Coronavirus is serious and worrying. It is first and foremost a human story and our first concern is for the health of our loved ones, friends and neighbours.
The global shutdown of economies, required in response to the virus, has tipped the world into a recession – which adds to our worries and concerns. As Ireland and other countries experiment with how to get parts of the economy going again, we can only assume that it will take time to get people back to work and that some people may not make it back at all.
Meanwhile, investment markets are volatile and liable to violent swings leaving us with a concern over the impact on our pension, savings and investments.
This is when a good advisor comes into his or her own.
Having a good advisor helps us make better decisions and leads to better outcomes for our family. The advisor saves us from making behavioural mistakes. They do this by helping us to pause, look forward, think, prioritise and plan. They add discipline and expertise and they help us to stay the course and stick to our plan.
If you can make the time, you might be surprised at how much benefit you will get from the support of a good advisor during this period of uncertainty.
This will help you to feel more organised and prepared facing into the months ahead. By feeling more in control (of the things you can control) you will feel better and this will reduce your stress.
The coronavirus reminds us to focus on what is important – family and friends and our health. Getting a handle on our finances is important because it may enable us to do more than we thought and provides a valuable context as we naturally question our priorities going forward.
Acuvest is an independent pensions and advisory management business taking care of the futures of over 40,000 of our clients’ employees. For more market analysis and expertise follow Acuvest’s updates on Twitter @AcuvestIreland and LinkedIn.