Four in five advisers believe the impact of Brexit is their clients’ top concern for the new year, according to the latest FTAdviser Talking Point poll.
The poll asked advisers to choose which of the four risks clients worry will have the biggest impact on portfolios.
A total of 79 per cent said their clients’ biggest concern was the UK’s vote to leave the EU, while 12 per cent predicted moves in interest rates.
Some 5 per cent said the impact of the US-China trade war on global growth, while 4 per cent chose moves in currency rates.
Patrick Connolly, head of communications at Chase de Vere, said it was no surprise that Brexit topped concerns.
Mr Connolly said: "Some of these uncertainties arise on a fairly regular basis such as stock market volatility, rising inflation, interest rate rises and currency fluctuations
"However, Brexit is different as we have never been through this before – nobody knows how it will play out and what the implications will be for stock markets, bond yields, inflation, interest rates etc."
But James Beaumont, head of consulting and advisory at Natixis Investment Managers, said the result underlined some commonly held misconceptions in UK portfolios.
Mr Beaumont said: "While clients are concerned about Brexit, most advisers do not perceive it to be that significant a risk, particularly in the short term because Brexit has a most immediate impact on the pound and not equity or bond markets.
"We have not seen advisers making material changes to their portfolios due to Brexit, but as always would recommend that clients build as diversified portfolios as possible."
Paul Mumford, fund manager at Cavendish Asset Management, added that with so much noise and confusion around Brexit, investors and markets were in "a state of possible lockdown".
victoria.ticha@ft.com
