SENSE OF DIRECTION AMID COVID-19
At Menninger & Associates, the health and safety of our clients and employees is our top priority. We are closely monitoring COVID-19 and its potential impact on our business and the community. We are taking various precautionary measures to minimize the COVID-19 risk in our offices, and to our staff and clients.
We also know that the service that we provide to our clients—particularly in times of uncertainty and market turbulence—is critical. As an advisor who strives to always act in a fiduciary capacity, we share your concerns. Which is why we remain present to answer any questions you may have during this crisis.
In the world of COVID-19, daily life as we know it has been flipped on its head. Everything feels uncertain, and for many of us, this contributes to a spike in stress and anxiety. We are all impacted. We know that many in our community are impacted by things like unemployment, social isolation and financial distress. Now, more than ever, we need to stay connected. As we navigate these turbulent times together, there are some steps we can take every day to look after ourselves and others. Sometimes it’s hard to know what advice to listen to or what information is credible – and so providing trusted and reliable information is our focus.
As we all know, the stock markets have gotten pummeled over the past couple of months as a result of the COVID-19 global pandemic. To a great extent, the values of stocks have fallen because analysts have not been able to calculate the economic impact to companies’ profits and losses caused by all of the uncertainty. We have been proactive and, on February 26, reduced our exposure to equities, which subsequently dropped 25%-30%.
Since late February, the Federal Reserve has injected multiple stimulus packages into the economy, giving it a much needed boost. On March 27, we made the decision to move some of the assets back into the markets. We accomplished this by increasing a portion of the amount (slightly less than half) of equities that we pulled out of the markets a month earlier. It is impossible to perfectly time the market, but we are doing our best to do what we think is the right thing for our clients. In short, we don’t react to headlines - instead, we focus on the fundamentals of the economy and try to look ahead.
If you have any further questions, comments, or concerns please feel free to reach out to us directly and we will be happy to help.
Michael Menninger, President & Owner
THE CONTENT IN THIS ARTICLES WAS PREPARED BY THE ARTICLE’S AUTHORS. VOYA FINANCIAL ADVISORS, INC. DOES NOT ENDORSE ITS CONTENT, AND THE VIEWS EXPRESSED MAY NOT NECESSARILY REFLECT THOSE HELD BY VOYA FINANCIAL ADVISORS, INC. INVESTMENT ADVISOR REPRESENTATIVE AND REGISTERED REPRESENTATIVE OF, AND SECURITIES AND INVESTMENT ADVISORY SERVICES OFFERED THROUGH VOYA FINANCIAL ADVISORS, INC. (MEMBER SIPC.) MENNINGER & ASSOCIATES, INC. IS NOT A SUBSIDIARY OF NOR CONTROLLED BY VOYA FINANCIAL ADVISORS, INC. CN1156802_0421