Fidelity polling finds cost-of-living fears, market swings and job worries top the list as CUSMA review looms
With Canada's review of its trade agreement with the US and Mexico approaching, a new nationwide survey of advisors finds that tariff concerns have moved well beyond the negotiating table and into financial planning conversations across the country.
The Fidelity Investments Canada research found that 47% of advisors who took part say clients are bringing up trade policy, tariffs and the potential knock-on effects on their household finances, investments and job security.
"Trade uncertainty has moved from government negotiations and business headlines into everyday financial conversations," said Chris Pepper, vice president of corporate affairs at Fidelity Investments Canada.
The most frequently cited client worries centered on higher prices from tariffs or supply chain disruptions, flagged by 63% of advisors. Market volatility tied to trade and geopolitical developments came next at 43%, followed by job security and income stability at 24%.
Advisors in Alberta reported the highest concentration of concerned clients at 61%, followed by Quebec at 54% and Atlantic Canada at 48%. By sector, manufacturing stood out with 55% of advisors in that space reporting elevated client anxiety, ahead of energy at 38% and agriculture at 32%.
"These findings reflect the reality that trade uncertainty affects people differently depending on where they live and how they earn a living," Pepper said. "For many Canadians, especially those in regions and industries exposed to cross-border trade, these developments have direct implications for household finances and future planning."
Foundational planning
Seven in 10 said they are helping clients distinguish between short-term noise and long-term investment fundamentals.
Six in 10 said they are reinforcing geographic and sector diversification, while 40% are revisiting retirement and income projections. Roughly one in five is stress-testing portfolios against various trade scenarios.
"We're encouraging clients to focus on long-term financial planning, building adequate emergency savings, diversifying their investments, and avoiding emotional decisions based on short-term trade headlines," one advisor noted.
More than a third of advisors, 37%, believe younger investors will become more attentive to global risks and geopolitical developments as a result of the current environment. Another 26% expect that cohort to shift toward greater caution and diversify their portfolios differently than earlier generations did.
"Trade tensions and geopolitical uncertainty are definitely showing up in more conversations with younger investors," one advisor said. "Many get their financial news through social media and are exposed to a constant stream of headlines, which can amplify concerns about market volatility and global events. What I've observed is not necessarily a change in their long-term goals but a greater tendency to question whether they should wait to invest or make tactical changes based on current events."
Pepper said the pattern underscores the value of professional advice during extended periods of macroeconomic turbulence.
"Markets have always faced periods of uncertainty, but today's investors are processing more information, and more noise, than ever before," he said. "Trusted advice can help investors maintain confidence, stay disciplined and keep their long-term objectives front and centre."
