Advisors also said they have been taking action to alleviate clients’ anxiety about the impact of tax reform, with 75 percent in 2019 and 79 percent in 2018 reporting that they have adopted a tax-advantaged investing approach.
Investors remain less confident about the savings benefit of tax reform, with just 53 percent of all investors in 2019 saying they will benefit as compared to 56 percent of all investors in 2018.
One of the biggest investor shifts was in the ultra-high-networth ($5 million or more) category, with those who say they will benefit from tax reform declining nearly 10 percentage points—to 65 percent in 2019 from 74 percent in 2018.
Still, tax reform seems to be less pressing this year for the ultra rich. They rated taxes the third-highest macro factor that will most adversely impact their portfolio in 2019. It was the number one macro issue in 2018, 2017 and 2016.