With the election over, when members of Congress return to Washington next week, the task awaiting them will be to hammer out what has been an elusive compromise on taxes and expenditures to avert the so-called fiscal cliff, a combination of tax increases and deep spending cuts set to take effect in January should lawmakers fail to act.
The consequences of whatever course Congress and the president take will be significant for financial advisors and their clients, according to Andrew Friedman, principal at the policy-analysis shop Washington Update, who predicts high market volatility and significant movement of funds before the year's end.
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