Matt Aitchison of Clear Vision Financial Planning typically works with families, but COVID-19 has made him acutely aware of what's going with his surrounding community in Bedfordshire, including local businesses.
"Business owners are quite panicky and worried," he explains. As opposed to his typical clients, Matt isn't looking to (immediately) build a future-thinking holistic financial plan for these business owners, many of whom have lost some or all their income.
Instead, he's focusing on what these local businesses can control: budgeting, discretionary expenses - can they reduce any immediate expenditures? He's doing all this work gratis.
In part, Matt has turned his attention to the local community because while he cares for his current registrar of clients, they're comparatively unconcerned:
"It's been funny talking to clients. They're less concerned about [money] and more concerned about the health of family members."
That's not to say Matt hasn't discussed the current situation with his clients. He and his team have already modeled market downturns with no immediate recovery in Voyant. So, when the market fall did come, his clients were prepared.
As Matt puts it, "Our clients are all incredibly relaxed and well prepared. There's a real opportunity. It's not just about building an investment portfolio, but overall strategy and financial resilience."
Part of this "resilience" is continuing to pursue their goals, although perhaps having to adapt and shift them around. But having a holistic financial plan at the ready to present visually helps:
"Being able to put the plan on the screen for them to see… is quite powerful."
As for the business owners Matt's helping, he's hoping they'll continue to come to him once the immediate panic has worn off. In Matt's view, he and his team are trying to, "Be the voice out there that's giving a bit of guidance."
When asked how to preempt market worry in the general public, Matt admits, "I think they'll always freak out to be honest. The key is to make sure for our clients that we've stress tested bad scenarios, they're okay, and if they're not okay how do we make sure they are okay. It's that knowledge that gives a bit of comfort."
