All businesses and financial markets, much like human beings, detest uncertainty. At a time when the world is desperately grasping for answers to questions about how long this crisis will last, the human and economic cost, it is perhaps more important than ever that we, entrusted to advise on our clients’ financial affairs, remain focused on this important task.
We must resist the temptation to make sudden and possibly knee-jerk moves. Our job, on your behalf, is to remain narrowly focused on providing long-term well thought out advice, that we believe will prove to be the right advice in time. This is what we have always done, but it is even more important to remember at times such as these.
We would also like to remind you that our firm remains in private, independent, family-run hands, with a very strong financial position and no debt.
Volatility in asset prices has stabilised over recent days although economic and Coronavirus data will determine how asset prices react going forward. In terms of investment decisions it is prudent to hold fast, stay strong and allow our trusted investment managers to steer through this crisis and beyond. Please read the important information below regarding client notifications during the Coronavirus Pandemic
Alan Boswell Financial Planners
Client Notifications during the Coronavirus Pandemic
The FCA have recently relaxed regulations regarding client notifications with regard to investment volatility. Usually if an investment portfolio were to drop by 10%, within a 3-month period, FCA regulated firms would be required to communicate this information to clients.
Due to market volatility, caused by Covid-19, this could result in extraneous work as markets drop, recover and drop again in as many days.
The FCA have recognised this is not in the interests of either party and have recommended that this practise can be halted during the current crisis. We will, for the time being, provide updates on the markets and the financial implications via our Covid-19 information portal and via our social media channels.
You can review your investment performance in a number of ways:
i) Some investment portfolios are available to monitor online
ii) Directly through your platform’s investment manager
As always, we remain on hand to help with any query that you may have.