By every account, the presidential election is going to be a close race. Until then, it is adding an unprecedented level of uncertainty. Tim Steffen, the director of financial planning at Baird, talks to Associate Editor Mason Braswell about what advisors should tell their clients when they ask the million-dollar question: "What should I do?"
1. How is the overall wealth management industry leaning in this election? It seems to be a pretty heavily leaning Republican group. That's not universal, and if you look at some of the statistics of where campaign contributions have come from, certainly at least four years ago the Wall Street donations seem to go heavily on the democratic side. But, if you talk to individual advisors, they seem to be much more on the Republican side. The reason as far as that might be is that advisors are going to support things that allow them to do more business, and low tax rates on investments are going to help grow business. They're going to be supportive of a candidate that's going to support lower taxes. Plus, you have a lot of high income people in this business and they're going to want to support somebody, in general, who's going to keep their taxes lower.
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