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History will remember 2016 as a year of once unthinkable outcomes that marked a break with decades of prevailing ortho¬doxy. No break was bigger than the election of Donald Trump as president of the United States. But if these political shockwaves hit in 2016, the economic and investment implications will really begin to take effect in 2017 – and perhaps as soon as the first 100 days of his presidency. For that, investors need to be prepared for what the policies could be and their potential implications. Political risk is already a perplexing investment challenge. At best, the risk is loosely tethered to economic principles and logic, and thus especially unpredictable. That's rarely been more applicable than this year. Against a global backdrop of rising nationalism, perceived protectionism, and frustration among some, we now have a president who operates according to an entirely different set of rules. Since this president has no formal governing experience, the leadership team that he assem¬bles matters a great deal in terms of stewardship. The prevalence of private sector experience sug¬gests the next administration will take a funda¬mentally different approach toward addressing the most critical issues confronting the nation. It is pretty clear that the new administration will not only be much more "business friendly," but will also be far more skeptical about both public sector solutions and deeper global integration. On the surface the idea of a "business friendly" president should be and has certainly been (as we go to print) thus far, very good for "making equity portfolios great again". Just the idea of combining lower taxes, a pro-growth environment and decreased legislation certainly sounds like all of the ingredients for a raging bull market, except add to the equation the one thing the market historically dislikes… the "unknown", and we are certainly swimming in uncharted waters. While there are many distinct initiatives that are being proposed by this administration, I have placed them into four broader categories to help make the analysis less unwieldy. These categories include: tax reform; regulatory relief; spending initiatives; and global engagement. I have listed these as separate initiatives, but recognize that there are interdependen¬cies. For example, changes in the tax code have the potential to materially impact trade policy. I hope the graph on the next page helps you to sort through just a few of the major initiatives and the potential impact on the economy. However, I suggest you meet with your trusted advisor to discuss the actual implications on your portfolio and your financial plan. As I have mentioned to my readers time and time again, there is no substitute for a long term portfolio that is not near term reactionary or built on emotion, but built on solid long term principles of asset allocation. Your investments should be designed as part of a plan with your risk tolerance and all of your needs and ultimate goals in mind. Authored by UBS Financial Services Inc., provided courtesy of Anthony Cristiano, First Vice President and Financial Advisor. "UBS Financial Services Inc. and its affiliates do not provide legal or tax advice. Clients should consult with their legal and tax advisors regarding their personal circumstances. As a firm providing wealth management services to clients, we offer both investment advisory and brokerage services. These services are separate and distinct, differ in material ways and are governed by different laws and separate contracts. For more information on the distinctions between our brokerage and investment advisory services, please speak with your Financial Advisor or visit our website at ubs.com/workingwithus. ©UBS 2017. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA. Member SIPC". Anthony Cristiano heads the Cristiano Group, a wealth management team at UBS Financial Services in NYC. He is a First Vice President and Portfolio Manager. In addition to his practice advising affluent families and executives, Mr. Cristiano is also a Senior Retirement Plan Consultant at UBS, providing guidance to Corporate Retirement Plans. The primary focus of the Cristiano Group is to provide objective, comprehensive wealth advice to their clients. In conjunction with his firms' world class resources, his team provides a holistic approach to wealth management, one that is inextricably linked to the unique needs, goals and values of each client. An www.ubs.com/team/thecristianogroup experience. NAVIGATING A TRUMP PRESIDENCY Implications & Opportunities By Anthony Cristiano V U E N J . C O M 128 VUE ON FORTUNE

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