Keeping You Updated
We are keeping a close eye on how the coronavirus pandemic develops across the globe and thought it would be helpful to provide updates to our clients and their families during what is a very unusual time.
With the virus now being worldwide this has led to a fair amount of panic selling in the markets which has resulted in heavy falls.
Over the weekend, the US Federal Reserve reduced interest rates by a full percentage point, to near zero (0-0.25% range) and also announced $700 billion additional Quantitative Easing to support financial markets across the world.
After the worst day for many years on Thursday, Friday saw a rebound. Monday, further heavy falls. The markets do not like uncertainty and unfortunately we have an abundance of this at present with the coronavirus. Whilst this is concerning, it is not unexpected and governments around the world are continually reviewing what financial assistance they can provide to establish measures to protect the long-term future of the global economy.
Very importantly, as you will know, we view investments as very much longer term vehicles and always look to ensure that clients retain a rainy day account or accounts in order you can access monies easily and without penalty whilst the global economy works through this situation. Unfortunately this is not the first financial crisis as we have seen over the years and most recently in 2007/08.
As you will be aware the portfolios we recommend are well spread between many different funds and asset classes.
While we fully understand it can be very disconcerting to see the headlines about the markets falling, they will recover and our advice is to sit tight and continue to view the investments as medium to longer term.
Staying in Contact:
In terms of our day to day work at McCreas our business remains open and we have robust plans in place to ensure we can continue to look after our clients and your interests, whilst ensuring the health and welfare of our team and their families remains paramount. We are also very conscious that many clients will be affected by the current situation and may prefer not to have meetings which could involve travelling by public transport.
We have plans for staff to work remotely in the event we are instructed to close the office.
As well as regular updates we will provide details on the best ways to contact us should there be any change to the present arrangements. Please email either your adviser or email@example.com or call 0141 572 1340 if you would like to get touch in the meantime.