The U.S. presidential election may be over, but Kim Robinson of Mascoma Wealth Management in Hanover is still seeing the effects. The senior portfolio manager has clients “pretty much daily” expressing concerns about their retirement portfolios and health care since President Donald Trump took office.

Recently, she met with a 62-year-old who was considering filing early for Social Security, with the fear that it might not be there in the future.

“There’s just so much unknown right now as to where things are going to go,” Robinson said. 

Robinson’s clients aren’t unique. A recent survey by the American College of Financial Services found 68 percent of financial advisers polled were reporting an increase in clients with election-related concerns about their retirement security.

Still, financial advisers in the Upper Valley such as Robinson say that a diversified portfolio and a long-term investment strategy remain good buffers against market — and legislative — uncertainty.

John O’Dowd, director of client relations for Ledyard Financial Advisors in Hanover, hasn’t had many clients for whom the election was a main concern. “But there have been questions about, what does this mean?”

O’Dowd noted that some of Trump’s proposals, such as tax cuts and deregulation, could spur short-term growth, though the effects on the economy down the road remain unknown. “That’s the uncertainty nobody has an answer to,” he said.

So far, markets have reacted positively to the new Trump administration. The Dow Jones industrial average and Standard & Poor’s 500 index continue to post record highs.

But right now, O’Dowd said, it’s “just talk” moving the markets, and he’s not recommending any sudden shifts in investment strategy until he sees specific legislation. “Our responsibility is to look long term for investing,” he said. 

Brian Doyle, managing director at Wells Fargo Advisors in Lebanon, agrees there is a lot of noise surrounding retirement issues, but nothing yet has happened. “The fundamentals concerning long-term investing have changed very little,” he said. 

Doyle said focusing on a client’s individual financial goals, which could include retirement security, health care costs or paying off college loans, remains the core of an investment strategy, regardless of what is happening in politics.

Leonid Palanov, the principal at Family Financial Strategies in Lebanon, has heard the post-election rumblings from his clients.

“They didn’t openly say this is because of an election,” Palanov said, “but obviously a lot of people in pre-retirement stage are very concerned because there is a lot of risk involved in the bond market now, and that was the default from the stock market for those who wanted to go to safety.”

Higher interest rates can make bonds more expensive, as well as contributing to inflation, which can take a bite out of a retiree’s spending power.

It’s not unusual for investors to reconsider their portfolios when the White House changes hands, and Palanov said he thinks people may be feeling more uncertainty than usual.

“If the White House and the media would cool down a bit, that would help,” he said, laughing.

Palanov offered two other reasons why retirees and people getting ready to retire may be especially stressed about their finances.

One is that people are living longer after retirement, so they can’t always rely on safe, low-yield investments to maintain their lifestyle while keeping up with inflation. That means they should probably keep some money in the stock market, Palanov explained, though that exposes them to more risk.

Also, retirement planning is more complicated than it used to be, forcing retirees to make more sophisticated decisions about their future. Palanov sees even highly educated clients coming to him who aren’t prepared for retirement.

“It’s getting difficult for a lot of people,” he said.

When helping his clients navigate complicated retirement and other investments, Douglas Tengdin likes to differentiate between strategy and tactics.

Tengdin, the chief investment officer at Charter Trust Co. in Hanover, said strategy is looking at a client’s personal financial situation and reviewing what he or she will need in five, 10 or 15 years, matching up projected assets with their liabilities. Tactics, in contrast, are quicker moves in stocks and bonds.

“Investment strategy is far more important than investment tactics,” Tengdin said.

Tengdin isn’t a fan of trying to time the market, and he doesn’t think investors should be reacting to legislation that hasn’t even happened yet. “There are people who are concerned about global warming, and I’m concerned about global warming,” Tengdin said, but that’s out of people’s immediate control. They should worry about things they can control, such as long-term, strategic investing.

But Tengdin gets why people may be feeling worried.

“Any time there’s uncertainty in the economy or in politics … you have people who are concerned,” he said.