Key Takeaways
- • Geopolitical risk dominates advisor client concerns: 54% of advisors report geopolitical shocks as their clients' top concern, significantly outpacing market volatility (25%) and recession fears (13%), according to Fidelity polling conducted in late January 2026.
- • Advisor portfolio positioning reflects client anxiety: 54% of advisors have already tweaked or plan to adjust portfolios in response to geopolitical risks, with 59% of advisors themselves identifying geopolitics as the macroeconomic factor most likely to impact portfolios in 2026.
- • International diversification emerges as primary value-add strategy: 61% of advisors cite international diversification as their biggest opportunity to add portfolio value in 2026, while geographic allocation preferences lean toward Canada (26%), the U.S. (26%), emerging markets (23%), and Europe (19%).
- • Advisory priorities shift toward client retention and risk management: 35% of advisors prioritize keeping clients on track amid uncertainty, with 24% focusing on retirement planning and 19% emphasizing risk management as their top concern for 2026.
- • Survey captures widespread advisor consensus on market outlook: Fidelity polled 2,500–3,100 advisors on January 28, 2026, revealing a pattern of "guarded optimism" tempered by recognition that the investment environment feels "louder, faster and more unpredictable."
Summary
Geopolitical risk has emerged as the dominant concern reshaping client sentiment and advisor strategy in early 2026, according to polling data Fidelity released in late January. Over half of advisors (54%) report that geopolitical shocks rank as their clients' top concern—a significant shift from historical market-focused anxieties. This concern substantially outpaces traditional worries about market volatility, cited by 25% of clients, and recession fears, which account for only 13% of client concerns. The data reflects a broader recalibration of risk perception among high-net-worth and institutional clients navigating an increasingly volatile geopolitical landscape.
Advisor behavior mirrors these client anxieties. Fifty-four percent of advisors have already adjusted or plan to adjust client portfolios in direct response to geopolitical risks. At the macro level, 59% of advisors identify geopolitics as the leading macroeconomic factor expected to impact portfolios throughout 2026, followed by market volatility (17%) and inflation concerns (12%). This near-consensus among wealth advisors underscores the pervasiveness of geopolitical risk across the investment community and suggests portfolio positioning is actively shifting to account for these exposures.
In response to client demands for stability amid uncertainty, advisors are reorienting their value proposition. Thirty-five percent of advisors prioritize keeping clients focused and confident despite market turbulence, according to Chris Pepper, vice-president of corporate affairs at Fidelity, who noted that advisors are "playing a critical role in helping clients stay focused and confident" in an environment that feels "louder, faster and more unpredictable." Secondary priorities include retirement planning (24% of advisors) and explicit risk management strategies (19%), reflecting a defensive posture aligned with client concerns.
International diversification has become the primary strategic tool through which advisors plan to add value in 2026, with 61% identifying it as their biggest opportunity. Geographic preferences reveal notable geographic distribution: Canada and the U.S. each attract 26% of advisors' confidence for risk-return potential over the next five years, while emerging markets (23%) and Europe (19%) represent secondary allocations. This diversification emphasis signals advisor intent to reduce single-country geopolitical exposure and capitalize on cross-border opportunities.
The Fidelity survey, conducted on January 28, 2026, at the Fidelity Toronto Vision hybrid event, sampled 2,500–3,100 advisors. The data reflects a clear bifurcation in advisor sentiment: confidence in market fundamentals tempered by recognition of structural geopolitical risks that advisors view as material and persistent throughout 2026.
Advisor behavior mirrors these client anxieties. Fifty-four percent of advisors have already adjusted or plan to adjust client portfolios in direct response to geopolitical risks. At the macro level, 59% of advisors identify geopolitics as the leading macroeconomic factor expected to impact portfolios throughout 2026, followed by market volatility (17%) and inflation concerns (12%). This near-consensus among wealth advisors underscores the pervasiveness of geopolitical risk across the investment community and suggests portfolio positioning is actively shifting to account for these exposures.
In response to client demands for stability amid uncertainty, advisors are reorienting their value proposition. Thirty-five percent of advisors prioritize keeping clients focused and confident despite market turbulence, according to Chris Pepper, vice-president of corporate affairs at Fidelity, who noted that advisors are "playing a critical role in helping clients stay focused and confident" in an environment that feels "louder, faster and more unpredictable." Secondary priorities include retirement planning (24% of advisors) and explicit risk management strategies (19%), reflecting a defensive posture aligned with client concerns.
International diversification has become the primary strategic tool through which advisors plan to add value in 2026, with 61% identifying it as their biggest opportunity. Geographic preferences reveal notable geographic distribution: Canada and the U.S. each attract 26% of advisors' confidence for risk-return potential over the next five years, while emerging markets (23%) and Europe (19%) represent secondary allocations. This diversification emphasis signals advisor intent to reduce single-country geopolitical exposure and capitalize on cross-border opportunities.
The Fidelity survey, conducted on January 28, 2026, at the Fidelity Toronto Vision hybrid event, sampled 2,500–3,100 advisors. The data reflects a clear bifurcation in advisor sentiment: confidence in market fundamentals tempered by recognition of structural geopolitical risks that advisors view as material and persistent throughout 2026.
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