Hard Brexit is still the biggest concern for clients, advisers have claimed.
Guy Stephens, managing director of Rowan Dartington, said: "At best, investors are complacent, at worst, they are suicidal, with not many shades of grey in between.
"Which way do we turn: tin hats on, or raise your head above the parapet? We need to think very carefully but also be careful not to overthink the various scenarios into Armageddon."
He added: "The key to successful forecasting and investment strategic positioning is not so much arriving at the outcome, but much more the anticipated travelling along the way. For example, it is impossible for us to forecast the true implications of Brexit and what the final deal will look like.
"At the moment, markets are sanguine but a little nervous, which is introducing a discount into potentially affected businesses. This will evolve over time and if a hard Brexit becomes more likely, then this discount will get bigger."
According to Mr Stephens, the advisers' skill will be shown in working out how the markets will interpret the developments, rather than the final outcome itself.
A poll carried out among advisers for FTAdviser Advantage revealed 57 per cent of respondents believed a 'Hard Brexit' was the one event bothering their clients the most.
Only 7 per cent of advisers said their clients were concerned about a potential softening in the US economy after the US Presidential elections saw Donald Trump emerge victorious.
Earlier in November, research from Aegon revealed that 30 per cent of young people wanted Philip Hammond, UK chancellor, to implement measures to stabilise the economy ahead of Brexit.
However, some commentators are positive there will be opportunities for Britain when it comes to the Brexit negotiations.
Rishi Sunak, MP for Richmond (Yorks), commented: "Upon leaving the EU, Britain will find itself with more opportunities for economic innovation than at any time in almost 50 years. As the date of our departure draws closer, it will be the responsibility of government to ensure Britain is not timid in seizing those opportunities.
"Foreign Trade Zones are flourishing all around the world – except in the EU. Post-Brexit they could play an important role in signalling Britain’s openness to the world, as well as reconnecting the nation with its proud maritime history."
