Adviser clients largely calm through Covid storm
Jordi Garcia, of New Zealand Financial Planning, said he had received “less than a handful” of inquires from clients who were worried about what was happening.
“But I have been out there contacting them, bringing them back to what it is they are trying to achieve.”
He said he was able to keep anxiety at bay, but a large number of his clients were retired and were reliant on their investment portfolios to deliver their standard of living. “To date it’s not a big issue, it’s happened very fast. I suspect going forward things will get worse. People can take a 5, 6, 7 or even 10% drop but if it keeps going for three, four, five or six months that’s when it gets difficult and fear sets in.”
He was encouraging clients who were not retired to make the most of the buying opportunities in the market. “I’ve had three calls from clients with KiwiSaver asking if they would be better to move to a more defensive fund and I’ve said ‘if you want to shoot yourself in the foot, that’s a good way to do it’.”
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