Investors need to look beyond their investment statements to see an impending “triple threat” of taxes, inflation and fees that may impact their portfolios, according to a new report from Merrill Lynch Wealth Management and Eurasia Group.

The warning comes as taxes and interest rates have been low while inflation has been mild for the last several years. Those conditions could shift as the international landscape changes, and leave investors portfolios vulnerable if they do not take the right steps, the report entitled “Seeking Growth in a G-Zero World” said.

Three major powers in the world, China, Europe and the United States, will be unable to take true leadership roles in the coming years, the report predicts. That will put more pressure on investors to understand the international political forces at work in the markets.

To achieve success, investors must avoid the tendency to invest in their home markets and recognize investment opportunities abroad. That should include broadening portfolios investments in international stocks and bonds, the report said.

Other tips to investors in the report include: rebalance more than once a year, monitor currency changes and their impact on investment returns and target multinational companies rather than countries.

“Geopolitical instability is the new status quo,” said Lisa Shalett, chief investment officer and head of investment management and guidance at Merrill Lynch Wealth Management. “As political powers shift and the global economy struggles to rebalance itself, investors might consider flexible investment approaches and a more globally diversified approach to their portfolio.”

The report is the latest from Merrill Lynch’s series titled “The Great Global Shift.”