Millionaire investors are lukewarm on a Hillary Clinton or Donald Trump presidency, but many say the stock market is still the best bet for their money.
That may come as a surprise. The typical preelection market narrative posits that affluent investors move to the sidelines amid political uncertainty. And for at least some millionaires, that is true, as an increasing number of wealthy investors move to the sidelines as Election Day nears — but it's not representative of a majority of millionaires, especially those who are active market participants.
Investors with accounts above $1 million are more bullish on the stock market and the U.S. economy than investors as a whole, according to an E-Trade Financial survey of U.S. investors who self-direct at least $10,000 in a brokerage account, provided exclusively to CNBC.
These $1 million-plus brokerage-account holders said the one piece of investing advice they would give to a family member or friend thinking of investing right now is to invest in equity funds — 68 percent of millionaires surveyed by E-Trade cited this, followed by individual stocks (59 percent), ETFs (55 percent) and money market or other cashlike instruments (48 percent). When asked which type of ETF they are most interested in, 58 percent said U.S. market index ETFs, followed by dividend ETFs (50 percent) and sector ETFs (41 percent).
Seventy-eight percent of millionaires said the "U.S. market and Canada" offered the best investment potential this quarter.
"These investors understand the market will be more regularly impacted by market-specific events than who is in the White House. We're not seeing people overly concerned," said Mike Loewengart, vice president of investment strategy at E-Trade. "Wealthy individuals are confident the U.S. can weather the outcome of the election," he said.