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The Wall Street Journal: Todd Morgan was quoted in the article, “Free Financial Advice: How Advisers Are Answering Common Client Questions”

“Free Financial Advice: How Advisers Are Answering Common Client Questions,” by Daisy Maxey, The Wall Street Journal.

Should I make changes in my portfolio?

Bel Air Investment Advisors in Los Angeles

“We are encouraging investors to remain patient and focus on the long-term, as we have always suggested. There are always exogenous events that can temporarily shake the markets. In fact, we saw four months ago that Brexit’s initial shock to the global markets proved to be ephemeral. We reiterate that it is critical to remain calm following this unpredicted outcome in the presidential election. We also believe the market could remain volatile in the week ahead, but we will continue to remain patient and look for long-term investment opportunities in the market.

From an economic and market perspective, there are many positive possible outcomes stemming from Trump taking the White House. First and foremost, this administration should and likely will be very business-friendly. We are also likely to see more expansionary fiscal policy under a Trump presidency. He has promised tax cuts and the elimination of numerous government regulations that he believes have thwarted financial and small-business growth in the U.S. for the years since the 2008 financial crisis. With a supportive Republican Congress behind him, it is now, more than ever, feasible to see cuts in both corporate and income taxation next year. The Trump plan also calls for a repeal of the estate tax, translating to an elimination of the 40% tax on estates greater than the estate tax exemption, which is currently $5,450,000 ($10,900,000 for married couples). Couple this tax-reform with additional infrastructure spending, and U.S. economic growth in the medium-term could surprise to the up side.

While the president-elect has been vocal on certain issues surrounding immigration and trade reform, his policies and appointees remain largely unknown. This brings us to the largest risk post-election: uncertainty. From a trade perspective, Trump’s claim to unwind decades’ old trade deals in favor of more protectionist policies could threaten the global trading system and hinder US economic growth.”

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