Brexit remains the single biggest concern for investors, according to the latest Schroders Annual UK Adviser Survey, with 94% of clients raising it with their financial advisers.
As such, 40% of clients have moved money out of UK assets, while 49% have reduced their overall risk exposure, although these trends appear to be reversing.
UK equities have seen the biggest change in asset allocation exposure over the past 12 months, with only 38% of advisers reporting exposure as unchanged.
More clients have increased their UK exposure (37%) than reduced it (25%). The biggest move has been in government bonds, where 28% of advisers reported a decrease in allocation.
Clients' money has largely been rotated into the US, with 74% increasing their asset allocation to what has been the strongest-performing equity market since the Brexit vote, echoing the findings from the 2018 survey.
Meanwhile, only 22% of advisers reported an increased asset allocation to Europe, compared to 52% in 2018 and 50% in 2017.
The respondents said they expect UK equities to be the most active area for asset allocation changes over the next 12 months, with 41% expecting an increase and 10% a decrease.
Schroders deduced that the money that has been taken out of UK equities will come back in on the back of a Brexit resolution.
While 33% of advisers reported an increased exposure to cash over the past 12 months, 19% expected this to decrease over the coming year.
In the event Prime Minister Boris Johnson's proposed Brexit deal goes through, a quarter of advisers said they would make significant tactical changes to portfolios, with this increasing to 35% in the event of a 'no-deal' exit from the European Union.
In either scenario, the majority of advisers did not expect to make significant tactical changes, suggesting most advisers have prepared for both outcomes.
Head of UK intermediary Philip Middleton commented: "As we saw in the 2018 survey, the uncertainty of Brexit remains a prevailing concern for investors. However, this year's data gives us reason to be cautiously optimistic on the outlook for the UK.
"While 40% of investors have moved out of UK assets, capital looks set to be deployed back into UK equities with 41% of advisers expecting to increase allocation in the next 12 months."
In terms of client sentiment, no advisers reported their clients as being "very bullish".
Only 13% said their clients were "slightly bullish" while the majority were "neutral" at 45%.
There were 41% in the "slightly bearish" camp and 2% reported to be "bearish".
The fifth annual survey canvassed 135 advisers and took place between 17 and 20 November.