Majority of advisors expect geopolitics to have the biggest impact on portfolios next year
Geopolitics now outweighs inflation, rates, and market volatility as the top portfolio risk for 2026, according to new polling of Canadian financial advisors by Fidelity Investments Canada ULC.
The latest FidelityConnects Advisor Pulse Polls, conducted during Fidelity VISION 2026 in Toronto and online, show 59 percent of advisors expect geopolitics to have the biggest impact on portfolios next year.
Market volatility (17 percent), inflation (12 percent), and interest rates (12 percent) trail well behind.
Client conversations mirror that focus.
Fidelity reports 54 percent of advisors hear geopolitical shocks as the number one client concern, ahead of market volatility (25 percent), recession (13 percent), AI (6 percent), and missing the rally (2 percent).
“Advisors told us clearly that geopolitics is the dominant force shaping client sentiment right now,” said Chris Pepper, vice‑president, corporate affairs at Fidelity.
He added that, “in an environment that feels louder, faster and more unpredictable,” advisors play a critical role in helping clients stay focused and confident.
When asked about priorities for 2026, 35 percent of advisors say helping clients stay on track through volatility comes first.
Retirement planning (24 percent), risk management (19 percent), growth strategies (15 percent), and tax efficiency (7 percent) follow.
On portfolios, 61 percent of advisors identify global diversification as their biggest opportunity to add value in 2026 from a portfolio optimisation perspective.
Others point to factor investing (18 percent), AI-driven productivity and innovation (15 percent), and fixed income repositioning (6 percent).
Views on geography are more evenly split.
Fidelity finds 26 percent of advisors believe Canada offers the strongest risk return potential over the next five years, citing resilient sectors, strong companies, and solid long-term fundamentals.
Another 26 percent select the US, followed by emerging markets (23 percent), Europe (19 percent), and Asia (7 percent).
“These findings echo what we consistently see across market cycles,” Pepper said. “Markets, headlines, and conversations may shift, but one thing remains the same: when uncertainty rises, advisors rise right along with it.”
He said advice has “never been more essential,” adding that advisors help clients stay disciplined, optimise portfolios and spot opportunities to position them for 2026 and the long term.
The polls were commissioned during the Fidelity Toronto VISION hybrid event on January 28, 2026, and collected between 2,500 and 3,100 advisor responses.
