidency, I truly believe that there's so much at stake right now in terms of fixing this country. I don't know that taxes are going to be the first thing on the agenda, but it is something that we are certainly concerned about,” she added.
She said the ultra-high net worth client space is paying close to attention their estate planning.
“The clients are really focused from an estate standpoint—putting estates in place because not only from a health care perspective, but from the standpoint of what this future presidency could mean for their overall estate and inheritance for their family,” said Weikes.
Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre
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