Do Not Review Your Investments
by Richard Taylor on Jun 1, 2020
If you're aged between 45-65 then this 2-minute video is for you.
February and March were tough months to sit idly whilst your 401k / UK Pension / QROPS felt the effects of the global sell-off. At that time an adviser worth their salt should have told you to stay the course and stick to your investment plan.
However, there is something you can do, and Tom explains 3 benefits of doing so.
00:00: Today, I've got a quick tip for if you're between 45 and 65. Now, it might sound a little counterintuitive, but do listen up and hopefully I'll explain why. Now in these volatile times that we're living in, don't review your investments. Instead, review your financial plan. Now I'm sure you're aware, your 401k's or your [inaudible] or your UK pensions, they all have fallen during this time that we're living in, so don't review how much these have fallen. Instead review how have these market falls affected your goals that would be set out in your financial plan. Now, whether this is a retirement in 2022, funding a second home purchase funding, children's education, we say this for three reasons.
00:57: One, you may be able to seek action sooner, as opposed to burying your head in the sand. Two, you may well actually still be able to achieve your goals despite these market falls. And three, you may be able to make sense of this scary time in relation to you and what you want to achieve, giving you comfort that although the markets fallen 20 or 30% you know what to do today. So don't review your investments. Review your financial plan. Now, this was taken from our latest fact sheet on managing your UK and US investments in times of stress. Reach out if you want a copy, we're more than happy to send one through. Cheers.
Taylor & Taylor Financial Services USA LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.