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Managers say Obama administration will impact client finances

By Staff Writer

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Bank wealth managers say they will be forced to adjust their strategies when Sen. Barack Obama takes office next year — half of them believe the impact of the president-elect’s new administration will be negative for their clients.

A new SEI Quick Poll reveals that with Obama likely to raise the capital gains tax from 15 percent to 20 percent, wealth managers will advise clients to consider tax-managed investing strategies; 44 percent of those surveyed have already incorporated tax-managed strategies for their clients; the remaining 56 percent said they plan to do so.

“It’s quite clear from these survey findings that wealth managers believe they will be operating in a different environment and that they need to adjust strategies for their clients accordingly,” says Jim Morris, senior vice president for SEI’s Private Banking segment. “Implementing these strategies will require clear communication so clients can understand how and why their wealth managers are making these changes.”

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