BLOG | May/June 2020
As we remember those who served our country this past Memorial Day, it marks the unofficial start of summer and a truly memorable time as we navigate the 'next' normal. Summer is still a few weeks away, but hopefully the longer sunny days find you well. It seems virtually every aspect of our daily lives has been impacted. This has been a challenging time, but we continue to adapt and adjust to the evolving changes in the workplace. At Desmond Wealth Management, we remain dedicated to assisting our clients with 'white glove' customer service.
If you're comfortable with how we've been managing your wealth so far, expect more of the same. As your steadfast fiduciary advisor, we will continue to help you implement the kinds of investment opportunities that make sense for you and your portfolio.
These may include:
- Rebalancing your portfolio, when warranted, to stay on course toward your long-term goals.
- Tax-loss harvesting, where practical, to offset the costs of recently incurred and/or future taxable gains. (Yes, we still fully expect to see future market growth!)
- Roth IRA conversions, when they may benefit your retirement planning.
- Seizing other opportunities, when your plans call for it. For example, if you've been holding a concentrated stock position to avoid incurring taxable gains, now may be the perfect time to reduce your risks and strengthen your portfolio by selling all or part of that position.
If, on the other hand, you've begun to seriously question your course and think of current conditions as a stress test, perhaps it is time to reset your risk tolerance. Is the risk tolerance you thought you had holding up for you, for real?
Ask yourself objectively: Can I tough out the fears I'm feeling right now? If so, we encourage you to stick with your existing investment allocations, despite the angst.
What if you are looking to make changes to your life or financial objectives? If that's the case, give us a call promptly to schedule a Mid-Year Foundational Plan Update to discuss your next steps. We can meet up on a ZOOM virtual video call and get your questions answered.
Some of you business owners may have taken advantage of the Paycheck Protection Program that originated with the CARE Act passed by Congress at the end of March. Congratulations if you were successful in obtaining a Paycheck Protection Loan!
As problematic as it was for some to obtain those loans, what you do in the eight weeks following the funding of the loan will be critical to determining if your loan will be forgiven and by how much.
Remember: It CAN and MAY be forgiven, but it is NOT automatic.
If you need our assistance to put together a PPP forgiveness plan, contact us now. Please do not wait until it is too late for us to save you money. The eight weeks following your funding must be planned precisely. If you don't approach the PPP correctly, you will have to partially or fully repay the government.
All the best to you and yours!
Desmond Wealth Management and
Desmond Consulting Group
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