Written by Dan Bick
The rapid changes caused by COVID-19 are making many of us feel isolated and anxious. Some of our clients are experiencing additional stress related to the outbreak, but the majority have been through downturns of some kind — and if they haven’t, we’ve helped them prepare for one.
While the pandemic is causing challenges in the financial world, we believe that they’re challenges our clients can meet head-on — coming out on the other side poised for growth and success. How do we get there? This post will go a bit deeper into our thinking.
Three reasons to stay the course
In our previous post on the panic that COVID-19 created when it was first spreading, we said that: “panic is a very human emotion, but never a good investment strategy.” We want to reiterate this sentiment.
There are three reasons why staying the course is the best way forward during these uncertain times. In fact, we’d argue there is no reason to panic at all.
- Your investment portfolio is built for these sorts of disruptions. — Remember, we’ve designed your portfolios and investment plans to withstand market fluctuations. Each portfolio has a long-term goal and can outlast any of the short-term conditions that come and go.
- Your portfolio is diversified, which gives you a cushion. — If you’re in retirement and withdrawing money or taking an income — and you’re a client of ours — you already have an income plan in place, which we call a cash wedge. Your portfolio is designed to accommodate for these types of situations.
- There are new opportunities you can take advantage of every day. — If you’re actively investing, your portfolio managers realize that it’s a great time to invest, as businesses are “on sale.” In the coming months, our management teams will continue to monitor the markets and upgrade portfolios in the midst of the volatility. More on this in a future blog post.
Striving for business as usual
Beyond your personal investments and savings, I also wanted to give you a quick update on the Bick Advisors team, and what you can expect from us moving forward.
These past few weeks haven’t been business as usual for the economy, but for us at the office, we’re trying our best to continue serving you. Here’s what you need to know:
- Our advisors and staff are working from home to help flatten the curve. The environment we work in is very fluid, and we have the tools and technology to continue doing our work remotely.
- Phone call and video chat appointments are being scheduled instead of in-person meetings.
- You can still drop off documents for an advisor by leaving it in the mailbox outside our office. There will be a 2–3 business day delay on cheques being deposited, so we urge clients to use electronic transfers where possible.
- Please don’t hesitate to reach out to your advisor! They’ll be able to check voicemail and email to answer any questions and address any concerns you might have.
We’re hoping that you stay healthy!
As a team, we’re extremely grateful for the trust you and all of our clients continue to put in us. We don’t take this trust lightly. As the virus continues to move and the uncertainty continues, we’d like you to know that you can be certain we’ll be here to serve you in whatever capacity we can.
We’re all hoping that you and your family stay safe and healthy. If you’d like to speak with one of our advisors about your portfolio, please don’t hesitate to reach out.