Karen Altfest's wealth management business is based in New York City, and as a result, it has more Democratic than Republican clients. Some are still surprised by the election results; some are pessimistic. Many are planning on what they consider positive action — but experts like Altfest worry that the concept of productive action isn't translating to their investments.
"They are saying they will be activists and want to make a difference. Going to march on D.C.," said Altfest, principal advisor and executive vice president of client relations at Altfest Personal Wealth Management.
But they are also taking an "all-or-nothing mind-set" with their portfolio decisions. "I would like people to take a step back from the binary 'invest or cash out' decision," Altfest said.
The results from the recent CNBC Millionaire Survey reflect this concern: Politics is playing a huge — and potentially harmful role — in the investment outlook of wealthy Americans right now. There's a lesson in the millionaire data for all investors about the dangers of personal convictions, and emotions, spilling over into financial decisions.
"The results certainly show the divide now between parties, and that is a little troubling," said Tom Wynn, director of research at Spectrem Group, which conducted the CNBC Millionaire Survey.