Managing Client Expectations In a Post Tax-Reform Stock Market

The tax reform bill seems to have acted like rocket fuel to the U.S. stock market in early 2018, and investors may want to ignore or tamp down, at least, their investment advisors’ desire to strike some balance and some moderation in their clients’ portfolios. In that exuberant market environment, how can advisors manage client portfolio expectations and protect them in the event of a market downturn – even when clients don’t want them to? All comments welcome.