Advisers Rethink Role of US Equities

Wealth managers indicate they expect to reduce U.S. equity exposure and reallocate toward non-U.S. developed and emerging markets over the next three years, according to survey data from our Wealth Trends 2026 report. This shift follows decades of U.S. equities serving as the core component of global wealth portfolios. 

What’s notable is that this change extends beyond tactical hedging. It suggests that, rather than relying on a single market to anchor growth, advisers are rethinking how risk, resilience and opportunity are balanced across regions and economic cycles. Advisers reporting the highest levels of concern around tariffs and geopolitical risk were significantly more likely to reduce U.S. equity exposure. 

EMEA shows greatest urge to reallocate 

While advisers generally appear to be reassessing concentration, the degree of change varies by region: 

• EMEA exhibits the strongest pullback, with 49% indicating plans to decrease U.S. exposure, compared with 26% planning an increase.  
• APAC also indicates a growing emphasis on diversification and regional growth opportunities, with 44% indicating plans to reduce U.S. equity allocations and 27% anticipating an increase. 
• North America signals a more measured reassessment, with only 26% expecting to reduce U.S. equity exposure and 42% expecting an increase. 

What shifting equity exposure means for advisers 

The pivot does not necessarily imply pessimism about U.S. markets, however. For wealth managers, it seems diversification is becoming more a core design principle adopted to navigate uncertainty with flexibility. The more globally balanced approach ultimately reflects not just where markets have been, but where risk is now emerging.

The challenge for advisers is translating this shift into client strategies. Global diversification introduces new questions around volatility, currency exposure and regional risk management. But it also offers an opportunity to reframe portfolio narratives, from chasing returns to building durability across cycles.