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Industry Insights Series Q2 2020
Joseph Middleton, Financial Adviser
If you had asked me last year what I was hoping for in 2020 that would help provide some certainty for the economy (particularly the UK), it would have been for some clarity on how the Brexit deadlock would be resolved. Time swiftly moves on and I am sure Brexit is well down the list of worries many of us have now. The coronavirus pandemic has shut down large swathes of the global economy and understandably this has resulted in a big correction in asset values. In the next few years, I suspect the world will start to return to normal and there will be a new concern in markets, although I hope nothing quite as frightening to people’s health as COVID-19. As financial advisers it is our job to help navigate these uncertain times, whilst trying to give you clarity and reassurance with your finances.
What can be done to protect yourself from these economic shocks and short-term uncertainty?
One of the most important ways you can do this is taking a long-term view on your investments and financial planning. This is the key attitude we take when building portfolios for our clients. The first step to a long-term view is to understand your main financial goals. This could be something such as, saving for you retirement or securing an inheritance for you children (there are of course many others). After this you should be speaking to your financial adviser in order to set a plan in motion. Once this is the case, you and your adviser will have a strategy in place that will be tailored especially to your financial needs and goals. During times of ‘crisis’ it can be tempting to diverge from your objectives but doing this will often cause more harm than good. Of course, as part of your long term plan there should be provisions for the short term, that’s why we always encourage our clients to have an ‘emergency fund’ available to them that helps protect them over the short term if necessary.
Economic uncertainty can come in many forms be it at a worldwide, national or personal level. The coronavirus pandemic hits hard because it covers all three. However, clients should take comfort in their long-term financial strategies because no matter how bad it seems at the time, the economy and the world will always move forwards.
If you have any questions for us or to discuss any aspect of your financial planning, please do not hesitate to contact the GDA Team.
Home > GDA Financial Partners
Industry Insights Series Q2 2020
Joseph Middleton, Financial Adviser
If you had asked me last year what I was hoping for in 2020 that would help provide some certainty for the economy (particularly the UK), it would have been for some clarity on how the Brexit deadlock would be resolved. Time swiftly moves on and I am sure Brexit is well down the list of worries many of us have now. The coronavirus pandemic has shut down large swathes of the global economy and understandably this has resulted in a big correction in asset values. In the next few years, I suspect the world will start to return to normal and there will be a new concern in markets, although I hope nothing quite as frightening to people’s health as COVID-19. As financial advisers it is our job to help navigate these uncertain times, whilst trying to give you clarity and reassurance with your finances.
What can be done to protect yourself from these economic shocks and short-term uncertainty?
One of the most important ways you can do this is taking a long-term view on your investments and financial planning. This is the key attitude we take when building portfolios for our clients. The first step to a long-term view is to understand your main financial goals. This could be something such as, saving for you retirement or securing an inheritance for you children (there are of course many others). After this you should be speaking to your financial adviser in order to set a plan in motion. Once this is the case, you and your adviser will have a strategy in place that will be tailored especially to your financial needs and goals. During times of ‘crisis’ it can be tempting to diverge from your objectives but doing this will often cause more harm than good. Of course, as part of your long term plan there should be provisions for the short term, that’s why we always encourage our clients to have an ‘emergency fund’ available to them that helps protect them over the short term if necessary.
Economic uncertainty can come in many forms be it at a worldwide, national or personal level. The coronavirus pandemic hits hard because it covers all three. However, clients should take comfort in their long-term financial strategies because no matter how bad it seems at the time, the economy and the world will always move forwards.
If you have any questions for us or to discuss any aspect of your financial planning, please do not hesitate to contact the GDA Team.
Home > GDA Financial Partners
