How Will The Affluent Vote?
As the U.S. mid-term elections approach, advisors should be aware of the attitudes of their clients and prospects during this volatile time economically and for the markets. Many of the issues facing affluent investors are reflected in voters of all types in the U.S.
In research recently completed, Spectrem Group asked investors with $100,000 to $25 million of net worth their political affiliation. The responses were similar to the overall U.S. population with 33% identifying as Republican, 34% as Democrat and 31% as Independent. Clearly the Independent voters are critical when determining the outcome of the election.
When investors were asked to identify their top national concerns, 79% identified inflation as the greatest issue. This was followed by 76% who indicated the political environment was the biggest issue, followed by tax increases at 64% and government gridlock at 62%.
Global issues are also impacting investors. Tensions with Russia and the war in Ukraine were both identified by 73% of investors as a major concern. This was followed by 70% who listed the tensions with China as worrisome. Overall, global relations are an additional issue for 68% of investors.
Politicians who are able to articulate policies that provide solutions for the issues identified above are the most likely to be rewarded by voters in the upcoming elections at both local and national levels.