[The Wrap] Coping with Covid-19; thinking ahead; update your info

This week's wrap is a bit different to my normal ones (including being on a Monday). The Covid-19 lockdown presents daily challenges for each of us, but is a good opportunity to think about the future. Also I ask you to update your details so we can get information to you.

Monday, March 30th 2020, 10:00AM

by Philip Macalister

First up I hope everyone is coping ok with this massive disruption going on in our lives. It's fascinating times; while the short term doesn't look that great, I'm sure good things will come out of everything which is going on.

While our focus over the past week has been, like everyone else, on operational issues – thoughts are also shifting to the future.

An interesting comment from a senior bank executive the other day was the trend they were seeing was that customers are turning their minds now from impact of financial market volatility on their KiwiSaver/investments to how they live in the immediate future with reduced incomes, and in turn how they meet outgoings such as family expenses, mortgage payments, etc.

On the investment front it's not unsurprising, but sad, that people in KiwiSaver have rushed to move into more conservative funds. Having been through a few investment cycles in my life I've seen markets overreact to bad news and then spike quickly.

This new article from Pathfinder gives a good summary. It's something worth using with clients.

For those fortunate enough not to have to stress about outgoings; who have a bit of cash and a good degree of risk tolerance then this is potentially an opportunity.

Here at Good Returns it is business as usual (as much as you can call this usual) and we will continue to update the site daily with the latest news. Our magazines for advisers, ASSET and TMM should continue as usual. However, we are also considering making them available in a digital format as many people won't be getting their mail at the moment.

To ensure you get a copy please go to www.tarawera.co.nz/coa and enter your details. Where it says subscription number enter 0000.

Times like this create an opportunity to try new things which will shape the future of the industry. Advisers are already seeing this as they learn to work remotely. While some have been good at using technology I am sure the uptake now and into the future will grow significantly.

While we have to face the challenges thrown at us daily in this new environment, do take some time out to think about the future, how you run your business and what it will look like in a year's time.

Kia kaha

Philip

 

Tags: Covid-19 Opinion The Wrap

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