Doing Business during the Covid-19 Crisis

Highfield Financial Planning will be open through the current crisis and available to help you with any financial issues. Everyone who does business with us does so because we can save them money or make them money, and that is more important now than ever.

We appreciate the pressures that you may be under as a result of the Covid-19 crisis. Most people’s day to day finances will be affected, and it may be difficult to focus on longer term financial issues like retirement planning or long term investments during the crisis.

Even if you don’t intend making pension contributions or investing additional funds during the crisis, it is likely that there is a lot to be gained from acting now, in fact it is in times of crisis that there is the most to be gained from reviewing your existing investments.

Behavioural science tells us that people tend to make bad investment decisions at times like this. Many investors flooded into the market in 2006/2007 immediately prior to the last market correction, and switched out of risk assets to cash as that crisis deepened from 2008-2010. In hindsight the opposite strategy would have paid huge dividends. Pension savers and investors who got this wrong suffered significant opportunity loss and often large actual losses, and those who got it right made significant gains. One of the tasks carried out by a good Investment Adviser is to keep you from taking actions which although human and understandable, will damage the value of your investments.

If you have existing pensions or investments we would encourage you to have them reviewed in light of the new realities we are facing. The process is not time consuming, we don’t charge fees for reviewing your products and there are significant gains to be made from taking the correct action during times of crisis.

We have the capability to write business remotely and so far it is turning out that this is far easier than we would ever have thought. Signing forms electronically is actually easier for you than doing it in person. Even if two people need to sign (for example a couple taking out life cover), you don’t need to do it at the same time, you can review and sign proposal forms independently using your smartphone, so there is no need to take time off work or use up your evening dealing with it. In normal times we would always choose meeting in person but meeting online is proving to be very satisfactory so far. We can meet using Whatsapp, Facebook, Facetime or Skype. If we need to go through a presentation with you our preferred meeting software is Webex but we can use Zoom if you prefer.

Despite the current challenges we will be doing everything possible to provide the best possible service at all times.

Feel free to contact us on 01 546 1100, by email to [email protected] or use the Live Chat facility in the bottom right corner of the screen.

The material and information contained on this website is for general information purposes only. Neither the writer nor Highfield Financial Planning Ltd makes any warranty as to the completeness, accuracy or reliability of the information or the suitability or availability of products or services, referred to on the website, for any purpose. You should not rely on any information contained on this website as a basis for making any financial, legal, taxation or other decision.

© Highfield Financial Planning 23 March 2020

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