When talking about portfolio advising, the managing director and financial advisor at JPMorgan Securities; Liz Weikes said, “This has been a roller coaster of a year for sure.”
While talking to Yahoo Finance’s The First Trade, Weikes included, “I have clients that are all over the country. So really the pandemic has affected their portfolios in so many different ways.”
She further said, “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.”
Since the elections are around the corner, and stimulus talks are being held in D.C, there is likely to be volatility in the market.
“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,” Weikes said.
According to her the chance of a blue wave winning the elections — and the impact it would have on 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 added.
“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 further said.
She said the UHNWI client space is giving a lot of importance to 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.