As the UK formally triggers the process of exiting the European Union, concern surrounding Brexit has already prompted advisers to adopt a more global outlook with clients' investment portfolios.
On 29 March, a letter signed by Prime Minister Theresa May was delivered to European Council president Donald Tusk, which formally begun the process of the UK's departure from the European Union (EU).
Some advisers have been concerned about the effect on investments Britain exiting the EU would have - recent research from Prudential for instance, found 84% thought the challenges brought by Brexit were the biggest issue for five year investment returns.
The worry prompted advisers to adopt a more global outlook with investments and model portfolios - many acting even before Brexit was confirmed.
Interface Financial Planning IFA Alan Moran said his firm was in the process of "skewing away from the UK" and "skewing more towards Europe and other global markets".
He said: "I am concerned, if we hadn't gone into Brexit we could have expected perhaps 5% return over the next five years in the UK, now I think we'll be lucky to get 2%.
"The EU will do rather well over the next few years. Regardless of politics in the US, the economy will probably do ok. I've got to look at this and come away from the UK - which is not going to do as well as we thought when we set out our model portfolios a couple of years ago - and become more global."
Re-positioned before Brexit
Affluence Financial Planning director Carl Melvin said even before Brexit his firm re-positioned its portfolios to make them more global in nature, and so was relatively calm about the upcoming triggering of Article 50.
"I can understand why a lot of advisers might feel that having a substantial weighting in the UK might be a concern to them because of all the uncertainty that's to follow and all the political issues that will follow," he said.
Sedulo Wealth Management director of wealth management Paul Lindfield said that his firm had taken a similar route.
"We were concerned pre-Brexit; we looked at every client that has a portfolio to see where it's based, whether it's global and what UK exposure it has," he explained.
"One case we did highlight was Royal London's governed portfolio, where we had over 55% exposure to the UK, including 15% in property, and we didn't feel that was right, so we subsequently moved everybody out of that fund and moved them to a more globally managed mandate with a fund provider."
He added: "I agree that a global outlook is the way forward. Because our funds are all risk-targeted multi-asset, they all have strategic asset allocation for long-term returns and tactical overlay, which should be moving weightings from the UK to the likes of the US and Japan."
‘Business as usual'
However, Values to Vision IFA and former UKIP parliamentary candidate Nick Lincoln took a different view.
"Most of us are investing for clients for 10-, 20-, 30-year time periods, what happens in the next six months, year, or five years is utterly irrelevant. Any advisers that think Brexit will derail their investment plans or stop clients investing shouldn't be advisers," he said.
He argued Brexit would only cause uncertainty over a short period of time - in 10 years, "we'll look back and wonder what all the fuss was about," he said.
He added: "I've not changed our model portfolios materially since I started up in 2008. Market calls are not where we add value, and adviser who build a business around that kind of thing have a business built on sand and robo-advice will sweep them away, and good riddance."
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