The trade websites have made a valiant effort to cover the implications of Trump tariffs though it was probably the very last thing that advisers wanted to experience as the tax year comes to a close.
Generally, advisers have been seeking to reassure clients amid incredibly nervous market falls and movements.
I haven’t yet discovered a very methodical analysis of what it means for global asset allocation. I think, to a degree, it must challenge assumptions much in the way that the huge spike in inflation hit the performance of relatively cautious portfolios.
Actually the best assessment I have found is from a few weeks’ ago in Professional Wealth Management with this sentiment – “Traditional global investment strategies, built on seamless trade flows and open markets, may need to be recalibrated. Increased focus on sector selection, currency exposure and regional diversification will be essential”.
Back to today. Citywire reporters in Europe and Asia report on a ‘near worst-case scenario’.
Citywire New Model Adviser reports on advisers telling clients not to panic, though one slates the US administration’s pub napkin arithmetic in calculating tariffs.
FTAdviser also suggests that assets which preserve capital, such as long duration bonds and cash, are the place to be as markets reel.
Advisers are telling those nearing retirement to keep a close eye on their pensions as global stocks tumble as FTAdviser reports.
From his own retirement, well known fund manager Richard Buxton suggests that ‘only gold will make me money in the next six months’.
I did a podcast with Panmure Liberum’s economist Simon French on Octo Members, which you might want to check out. Very interesting from Simon not just on Trump’s possible motives but also on what a capital shift might mean for European assets and fund management.
The Guardian has an interesting analysis showing President Trump’s long term belief in the efficacy of tariffs.
Investment Week’s Market Movers blog has been very good at charting the Trump news as well.
What would be good is to know is whether the market ructions saw advisers amend their end of tax year advice at least in terms of the underling details, but maybe it’s a little early and we’ll see that covered next week.
In other news, the musical chairs continue at the PFS. Professional Adviser reports that Chartered Insurance Institute (CII) executive and Personal Finance Society (PFS) director Mathew Mallett has left to “explore other opportunities”. He joined the PFS board in autumn 2024.
HMRC’s late payment charge is to rise to 8.5% from April 6th as FTAdviser reports.
