Are We in a Recession?
Over the last month, the questions we get almost daily are, “Are we in a recession?” or “Are we going into a recession?” and the simple answer to this is that nobody knows. A recession is defined as two quarters of negative GDP growth, and we don’t have the data yet to support this.
The most important task for us at Crescent Wealth Partners is to show our clients how to be best prepared.
We’ve created a strict five-phase process, and are currently in phase three.
Phase One
The first phase is the preparation. We first create a roadmap for our clients, which includes an in-depth risk analysis so they can understand the volatility of the different investment buckets they’re in.
Phase Two
The second phase is our team’s initial response to COVID-19, which took place back in late February.
Phase Three
This is our current phase, which is information gathering. Our team is currently reviewing all of the accurate economic data from our algorithms and making adjustments accordingly. This leads us into phase four.
Phase Four
After information gathering, we will have our secondary response. Driven by data, this is when we determine whether to take our foot off the brake or to push on the accelerator.
Phase Five
The last phase of this process is the reinvestment phase. We’ll reexamine your portfolio and decide what changes need to be made.
Do you have this type of plan in place with your advisor?
We highly recommend doing so if you’re not already. Now is the time to be on the phone with your advisor, making plans for your financial future. While most of us could never have expected COVID-19 just a few short months ago, we’ve shown our clients how to be prepared using the above five-phase process. If you don’t have a plan and are concerned about the future, contact us. It’s not too late to plan, and to have hope for you and your family.
We want to help you
At Crescent Wealth Partners, we are proud of our 35-year history of being a family practice, serving our clients every step of the way. Call us at 941-923-3663 or visit us online, and let’s discuss how we can help.
We look forward to connecting with you soon.
