If we’ve learned anything from the Covid-19 pandemic, it’s that life is unpredictable… to say the least. Even just six months ago, who would’ve thought that we would be where we are today; businesses both large and small having to re-evaluate their very existence, not just in the UK, but globally; hundreds of people being made redundant and savings and pensions being accessed before time. In fact, you’d probably never heard the word “furlough” before; a term that’s not only become part of your daily vocabulary but one that’s been a lifeline for many.
As financial advisors and planners, we have seen, through this time, that those who have literally been “saving for a rainy day,” are managing to sustain themselves and their families financially.
The past couple of months has forced businesses, large, small, and medium to adapt and be creative with their processes.
How did we, as a business, adapt during this difficult time?
- Our team was fully functional online to service and stay in touch with our clients as face to face meetings were not possible. We used tools such as Zoom, WhatsApp, and Microsoft Teams to communicate with clients and to make sure we were contactable at any time.
- We reached out to our clients to make sure they knew we were available to support them through this difficult time of job losses; income drops and the overall financial implications that could impact families during Covid-19. Virtual meetings were set up with clients at regular intervals to demonstrate our commitment to them and our ability to continue working on their behalf.
- Client cash flows, income & expenditure budgets were reviewed together with their monthly statements to ensure that adjustments were made on their projections in light of the market conditions.
- During our regular conversations, we advised our clients on the importance of staying invested during the short term in the volatile markets as the investments we recommend are for a long-term period, designed to tide over short-term fluctuations and shocks.
- Our wills and LPA specialist was kept busy during this time. On review, we found that several of our clients were anxious about their wills and wanted to update/amend them. Our team was able to discuss and make the required changes according to the wishes of our clients and reassure them during a time that brought about panic and uncertainty. One of the benefits of putting a will in place is to have peace of mind in unforeseen situations like we currently face.
- Another area we worked on through the lockdown was in Inheritance Tax Planning and financial planning for the future. We found that our clients had more time during lockdown to work out their financial positions and plan for the future. We held several virtual meetings with our clients to work out their best options for tax planning, especially if their financial status had changed due to Covid-19.
- Personal and Income protection is also an area that we focussed on during the lockdown. The unprecedented times have proven the importance of reassessing and ensuring that adequate cover is in place for our clients and their families. We conducted several reviews to ensure that they had an adequate cover on their income and personal protection plans should something untoward happen.
- As an example, we worked closely with a new client who had a negligible amount of cover. Their previous adviser had not reviewed their protection levels. We were able to work with the family, understand their needs, and put in place adequate and relevant personal and income protection cover, should an unfortunate situation arise such as illness or job loss.
How can we help you?
Investing and planning your finances in a way that secures your future… no matter how unpredictable it is, is now no longer a luxury; it is a necessity. One of the most difficult aspects of the current pandemic crisis is the lack of certainty. We have absolutely no idea how long this will last or its long-term impact on the economy and on our lives. It is imperative, then that we, do everything we can to protect our and our family’s financial futures as best we can through:
- Strategic investing & wealth management.
- Protecting your business through a business protection plan that’s relevant to you.
- Estate planning including wills and trusts, inheritance tax planning, and power of attorneys.
- Pension planning.
- Family protection through life insurance, income protection, and critical illness policies.
The idea is to create a financial plan and strategy that will be able to see you, your business, and your family through tough times, especially when the situation is not in your control. Given the ‘new normal,’ if you haven’t already started taking steps towards this, there’s no better time than the present.
The team at Duke Godley Financial Planning Limited, have over 30 years’ experience in working with clients to secure and protect their businesses and families from unforeseen circumstances like the one we are currently going through. We understand that each business and each family has its own characteristics and requirements and our approach is tailored to meet your specific needs.
Give us a call on 0208 515 1200 if you are worried about your financial situation or would like some advice on how you can future-proof your finances or drop us a line at firstname.lastname@example.org and one of the team will get back to you as soon as possible.
Registered office; Congress House,14 Lyon Road, Harrow. Middlesex. HA1 2EN, UNITED KINGDOM
The Financial Conduct Authority does not regulate taxation, trust advice, will writing, and Savings products.
The value of your investment can go down as well as up and you may not get back the full amount invested.
Accessing pension benefits early may affect levels of retirement income and is not suitable for everyone. You should get advice to understand your options at retirement.
Duke Godley Financial Planning Limited is authorised and regulated by the Financial Conduct Authority.