Jun. 11–It’s easy to understand why some are concerned about their investment portfolio and financial future with everything going on due to COVID-19.
Matthew DiGiacomo, a certified financial planner at Core Financial Group in Yuba City, said despite all the uncertainty, his best advice is to stay the course.
“While COVID-19 has been an unexpected jolt to the system, remember that a well-drafted plan is built for a long period of time, and what happens over short periods of time should not necessarily alter the plan,” DiGiacomo said. “This is a great reminder to re-visit risk tolerance, time frames, and the quality of your investments regularly to make sure they still match your goals.”
One of the biggest challenges he has faced so far during the ongoing pandemic is figuring out how to engage with clients remotely without in-person meetings. Still, the work remains the same and nothing has changed in terms of the long-term nature of investing and financial planning, he said.
“America is a resilient nation, and economy, and it’s likely that we recover from this just as we have from other unexpected shocks to our nation,” he said. “Years from now, American businesses will probably still be innovating and growing, and this will be an interesting but distant memory.”
For people who have already retired and have concerns about their investment portfolio, Rik Jimerson, senior partner with JM Wealth Management Group, said the best thing to do is sit tight and follow the plan that is in place. Market fluctuations are a part of the process.
“Most have at least seen the effects of 2009 and realize that a recovery is a realistic scenario and prudent investors stay the course. Two of the three calls we received were clients ready to place more money in the market,” Jimerson said. “…If you have your plan in place, sit tight and enjoy life. If you did not have a plan, work on one now. Markets have shown positive growth, it is not too late.”
For those that were on the brink of retiring or investing before the coronavirus brought a halt to normal life, both Jimerson and DiGiacomo said the message remains the same: focus on planning. Financial professionals are available to help people who are uncertain about a pending retirement or investment strategy.
“This too shall pass. It is going to have a continuing effect on our lives, perhaps forever in some format, however there will be a lot of positive recovery in the financial world,” Jimerson said. “Do not dwell on things you cannot control. Focus on what you can do for yourself, family and friends.”
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