What course of action should you be taking right now?

We have never been in stranger times as those we are living through right now and, whether rightly or wrongly, decisions are being made for us daily that we have little or no control over and will, no doubt, be judged many times over in years to come. One thing you do have control over is what you can do with your finances. Weirdly enough, now may be the best time to do nothing!

Strange, you may think, for a Financial Adviser to say this in the current circumstances, but if I have done my job correctly and planned for the longer term with my clients then there are many circumstances where doing nothing is exactly the right thing.

Of course, this may not be the case for everyone and now more than ever you should take the opportunity to review your circumstances and your current portfolios. This could also be an ideal opportunity to make changes and at Blacktower we are still seeing many clients that are transferring their pensions. This may seem a bizarre thing to do, if the pension pot is still at a loss, but actually it could be exactly the right thing to do as it could be a perfect opportunity to invest in more suitable funds to benefit from future stability and recovery.

We are facing some very difficult times ahead and not just to Covid-19. The Trump-China situation is still ongoing, as is Brexit – yes I mentioned the ‘B’ word and predictions of how the markets will recover vary from a ‘V’ shape, a ‘W’ shape or potentially an ‘L’ shape, but the reality is that we may continue to see volatility for many months, if not years to come.

This is not Doom and Gloom, but the realistic view that recovery is going to take time and solid financial planning for the longer term is how we should be viewing things right now, whether it be your pension fund, your savings or your investments. It may feel like the world has stopped on a temporary basis, but we will eventually get back to some kind of normal and solid financial planning is an ongoing process, not a knee-jerk reaction.

Blacktower Financial Management has been established for over 32 years and has worked with its clients through the good and the bad times, offering sound financial advice. We are here to help you weather the potential storms ahead. To arrange a professional and impartial consultation please contact me by phone 06 38 86 99 70 or email: [email protected] or visit www.blacktowerfm.com

This article is based on the opinion of the financial adviser and author, and does not reflect the views of Blacktower. The above information was correct at the time of preparation and does not constitute investment advice and you should seek advice from a professional adviser before embarking on any financial planning activity.

Blacktower Financial Management Ltd is authorised and regulated in the UK by the Financial Conduct Authority. Blacktower Financial Management (Int) Ltd is licensed in Gibraltar by the Financial Services Commission (FSC) through whom we have a registered branch and passport for financial services in France. License number 00805B.

Click here for more information.