Imagine the day after the Presidential election. Maybe you are celebrating or maybe you are unhappy. But what you should not be doing is panicking about your finances, according to a panel of Wells Fargo executives.

As an advisor or an investor, you should be thinking about your options now so you can take appropriate, thoughtful, action in the next few months, the financial leaders said during a panel discussion Monday.

“The election is only the beginning of the process. The policy changes that may take place will take several months to enact. There is a lot that will need to be determined between Election Day and March,” said Paul Christopher, head of global market strategy at Wells Fargo Investment Institute.

Christopher predicted that the House of Representatives will remain in Democratic control, while the Senate will go with whichever presidential candidate wins. That leaves potential policy changes up in the air for now.

Christopher and the two other panelists – Lisa Featherngill, head of legacy and wealth planning at Abbot Downing, a New York City-based Wells Fargo firm that advises ultra-high-net-worth clients; and Chris Pegg, senior director of planning for Wells Fargo Private Bank – agreed on one point: Even if no one can say what will happen on policies after the election, now is the time to be aware of the possibilities and be ready to act when the time is right.

Investors could be affected by changes in a number of policies, including taxes and regulations, monetary policy, foreign economic policies and trade, health care, energy and climate, Wells Fargo said. But for now, things are uncertain and uncertainty can make people over-react and take action they should not take, or make them freeze up and do nothing, explained the panel moderator, Michael Liersch, head of advice and growth strategies at Wells Fargo Private Wealth Management.

The panelists also agreed the first step for any investor – before taking any action – is to decide what you want your money to do for you; then decisions can be made after the election based on potential or actual policy changes.

One of the most frequently asked questions is whether investors should be holding a lot of cash now, Liersch said.

“Your clients should hold some cash, but money has to grow,” Christopher answered. “You need a plan to make that happen.” Digital, health care and infrastructure sectors are going to present investing opportunities in the future, the panelists said.

“Interest rates are going to remain low beyond 2021,” Christopher said. “Those who need income should consider high yield bonds, and they should use a bond manager who can do credit analysis and mix up different kinds of bonds” for the investor.

If the Democrats control both houses of Congress and the presidency, income taxes for higher wage earners, capital gains taxes and inheritance taxes may increase, he added. If Trump is re-elected, but the House remains in Democratic hands, Trump may not be able to do any more tax reductions. “But delay, dilution and defeat are typical for taxes.”

Featherngill advised investors to determine their cash flow requirements now. “Analyze your tax position and prioritize your objectives for the short and long term. That way you can intentionally make your money work for you.

“If you think taxes will increase in future, you should consider converting traditional IRAs to Roth IRAs,” she said. “Clients should talk to their advisors now to prepare for whoever wins the election.”

Pegg said investors also should be considering what kind of legacy they want their wealth to create and whether they want to do that before or after death.

“Use the tools that are available now. As an example, you can give up to $15,000 each year to as many people as you want without out paying gift taxes,” he added. Trusts can be devised to make the money do what the donor intends.

Liersch said it is a good thing that the pending election is giving clients the inspiration to think about these issues now.