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No matter which side of the political aisle you are on, you must know that Donald Trump and Joe Biden’s visions of the future of America could not be more different.
The America that we will see if Trump is re-elected is much different than if Biden wins.
I believe that everyone that has a financial advisor should have already received a detailed analysis and narrative that details how these eventualities could impact your investments.
Is your current portfolio positioned for either eventuality? I don’t think that’s possible to be honest with you. The two candidates’ visions could not be more different so investment strategies must be implemented before the election in November.
We all suffered through a severe correction at the beginning of 2020 and many of us were left wondering how could that have happened? We asked ourselves. “I have an investment advisor looking out for me. How could I have lost 30% of my portfolio’s value in just a few days?”
That is an extremely important question then and even more now.
So, we have another potential shift coming in November, that can be worse than Covid.
Your investment advisor’s planning should include the analysis of this potential shift.
We have a little under two months now for you to make changes in your positions and your investments if necessary. But you need to be educated as to the possible outcomes after the election and what these might mean for your investments. Only your investment advisor can educate you on these.
I would be asking very specific questions. Like:
- How do Biden’s economic, fiscal, taxation, and business regulation philosophies and platforms differ from President Trump’s?
- How would these differences impact each of my current investments?
- Depending on who wins, am I currently over leveraged in any sector? If so, which ones and how?
- What if there is a long delay in verifying the election and we don’t have an official president for many months. How does that affect my investments?
- If one candidate is anti-lockdown and another is pro-lockdown, how should I position myself?
- Biden has mentioned repealing the Trump tax cuts and even increasing tax rates above the Obama era levels. What impact might this have?
- Can you tell me how you would change my portfolio if you were sure Biden is going to win?
- Do you suggest my converting some or all of investments to cash positions until the country is in a more stable place possibly long after the election?
Questions? Concerns? Call me on (732) 673-0510.
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Please reach out to me without hesitation with any tax, business or accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
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Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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