August 2020 update: Taking a breather?
6th August 2020
August can be a month of holidays but in this strangest of years, the risk of local lockdowns and quarantines introduced at short-notice mean that life remains anything but normal.
Our colleagues continue to work hard. Congratulations to our colleague Suraj, who this month has passed his first Chartered Insurance Institute Regulated Diploma in Financial Planning exam, R01 Financial Services Regulation & Ethics. Good luck to our colleague Sioned, who will be taking R02 Investment Principles and risk, next week.
Financial markets do not respect holidays with past Augusts such as 2008 being the calm before the storm of the financial crisis, 2011 seeing large falls owing to the Euro crisis whilst 2016 being positive in the aftermath of the EU referendum. Economic recovery from the pandemic is likely to be gradual and stop-start and financial markets volatile as a result. In the remainder of 2020 the UK-EU trade negotiations and US Presidential Election are further events to be considered, as well as the Autumn Budget. You can read more in our August 2020 Investment Commentary.
Earlier messages we have given remain valid. Those taking income from their investments and pension funds should consider whether it is appropriate to reduce income if expenditure has decreased. Particularly those taking fixed withdrawals may find the medium to long term sustainability of their capital boosted by reducing regular payments now. Shorter-term investors such as those who in 2020 have capital requirements that are not known to us or who owing to the circumstances are re-assessing plans such as bringing forward retirement, still need to be in contact with us.
We continue to work towards allowing our colleagues to return to the office and to welcome visitors safely. The office door is locked, so please knock. In the last month we have undertaken distanced meetings in various gardens including the courtyard at the office. In addition, we continue to deliver our service via Zoom, Microsoft Teams and FaceTime as well as our Personal Finance Portal, email, telephone and the post.
In accordance with government regulations, visitors to the office from 8 August 2020 are required to wear face coverings unless exempt. There is a supply of facemasks on the front counter when you enter.
Wish you were here? Sunset 19 July 2020 21:13