Update 01/04/20

At times like this we all need to protect your wealth and the growth we have previously enjoyed.

At the time of writing, the markets were up at the close yesterday and have gone up and down in the last week – there is no predicting what will happen in the short term.

We have spent the last few days talking to our clients who are taking income and asking can they reduce it? At the moment, everyone’s spending ability is massively reduced so will you need all of the income you are withdrawing? Is it then just sitting in your bank account? If you can reduce it this will ease the pressure on the fund that supports it. Can you suspend pension payments and take your income from cash on deposit or other investments such as ISA’s.  Withdrawals from ISAs are tax free- whereas pension withdrawals are taxable. If you can draw from tax free money it will save you in the long run. We are highlighting here the importance of emergency/ rainy day money which at our reviews with clients we always cover to ensure they have enough.

This situation highlights the necessity of review appointments and the need to complete our risk questionnaires to confirm your risk tolerance and capacity for loss. We ask you annually to do these and we can then confirm the current investments and pensions are still adequate/ suitable for your needs.

We have received guidance form the regulator of how we should communicate with our clients at this time and they are promoting the use of websites and social media so please check these regularly. To view the values of your investments/ pensions please use the provider websites to register, which many of you already have, and you will have been sent details of this when you originally invested.

Please give us a call on the usual number to discuss further.

Please stay safe and at home all!