What’s on Your Mind?
We answer frequently asked questions, including “Should I make changes to my portfolio in response to the coronavirus?” and “I heard that Savant is undergoing some changes, how will they impact me?”
As we work together to deal with the growing impact of COVID-19, we at Team Savant are doing our part to help answer your financial questions. Please know that our team is working tirelessly to protect your future. Hopefully, that knowledge can alleviate one area of stress during these trying times so you can spend more time focusing on the health and safety of your family and friends.
Should I make changes to my portfolio in response to the coronavirus?
Sudden drops in the stock market are painful and can cause investors to question whether they need to take action in order to protect their future. There is no doubt that the coronavirus outbreak has disrupted businesses around the world and short-term profits will take a hit. We saw global stock markets adjust to these impacts with the MSCI All Country World Stock Index falling more than 30% during February and March (but has since recovered some).
The urge to sell stocks or shift to a more conservative allocation can be tempting, but a well-planned investment portfolio with an appropriate asset allocation should mean an investor can withstand the ups and downs of the stock market. For investors with a more conservative allocation, bonds and alternative asset classes like managed futures and reinsurance have provided a buffer against stock volatility. Investors with an aggressive allocation for a long-term time horizon should view this volatility as a good buying opportunity and can benefit when the storm passes and pent up economic demand is unleashed.
While the best advice for most individuals and families is to stay in your seat and not make any drastic portfolio changes, Savant continues to take action on your behalf. We regularly rebalance portfolios and tax-loss harvest where applicable. Rebalancing to a strategic asset allocation is the only way to ensure you continue to buy low and sell high while tax-loss harvesting will help to keep your tax bill lower in the future.
If you have been impacted more severely by the coronavirus outbreak, whether through the closure of a business or illness within your family, we encourage you to reach out to your advisor for options on how we can best serve you during these difficult times.
Is Savant prepared to help my family if something unexpected happens?
For years Savant has focused on expanding its services. We have built out a dedicated team of attorneys, CPAs, and Certified Trust Officers to make estate planning a true strength of our business. We provide a variety of services to help guide you through setting up a new estate plan and reviewing existing estate plan documents. We also offer concierge services, interact with outside counsel, minimize estate taxes, and provide Savant Private Trust services. As your trusted partner, our team is on call for your family to help develop, explain, and ultimately execute your estate plan should the need arise.
I heard that Savant is undergoing some changes, how will they impact me?
Earlier this year we announced our newest partnership, a merger with Lincolnshire-based Huber Financial Advisors. Additionally, you may have heard that Savant is in the process of refreshing our brand. Both undertakings allow us to more effectively serve our clients.
Partnering with Huber Financial Advisors has added tremendous talent to our team, increased our physical presence with two new office locations, and helped solidify Savant’s role as a leader in our region and industry.
We’re also excited about our rebranding effort. As part of this project, our name is changing to Savant Wealth Management. Other elements of this rebrand include an updated website, a new logo, and a new color scheme.
Although Savant’s rebrand is launching soon, we’re still the same team offering the same level of care and attention that our clients have come to expect over the last 30 years. This opportunity to refresh our brand identity and improve our website will support our efforts to grow, attract, and retain top talent and provide the best client experience possible.
Brent R. Brodeski
Chief Executive Officer / Founder / Financial Advisor