The good news is that we are finally past what felt like the longest March, April, and May. As the economy opens back and people go back to work, it’s important to understand what effect the next few months will have on you as you prepare to enter retirement or if you are already in retirement.
Just like the events of 9/11, the pandemic of 2020 will have long-lasting effects that go beyond the few months when we watched it unfold as we were sequestered at home.
For the past two years, we have been spending considerable amounts of time, effort, and money on upgrading our systems and processes at Mattson Financial Services. We upgraded to technology we felt best represented the future of our company and our clients.
Like so many others, while we were caught off guard in March and April, we had enough of our new technology in place to land on our feet. Our upgrades ensured that our staff kept working and were able to keep a constant eye on your accounts.
I’m happy to announce we were even able to hire two new members of our team, Ben and Wyatt. I have no doubt you will learn more about our new team members in the coming months. As always, you can find team member updates on our website, along with information relevant to what we’ve been doing these past few months and will be doing in the months ahead.
Speaking of what we’ve been doing, in March and April, we held three webinars. We discussed portfolio management, our investment philosophy, and how that philosophy protects clients from disastrous returns by mitigating losses. We also talked about how we’re taking advantage of the movement in the markets going into the summer.
While I have all this good news to share, I do have some bad news. In the coming months, it’s very likely we’ll experience another downturn. Why is that?
As we go into the third quarter of 2020, we will start to see the reports from the second quarter. We will see the updated unemployment figures along with all the second-quarter revenue losses. On top of that, we’ll know how many small businesses had to close their doors for good.
The numbers aren’t going to be promising, but they’re going to represent our new normal for some time. Of course, the economic news will be a small part of our new normal. In the months ahead, more people will be wearing face masks on a regular basis. Everyone is going to look at everyone else with a sniffle or cough and wonder.
For us, our goal is to maintain the quality of service you’ve come to expect. At our office, our new normal will include face masks as well. We will also limit in-person contact for the foreseeable future.
While these steps are necessary, they are something I regret. I miss the hugs I get from clients after we find a way for them to retire after they thought it would never happen. I miss being able to console our clients or the loved ones of our clients after a dear family member has passed away. I miss the hugs and handshakes.
I’m a firm believer that these types of physical contact between people are important. It’s another way we connect with people to show our appreciation, concern, and love.
And while we may not be able to express ourselves in this way, at least for the time being, it just means we have to be extra vigilant in expressing our feelings to our loved ones and to talk about the good and the bad that is going on in our lives.
In the coming months and as 2020 comes to an end, we hope for a return to something we remember as normal, but we can’t predict what the future holds in that regard. We can tell you, however, we have more great technologic upgrades coming your way!
We’ll share more details in months ahead, but we’re getting ready to launch a new platform called eMoney. It’s a digital platform where you can see your entire financial life in one place. You will be able to see all the accounts you have with us and the ones you don’t! You’ll even be able to manage a budget, your withdrawals, along with your wills, trusts, and even your home and auto insurance coverage.
As always, if you ever need anything or have questions, then don’t hesitate to let us know. We’re here to put you on the path to a stress-free retirement and we’ll be with you every step of the way, through the good, the bad, and everything in between.
-Gary Mattson