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Why You Don’t Need A Financial Adviser in This Crisis

The markets rallied because investors gained confidence from the infection curve flattening in Spain and Italy. Then they crashed again…

If the conflicting news are making you want to scream, you’re not the only one. Trying to find the perfect explanation from such complex events, assuming you can figure out exactly why things happened – or what will happen soon – is a fool’s game. Unless you are an economist or journalist, don’t bother trying. I don’t.

“But hold on, isn’t that your job?” It’s not. Yes, I’m a financial adviser, but these last few weeks have been very quiet for me – as they should. My job is to help clients plan for the medium and long term, and that doesn’t change when the markets are going insane (as they often do). Sure, some clients need reassurance, and with some older clients I need to make sure a temporary downturn on the markets won’t affect their retirement, but that’s about it. The less my clients feel the need to speak to me now, the better the job I was doing before this insanity started.

When you are making decisions in response to what the markets are doing, you’re being more emotional than rational. With money, that’s never a good thing. If you don’t have a financial adviser, that’s ok – just sit tight and don’t panic. If you have one who’s busy talking to you about all the ways you should be moving your money around now, put the phone down, wait this out and, as soon as you can leave your house, go find a better adviser.

Other News

How Much Money do I Need to Retire in Spain?

Spanish flag and EurosThere is so much to recommend around retiring to Spain. However, the many opportunities inherent in a move to the country also bring a great many challenges. As such, if you want to join the approximately 250,000 British expats who currently live there, you will need to consider a number of important questions, not least the cost of retiring in Spain.

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British expats in EU want pensions clarity

There has never been a better time than now for British nationals living in the EU to consolidate their retirement plans by properly investigating their expat pensions options.

Post-Brexit, sterling has fallen dramatically against the euro and for many the uncertainty surrounding expat pensions is causing understandable anxiety.

Currently, British expats living in the EU receive an annual rise in the state pension; however, this could change in the post-Brexit environment, meaning that many face the prospect of frozen pensions and as a result are giving serious consideration to the idea of returning to the UK.

While these uncertainties are not to be dismissed lightly it is worth remembering that exit negotiations are yet to begin and freedom of movement and state and expat pensions are all likely to be issues for discussion once talks do start.

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