Recent weeks have seen some extraordinary moves in the financial markets, as the world reacts to the spread of COVID-19. Please know that we are closely monitoring current news and economic reports, and we are committed to supporting you through this season. Feel free to contact us any time, for any reason. We are here to help.
The results are in, and the readers have spoken! This year, Phillips Financial Strategies won first place in the Washington City Paper’s Best of DC contest under the Reader’s Picks category of “Best Money Management”.
We could not be more grateful to all who voted and we are humbled by this honor. We appreciate the level of confidence in our firm. As always, we look forward to continuing to work with our neighbors throughout the DC community.
Grappling with the Coronavirus
To Our Valued Clients,
In your investing lifetime, you may only see a situation like the recent novel coronavirus (COVID-19) a few times. This is a circumstance where complete candor is necessary. The truth is that we can’t yet gauge the full economic impact, and by the time we can, the volatility may have passed.
It’s important to remember that, in terms of market declines, the recent drop isn’t unprecedented. In fact, in the last six day-to-day declines of 3% or greater, the market rebounded higher a month later. Past performance is no indication of future returns, and it’s uncertain whether history is a good teacher in this instance.
Markets Have the Virus
Right now, markets are reacting to the news because the outcome is unknown. In a way, COVID-19 has “infected” markets all around the world. In times of market uncertainty, some traders believe the best approach is to sell. Fear is driving decisions. Nobody would blame you if this uncertainty gave you a bit of anxiety, as well.
Here to Support You
Remember, I am here to help you and your family during this time. Whatever decisions you make, please allow me to support you through them. Feel free to reach out to me with any questions or concerns.
William A. Phillips isn’t just your financial services professional, he’s your neighbor right here on Capitol Hill.
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