COVID-19 and what it means
for our business and for our clients.
The health and safety of our clients, guests and our Howard Bailey family is our top priority. Below are resources that we have published to help you understand your financial strategy as it relates to Coronavirus, as well as immediate steps that we have taken to ensure the safety of our office visitors, event attendees and our employees.
Podcasts, Webinars and More
Retire with Purpose Podcast Episode #118:
Bonus episode on coronavirus, market volatility, and bear market strategies.
Retire with Purpose Podcast Episode #117:
Coronavirus and Your Retirement with Behavioral Finance Expert and Psychologist Dr. Daniel Crosby.
Retire with Purpose Podcast Series
Breakdown of our Retire with Purpose Framework, with one episode dedicated to each of the 6 steps:
Join Casey Weade for a complimentary webinar all about the Coronavirus and its impact on your retirement. LEARN MORE
Casey Weade talks about COVID-19 and its financial impact. WATCH
Bruce Willey, Owner and Founder of American Tax & Business Planning, goes into details of tax implications due to the new COVID-19 legislation for small businesses.
Frequently Asked Questions about your financial strategy
I’m nervous about the stock market and the current news about the Coronavirus. What should I do?
Contact your advisor to discuss your concerns, as this is a great time to reassess your strategy. Here are some questions to ask yourself:
- Will my lifestyle be impacted in a meaningful way if stocks begin to fall?
- Did I build my portfolio with the understanding that stocks can and will fall on occasion?
- Do I need to use the money invested in stocks for spending purposes in the next 3-5 years?
Are there other tools that I should consider to help protect my assets?
A properly structured income plan has a foundation for consistent reliable income. This is where annuities, defensive stocks, bluechip dividend paying stocks, and REIT’s should be considered.
How is this market correction going to affect my current lifestyle?
Our Retire with Purpose Framework is designed so investments with the greatest risk are not needed for 10 years or more. If you need to use the money invested in stocks for spending purposes in the next 3-5 years, speak with your advisor as soon as possible so we can adjust your strategy.
How can I take advantage of the current volatility?
If you have a long-term time horizon or cash on the sidelines, this is a great time to be a buyer, depending on your current situation and risk tolerance. For younger individuals, now would also be a good time to consider increasing 401k contributions.
Is this 2008 all over again?
Unfortunately, we have no idea. It could be, or it might not be. At Howard Bailey, this is the exact reason that we created the Retire with Purpose Framework. We take a safety first approach and plan for the worst.W e want the families that we work with to feel confident in retirement regardless of market conditions.
The value of my investments has declined in the past few weeks due to Coronavirus. How do I make sure this never happens to me again?
It sounds as if you have been invested in a portfolio that leans too heavily in risk assets based on your actual tolerance. The best place to start would be to determine what your required rate of return actually is, and then determine how much risk is necessary to achieve a lifetime of financial security. We recorded a Retire with Purpose Podcast episode about this topic.
Do you have more questions about your financial strategy? Contact us at (866) 482-9559 to schedule an appointment with your advisor.
Meeting with your Advisor
The health and safety of our clients, guests and our Howard Bailey family is our top priority. We wanted to share some immediate steps that we have taken to ensure the safety of our office visitors, event attendees and our employees, plus answers to general questions about your financial strategy as it relates to Coronavirus.
- We've implemented social distancing in the office. All advisors have been moved into conference rooms, and the remaining staff is seated at least 6 feet in between one another.
- It is standard that all conference room surfaces are cleaned in between client meetings. We have increased the frequency of disinfecting surfaces in common areas, including our lobby, waiting room, conference rooms and restrooms. Hand sanitizer will be made available in all conference rooms, and guests are welcome to use our restrooms to wash with soap and water. Additionally, our office is professionally cleaned twice per week.
- We have encouraged our team to stay home if they are feeling under the weather, and to refrain from shaking hands. If a team member appears to be ill, they will be sent home.
- We have postponed large client events, per the Governor's direction to limit non-essential gatherings of 250 people or more. Our March 18 event at the Clyde Theatre featuring best-selling author and tax expert David McKnight has been cancelled until further notice. We have also canceled our April 4 volunteer event at Community Harvest Food Bank, as well as all Live Events at Ruth's Chris locations in both Fort Wayne and Mishawaka.
- Should you feel the need to cancel your in-office appointment due to illness, or you opt-out of an in-office visit due to concerns about the Coronavirus, please note that we offer meetings via phone and online meetings. Our team is here to help you through this easy process so that your needs and questions are addressed.
We understand that you have many questions about how the Coronavirus is impacting the markets and your financial strategies. If you have any questions or concerns about your strategy, please do not hesitate to contact us for an in-office meeting, phone meeting or virtual meeting. As your financial partner, Howard Bailey is here to help you through this challenging time.
We value you as a client and look forward to working with you in the future.