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COVID-19 Market update 22/4/2020

Market Update

There have been some sharp and welcome rallies to markets in the last couple of weeks, and you should see this increase in the valuations of your portfolios. We have been speaking with fund managers on a regular basis and questioning whether we need to be expecting more volatility in the coming months. In most cases they feel the volatility may continue but that most portfolios are well balanced enough to ride out the storm and that most worse case scenarios have already been priced into the market downturn. They continue to be mindful of the buying opportunities available whilst also watching the impact on different sectors in the market.

They are not de-risking, which is very positive, and a nod to us as advisers and investors to do the same and continue with our long term investment strategy. Although it is difficult right now to put a timescale on the period of lockdown, it has been a necessary pause to slow down the virus spread.

Our advice, along with other advisers and industry professionals is to stay calm and invested and if you are concerned about anything to please get in touch. Our cashflow planning can help to illustrate the impact of this market downturn on your overall financial plans. If this isnt something that you have completed with your adviser before then please consider doing so. At annual reviews over the last few weeks we have found cashflow planning has really helped to give clients peace of mind when it comes to their financial future.

Coronavirus Scams

Sadly fraudsters are using many scams to exploit peoples fears around Coronavirus.

So far over £2million has been lost to fraudsters in the UK since the Coronavirus outbreak and in many cases people will not be able to reclaim money they have lost. Scams can come in many forms, from email, text and phone calls and our advice is always the same:

 

  • Do not give away your personal information in any format. Not over the phone, via email or text.
  • If something is urging you to take urgent action take this as a sign to be cautious.
  • If something sounds too good to be true it nearly always is
  • Make sure you change your personal email and social media account passwords regularly
  • Take advice from official sources as oppose to social media and acquaintances

These are some common examples of scam emails currently being received:

  • Access to online shopping delivery slots in return for your card details
  • Bogus requests to enter your bank details to receive government grants
  • Bogus requests from ‘The World Health Organisation’ requesting personal data
  • Offers on Coronavirus testing and protection – again in return for your bank details

These are just a small example of a huge problem. Please be scam aware and if in doubt, ignore and delete the email. Never give your bank details to anyone who calls you out of the blue.

Our business going forward

We want to highlight how Northfield Wealth continue to respond to the current Coronavirus Pandemic and its impact on the markets, along with how we will keep on supporting you and our wider community during this difficult time.

We continue to operate business as usual but will be seeing all clients via video call or telephone. We are planning that this will be the case for at least the next 4 weeks.  All pre booked annual reviews will go ahead although the office will be closed to clients until we are advised otherwise. We are working in the office on a rotation basis so there is only ever one person on each floor of the office and we are disinfecting the office after each use. Everyone that isnt in the office is working from home and technology allows us to have full telephone coverage. We are holding team meetings at the start and end of each day too which keeps us all aligned.

We are also spending a lot of time liaising with industry professionals, fund managers and economic experts with an aim to further understand the monetary impact of this virus both short and long term. We will do our very best to keep you updated and will be in touch if we feel you need to take any action.

We continue to be here to offer support and guidance so please feel free to call 01455 886328 or email admin@northfieldwealth.co.uk if you have any concerns and we will book in a comfort call for you.

As always we hope that you and your family are keeping safe and well.

Kind Regards

Clare, Mark and the team at Northfield Wealth.

Suzy is a regular blood donor and achieved a whopping 25 donations! Here she is with her certificate and badge.

Suzy is a regular blood donor and achieved a whopping 25 donations! Here she is with her certificate and badge.

Jacob and Sheree have both volunteered their services in support of the NHS.

Jacob and Sheree have both volunteered their services in support of the NHS.

Loraine is continuing to carry out a great number of mortgage applications for our clients and has saved them £££s since lockdown began.

Loraine is continuing to carry out a great number of mortgage applications for our clients and has saved them £££s since lockdown began.

The office shows the staff’s support to the NHS and Key Workers with our posters in the window.

The office shows the staff’s support to the NHS and Key Workers with our posters in the window.

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